Business
…Tasks Industries On Local Raw Materials Use
Director, Bio-resources Technology Department, Federal Ministry of Science and Technology (FMST), Mr Abayomi Oguntunde, has urged indigenous industrialists to use more local raw materials and inputs in their production.
Oguntunde made the plea during an interview with newsmen in Abuja yesterday.
According to him, such a step will strengthen efforts toward national development.
The director said that the use of local raw materials and inputs would advance the scope of research and development in the country.
Oguntunde noted that there should be accelerated attention by government through appropriate policy on raw materials for conceptualisation and implementation.
He said that the purpose of focusing on development of local substitutes was to reduce industrial raw materials and inputs that were presently being imported.
The director said that the country would be at the threshold of scientific and technological breakthrough in not-too-distant future with the involvement of state governments and practical implementation of Science, Technology and Innovation (STI) policy.
Oguntunde lauded the Minister of Science and Technology, Dr Ogbonnaya Onu, for his charisma in influencing the ministry’s drive toward national development.
He also commended the minister for advancing purposeful collaboration between the ministry and the various research institutions for the country’s manufacturing sector to take a deep root into the economy.
“The same collaboration is being sought with the Ministry of Science and Technology and its research institutes for local raw materials development, the director said.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
