Economy
SON Tasks Aluminum Manufacturers on Standardisation
The Standards Organisation of Nigeria (SON) has charged manufacturers and dealers of aluminium products on strict adherence to global best practices on standardisation.
Malam Farouk Salim, Director General of SON, gave the advice at a sensitisation workshop on Tuesday in Awka.
The theme of the workshop was: “Importation, Sourcing of Materials and Production of Quality Aluminum Roofing Sheets” in Awka on Tuesday.
Salim, represented by South East Regional Coordinator, SON, Mrs Nwaoma Olujie, told aluminum manufacturers and corrugators that adherence to standards ensured consumers got value for their hard earned money.
He said the workshop was part of the organisation’s efforts in promoting the economic well-being of industries and commercial activities in the state.
He reiterated that the general aim of the workshop was to promote industrial and economic development, by ensuring that made-in-Nigeria products were competitive globally.
Salim disclosed the organisation readiness to sign a Memorandum of Understanding with the state, to train and support the growth of Micro, Small and Medium Enterprises (MSMEs).
The director-general said the training would be in the areas of codes of practices, packaging, labelling and good manufacturing practices.
He added that the agency was also ready to train the state ministries and agencies in the ISO Management Systems Certification (MSC) and Occupational Health & Safety (OHS) standards.
These and other strategies, Salim said, would increase productivity in the state and reduce unemployment which was causing restiveness and insecurity in the region.
“Aluminium and allied products are vital equipment needed in the everyday life of the Nigerian consumers and such should be produced to give value for hard earned money spent on purchasing them.
“Small scale producers will be standardised and their products will be able to key into the Africa Continental Free Trade Area programme.
“This will be a boost to manufacturers and the economy of the state, making their products acceptable across our borders and overseas,” he said.
In his welcome address, Mr Olanrewaju Onipede, State Coordinator, SON, said the forum was primarily designed to sensitise members on the need to ensure strict compliance to standard specifications.
Onipede added that anything outside the minimum standard guage approved for aluminum would not be tolerated.
“I, therefore, call on stakeholders of aluminium manufacturers and corrugators to make good use of the workshop to learn the positive ways of doing business in line with the standard international best practices,” he said. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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