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90% of Imported Products Not Verified – SON

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The Standards Organisation of Nigeria has disclosed that it had no opportunity to verify 90 per cent of the products imported into the country between September and December 2015.

The Acting Director-General, SON, Dr. Paul Angya, disclosed this during a two- day capacity building   workshop organised by the SON for media executives in Lagos recently.

Angya said September to December 2015 was a-three-month window that was provided for importers to be able to register on the Nigeria Customs electronic platform, Nigeria Integrated Customs Information System.

He said, “The NICIS platform allowed all stakeholders in the maritime sector to view data on shipment.  But because the World Trade Organisation required that we should allow time for importers to register on the NICIS platform, we left a window of three months between September and December and issued them Electronic Provisional Clearance Certificate as an alternative.

“EPCC permitted importers to bring in their goods without the mandatory SON Conformity Assessment Programme certificates.

“But when this window of opportunity was created, criminal-minded importers took advantage of the situation and brought in substandard products which they were able to take out of the Nigerian seaports without the SON’s verification. So, between the periods of September and December 2015, 90 per cent of the goods imported into this country had no SON verification.”

Angya disclosed that after observing how importers had taken advantage of the  EPCC platform  to bring harmful products into the country, the agency had gone ahead to close it and as a result, the management and staff of SON are now facing threats and blackmail from importers.

“When we tried to communicate this fact, they resorted to blackmail, threatening that if we close down the EPCC   platform, they will react. So we shut down the platform in July and directed that whatever they were bringing into Nigeria should go through the SONCAP regime.

“So they have now gone to the Internet to vilify SON.  My staff and I have also been threatened by some of them, violently.”

Angya added that the major challenge the agency faced was being able to intercept containers right from the arrival point noting that since 90 per cent of substandard products come into Nigeria through the seaports, the absence of the SON’s agents at the ports had made the job more difficult.

He said since they were not allowed at the ports, they resolved to chase containers on the highway any time they received information that the container carried harmful goods.   “My officers who are all graduates and engineers chase trailers on the highway like touts,   risking their lives to jump on trailers to try and catch them,” he stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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