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SMEs Urged to Strengthen Products Certification With Barcodes

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  • SMEs Urged to Strengthen Products Certification With Barcodes

Manufacturers of locally made products, especially in the micro, small and medium enterprises (MSMEs) sector of the economy have been urged to strengthen the seals of quality on their products with bar codes marking. This is to enable the products not only to be locally competitive but to be able to play in the global markets.

In Nigeria, government bodies that issues marks of quality on products are Standards Organisation of Nigeria (SON) and National Agency for Food, Drugs Control and Administration (NAFDAC). While SON issues Nigeria Industrial Standard (NIS) MANCAP and SONCAP to players in the sector, NAFDAC is known for its Number on products that have met its certification requirements.

Certification requirements

Mr. Babatunde Odunlami, CEO of GS1 Nigeria, a firm that issues bar codes on products in Nigeria, said this in an interview. He said beyond NIS and NAFDAC numbers, bar coding is needed to really put Nigerian products on the shelves of global chain stores the like of South Africa’s Shoprite, Wal-Mart, an American multinational retailing corporation that operates as a chain of department stores, and grocery stores and UK Tesco.

“There is need for Nigerian companies to add barcodes on their products. Take NAFDAC number for example, once you travel out of Nigeria, is it of any use? It is no longer useful.

It is only useful in this country, extremely useful in this country because it can save a lot of lives but once you cross this border to Benin Republic, it is of no use except if the Benin government comes up and says we trust the standard that NAFDAC is giving. Multinationals like Unilever, Procter & Gamble, Nestle, etc., are selling their products in the global landscape because they understand the need to have barcodes on their products,” Odunlami said.

He disclosed that the technology and everything that is needed for barcodes is available here and the knowledge is also here. “There are over 110 countries that we can liaise with and to a large extent, whatever is done by GS1 Nigeria has a global outlook because the supply chains that we work with always have a global impacts. It is not something that only works for Nigeria: it is something that works globally ad has advantage for Nigeria. So, we can end up with a situation whereby some specific requirements for Nigeria that also makes it very relevant to our local needs,” he said.

According to him, bar coding makes smooth entry into the global market place possible, adding that chain stores rely on bar codes for analysis of sales, for performance, product recalls, etc.

“Any company that has a GS1 barcode on his or her product can actually export. Your product can sit on the shelf of Wal-Mart, Tesco, Shoprite, and all this big retail chains, because you can’t even sell to them without barcodes.

With bar codes, you can list on Amazon. So, barcodes are important. Why are they important? It is a way to say that I am the one behind this product and I give this product 100 percent certification and assurance that whatever happen to it, traces it back to me.

People who do good business don’t hide; it is only those who counterfeit and produce things illegally that hide. If you are doing something good and making profit from it, you should be able to stand behind your product. That is the way I see the barcode keys; it is a way for brand owners to stand behind their products and say this is mine, if anything happen, you can trace it back to me through the supply chains,” he said.

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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