Business
Fake Products, Impossible To Eradicate – Ex-SON DG
The former Director-General, Standards Organisation of Nigeria, Dr. John Akanya, has said that it will be impossible to completely eradicate sub-standard products “because faking is done worldwide by syndicates.”
Akanya, who handed over officially to his successor on Tuesday, told newsmen that only an Act of parliament could effectively address the issue of importation and manufacturing of sub-standard goods in the country.
“The issue of sub-standard goods is a syndicate issue worldwide because there are still bad people in the world who want to make fast money,” he said.
Meanwhile, the Minister of State for Commerce and Industry, Mrs. Josephine Tapgun, has urged SON to make concerted efforts to compel manufacturers in the country to adhere to standards.
She said the measure would take SON to the next level in its quest to ensure quality standards in the economy.
Tapgun made the call in Abuja on Tuesday, at a dinner in honour of the former Director-General of SON, Dr. John Akanya, and his successor, Dr. Joseph Odumodu.
She said that apart from tackling the menace of dumping of sub-standard goods in the country, SON should ensure that Nigerian manufacturers were made to produce standard goods.
She said, “Even within the country, some manufacturers are not just producing standard goods and this is what the new director-general must address.
“The expectations of Nigerians are high with regard to SON; and we expect that with your experience in the private sector, you will impart your ideas and move SON to the next level.”
Tapgun commended Akanya for doing a good job during his tenure as SON’s director-general, saying that in spite of his exit, his wealth of experience would still be needed in the organisation.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.