Business
SON Wants Standardisation Of Pharmaceutical Sector
The Standards Organisation of Nigeria (SON) has called on manufacturers of pharmaceuticals in the country to strengthen the industry through the development, adoption and standardisation of the nation’s economic growth.
Director-General, SON, Mallam Farouk Salim, made this call during his public lecture at Igbenedion University, Okada, Edo State, with the theme: “The Impact of Standards on the Practice of the Pharmacy Profession.”
Salim noted that standards is very critical to the survival of the civil society, adding that it is particularly more crucial in the pharmaceutical sector as pharmaceutical practice has zero tolerance for error.
“Standards enhances investment in trade and Africa healthcare industry as enshrined in the African Free Continental Trade Agreement (AfCFTA).
“SON has explored the existing international, regional and national standards to meet up with the unique challenges facing the African trade, including the pharmaceutical.
“SON, as a member of African Organisation for Standardisation (ARSO) is spearheading and actively involved in the harmonisation of a number of African pharmaceutical standards.
“This includes ARSO/TC 78 for medical devices and equipment, TC 80 on pharmaceutical and medical products, and TC 82 on African Traditional Medicine.
“In line with the World Health Organisation (WHO) Traditional Medicine Strategy, 2014-2023, aimed at building the knowledge base and formulating national policies, SON in collaboration with the ARSO, has developed over 10 standards on African Traditional Medicine for use in Nigeria,” he said.
The SON DG stated that the objective of the Nigeria Pharmaceutical Industry to provide 60 per cent of pharmaceutical products consumed by West African countries was largely dependent on regulatory requirements, required by their marketing authorisation.
“In order to effectively deliver on its mandate and promote the required standards to ensure the safety of goods and services in the country, and in conformity with international requirements for trade, SON follows a well planned procedure for establishing standards.
“Standards are also applied in the pharmaceutical industry to ensure the strength of the active ingredient quality and purity of drugs and other pharmaceutical products.
By: Nkpemenyie Mcdominic, Lagos
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.
