Business
Union Seeks NAFDAC Probe Of Fanta, Sprite
The leadership of the National Union of Food, Beverage and Tabacco Employees (NUFBTE) has demanded for scientific investigations by the National Agency for Food and Drug Administration and Control (NAFDAC), into the Sprite and Fanta soft drinks produced by the Nigeria Bottling Company (NBC).
A statement obtained at the Union’s Secretariat in Port Harcourt on Wednesday and signed by the union’s National President, Comrade Lateef Oyelekan, said, it is incumbent on NAFDAC to carry out proper scientific investigation to ascertain the level of the chemical contents in both drinks to reassure Nigerians patronizing the NBC’s brands.
Oyelekan, pointed out that, NAFDAC had filed an appeal and a motion stay execution of a judgment on Sprite and Fanta as a way of reassuring Nigerians that final analysis has not been carried out yet on the brand of drinks before the court judgment.
The labour leader called for caution on the reactions of Nigerians to the judgement over consumption of Sprite and Fanta along with vitamin C, stressing that, such negative reaction might impact negatively on workers and to a large extent on NBC as a major investor in the country.
He added that, the negative publicity being given about the firm’s brand of product could endanger its corporate profile and ultimately threaten workers jobs thereby throwing thousand of workers into the labour market at this period of economic recession in the country.
He explained that, NAFDAC had a track record of doing wonderful scientific investigation and could not have faltered in its responsibility in relation to the issue at hand with the lives of Nigerians.
He expressed optimism that, the Agency would ensure that both drugs and foods consumed in the country are safe, adding that, the Agency’s track records speak volume of their effectiveness to discover contaminated products and raised alarm against product consumption by Nigerians.
Oyelekan, emplasized that Fijabi Adebo Holdings Limited ought to have notified NBC of the company’s intention to export their products to the United Kingdom bearing in mind that every country has its own standard regarding manufacturing and investment.
The NUFBTE boss called for understanding by Nigerians towards the NBC brand of drinks pending the outcome of scientific investigation and appeal filed by NAFDAC against the judgement.
It would be recalled that, an lgbosere High Court in Lagos recently ordered NAFDAC and NBC Plc to carry a mandatory warning on the company’s Fanta and Sprite products stating that, the contents should not be taken with vitamin C in order to avoid poisoning.
Fijabi Adebo Holdings Limited had tried to export Fanta and Sprite bottled in Nigeria to the UK before British authorities seized and destroyed the product for being poisonous by containing excess level of benzoic-acid and sunset additives.
Philip Okparaji
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.