Economy
SEC, SON Harp on Standardisation of Commodities to Boost GDP
The Securities and Exchange Commission (SEC) has stressed the need for standardisation of the country’s commodities to enhance global acceptance and boost the Gross Domestic Product (GDP).The Director-General of SEC, Mr Lamido Yuguda, said this at the Commodities Standards Sensitisation workshop organised by the commission in partnership with the Standards Organisation of Nigeria (SON) on Monday in Lagos.
Yuguda said that the Federal Government drive to achieve a sustainably diversified economy would be achieved by ensuring adherence to standards to boost the country’s competitiveness in the global market. According to him, the establishment of relevant standards will significantly transform the Nigerian commodities trading ecosystem.“As Nigerians strive to achieve a sustainably diversified economy, given the current drive to guarantee food security, there is an urgent need for more complementary comforts from the government, regulators and critical stakeholders to ensure the approval and effective adoption of appropriate local standard benchmark against international practice to establish quality and reverse the unwarranted situation of perennial rejection of the Nigerian produced commodities,” he said. Yuguda, represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, said the unique feature of the commodities exchange globally was the standardisation of the commodities traded on the platform. He noted that each commodity traded on the exchange was graded by quality, size, weight and other criteria.Yuguda said that the determination of these grades and standards was dependent upon improved local standards which would take into cognizance internationally accepted standards.
He noted that SON had the statutory responsibility for standard setting in Nigeria
In recognition of this fact, he said that the Executive Management of the Commission, on behalf of all stakeholders, engaged with the management team SON, to ensure the expedited approval and publication of standards commodities.
He observed that the establishment of relevant standards would significantly transform the Nigerian commodities trading ecosystem.
“Sequel to that engagement, the ecosystem roadmap implementation committee comprising key stakeholders has been working on the development of grading and standardisation system.
“The initial stage of the development process will concentrate on delivery of standards for agricultural commodities,” he said.
The director-general disclosed that SEC was working with SON to create awareness for existing agricultural commodities standard.
“We strongly believe this is a project of national importance, given that commodities exchange value chain has significant value and can transform our economy.“It is, therefore, my expectation for this workshop and other stakeholders’ engagement to serve as a rallying point for inclusive standards development process.“As the ecosystem is driven towards standardisation, the broader society will be impacted for greater prosperity,” he said.Yuguda recalled that SEC, as part of the implementation of the 10-year capital market masterplan, constituted a technical committee in commodities trading ecosystem.He said that the mandate of the committee was to identify challenges with the existing framework and develop a roadmap for a vibrant ecosystem.In his remarks, SON Director-General, Malam Farouk Salim, said that the organisation was willing to collaborate with relevant stakeholders.He said that this was to ensure that the development of standards follow the best international principles of standard development.Represented by Dr Omolara Okunlola, Head Food Group, Salim said the organisation, in line with its mandate, would continue to promote standards and ensure it followed international principles. He said that SON would continue to promote confidence of Nigerians in Nigerian produce and ensuring that SON in line with the Federal Government various policies were developed in such areas.“For the first time in history, we have the strategy already outlined under the Nigerian National Standardisation Strategy. If you go through the strategy, you can see we have listed out standards to be developed.“Under the agriculture, we have energy, transport, industry, a focus on SMEs, we also have for the health sector.“The strategy is a living strategy, as policies from the government come up, we try to update the strategy,” he said.Speaking on rejection of Nigerian produce outside the country, Salim said that rejection of produce was not due to lack of standards but non-compliance to standards.“If you want to export any produce, try to contact SON; we have 42 offices presently in Nigeria.“So, when you get to know what you really need in relation to that produce you want to export, it will reduce rejection.“Our standards are based on international best practices, we are custodian of the standards but standards are developed by the populace, not by us.“We are just given the mandate to be in custody of those standards, make sure that when you want to develop it, get everyone, as many people that are interested, as many stakeholders we can identify, we contact them and we follow those principles,” Salim added.He listed the principles as transparency, openness, stakeholders involvement and concensus.The Chairperson of the Commodities Trading Ecosystem Implementation Committee, Ms Daisy Ekineh, also spoke at the event.She said that with the strong global push for green economies and a net zero carbon emission, the era of fossil fuel in powering development was fast coming to an end.Ekineh explained that for an oil dependent economy like Nigeria, “it is a race against time to effectively diversify the economy.”She said there was no doubt that efforts were on-going in this direction as evidenced by the various policies and programmes of government and the increasing contribution of the non-oil sectors to GDP which now exceeds 90% of GDP.“The progress is commendable. Nonetheless, efforts need to be invigorated to speedily diversify the economy in all respect, for while the oil sector has shrunk in its contribution to GDP, it remains quite dominant in foreign exchange receipts and export trade.“The economy is in other words, still mono product in some respect and significantly lacking in export diversification.“The nation’s import requirements, its foreign reserve build – up and budget funding are still largely dependent on crude oil receipts.“This is clearly not sustainable and a major risk factor of the economy; being vulnerable to the vagaries of the global oil market.“The solution lies in the development of non- oil commodities like agriculture and solid minerals which can have significant multiplier effect on the economy.“If well developed, these sectors can provide steady industrial raw materials, create jobs, bolster export earnings and reduce demand for foreign exchange and generally facilitate industrial development, particularly the manufacturing sector,” she said.Ekineh said the value chain for the commodities sector was quite huge and each aspect of the chain, creates its own sub value chain which in itself could significantly impact the economy.She, however, said that the nation could not optimally develop the commodities sector and its export trade without setting acceptance standards and grading for tradable commodities, be they for industrial use, export or otherwise.Ekineh added that such standards should be reviewed periodically and aligned with global best practice for international acceptability and export promotion.“Standards and grading create trust, provide safety assurance and promote the integrity of the commodities market/sector as participants know exactly what the quality of a commodity is and can without doubt, purchase particular grade of commodities which suit their purpose. In other words, they know and have the assurance of what they are buying” she added. One of the particpants, Mr Mohammed Awami, Head, Trade Finance Department, Nigerian Export-Import Bank (NEXIM), said that the importance of standards could never be over emphasised. “Standards setting are very important, without good standards, market access become very challenging, ” Awami said. He commended SEC and SON for organising the workshop aimed at enhancing economic growth and development. (NAN)
By Tony Obiechina, Abuja
The Federal Government has reaffirmed its commitment to strengthening Nigeria’s bilateral relations with Germany, with renewed focus on economic cooperation, investment promotion, energy partnerships, and the effective implementation of existing agreements.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this statement during a visit to the Ministry in Abuja on Monday by the Ambassador of the Federal Republic of Germany to Nigeria, Stefan Rössel.
The minister welcomed the ambassador and his delegation, expressing Nigeria’s appreciation for Germany’s longstanding partnership and support for the country’s economic reform programme, particularly in the early stages of implementation.
He recalled that when German Chancellor Olaf Scholz visited Nigeria, the Federal Government was pursuing significant economic reforms that required support from international partners, including Germany, the World Bank, the International Monetary Fund and the European Union.
The minister said Germany’s support has contributed to Nigeria’s progress in its reform efforts, adding that the country remains grateful for the cooperation and assistance it has received from its development partners.
He also acknowledged Germany’s role in facilitating high-level engagements between the two countries, particularly in trade, investment and energy cooperation, noting that discussions during the Nigerian President’s visit to Germany advanced talks on key energy agreements.
Senator Bagudu further commended Germany’s commitment to multilateral cooperation and international engagement, emphasising the importance of sustained partnerships to address evolving global economic and political challenges.
He noted that Nigeria and Germany had built a strong foundation for bilateral cooperation over the years, with significant opportunities to expand their partnership in areas that support economic growth and development.
The minister disclosed that discussions had covered cooperation involving €25 million and €300 million in export credit guarantees, identifying these as important areas for continued engagement as Nigeria seeks to expand investment opportunities and strengthen its capacity to utilise available resources effectively.
According to him, Nigeria’s reform efforts have created an opportunity to place greater emphasis on attracting investment, strengthening productive capacity, and translating international partnerships into tangible economic outcomes.
He assured the German ambassador that the ministry was prepared to work closely with the German government and its relevant institutions to deepen bilateral relations and broaden areas of mutual interest.
Earlier, Ambassador Rössel expressed appreciation for the warm reception he received, describing the relationship between Nigeria and Germany as strong and longstanding.
The ambassador, who arrived in Nigeria a few weeks ago, reaffirmed Germany’s commitment to building on the partnership’s achievements and to exploring opportunities for further cooperation.
He acknowledged that both countries were operating in an increasingly complex global environment characterised by evolving strategic, political and economic challenges.
Despite these circumstances, Ambassador Rössel expressed confidence that the longstanding relationship between Nigeria and Germany would provide a solid foundation for addressing emerging issues and sustaining mutually beneficial cooperation in the years ahead.
He also welcomed the ministry’s readiness to continue working with Germany, noting the importance of maintaining established partnerships while adapting to evolving circumstances.
In her remarks, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, congratulated Ambassador Rössel on his appointment, welcomed him to Nigeria, and expressed the ministry’s readiness to collaborate with him and with relevant German agencies.
She emphasised the importance of translating bilateral agreements and shared commitments into practical outcomes, noting that effective implementation remained critical to achieving the partnership’s objectives.
Dr Uzoka-Anite assured the ambassador that the ministry would continue to facilitate collaboration and support efforts to ensure joint initiatives progressed efficiently and delivered meaningful results.
The Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Dr Deborah Odoh, also welcomed the German delegation, describing Germany as a reliable partner whose technical expertise, knowledge exchange and experience had contributed to Nigeria’s development.
She said the ministry expects the ambassador’s tenure to create further opportunities to strengthen cooperation and to advance the longstanding relationship between the two countries.
The courtesy visit reaffirmed Nigeria and Germany’s shared commitment to sustaining bilateral engagement, deepening economic cooperation, and exploring opportunities for expanded investment and development collaboration.
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
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