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Manufacturers Hail Introduction of Product Authentication Scheme



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  • Manufacturers Hail Introduction of Product Authentication Scheme

The Manufacturers Association of Nigeria (MAN) has thrown its weight behind Standards Organisation of Nigeria (SON)’s plan to introduce a product authentication scheme, saying it is in the interest of manufacturers and consumers.

MAN President Dr. Franks Udemba Jacobs made manufacturers’ position known during a consultative meeting with SON Director-General Mr. Osita Aboloma, in Lagos.

According to him, the introduction of such scheme to assure the quality of products on offer to consumers in the country is long overdue, given the negative economic effect of faking, cloning and counterfeiting, particularly on certified local products.

Jacobs decried the situation where a product is supposedly doing so well in the market without its manufacturer reaping the benefits of his investment due to faking, cloning and counterfeiting, while consumers also get short changed in the process.

The MAN President acknowledged the huge responsibility that the mandate of SON confers on the organisation, particularly the need to assist local manufacturers excel on a continual basis in order to grow the nation’s economy and provide gainful employment to its youths.

He alluded to the need for all relevant agencies of government to harmonise their activities at the country’s entry points in order to effectively fight the influx of substandard products into the country.

The MAN chief stressed that the continuous influx of substandard products into the country was negatively affecting manufacturers in particular.

This, according to him, underscored the need for SON’s active involvement in the execution of the Presidential Executive Orders, to assure the quality of all imports.

MAN Director-General, Mr. Segun Ajayi, said the association’s members across the nation look up to SON for the provision of relevant and up to date standards.

According to him, availing the expertise of SON personnel to manufacturers will ensure continual improvement in the competitiveness of their products for local consumption and export.

He commended the existing robust collaboration between the two organisations, which according to him, has always provided avenues for clarifying issues of mutual concern.

Earlier, Aboloma described MAN members as strategic to standardisation and quality assurance in Nigeria. He said this necessitated the consultative meeting by SON.

The SON DG said a product authentication scheme would be introduced to assist consumers confirm the genuineness of products before purchase to have value for their money.

Other advantages of the scheme, according to him, include assurance to genuine manufacturers and importers of their products on sale.

Abaloma said the product authentication scheme would effectively fight the cloning, faking and counterfeiting of genuine products by providing necessary information to guide consumers’ purchase decisions in the market.

“Without patronage, the purveyors of substandard, faked, cloned and counterfeited products would have no market for their products” he said.

Aboloma said SON had engaged an international security printing outfit on the implementation of the scheme, leveraging its vast experience.

The SON DG announced that the organisation will soon embark on stakeholders’ sensitisation on the product authentication scheme across the country to ensure that stakeholders were carried along in the implementation in line with World Trade Organisation (WTO) requirements.

Aboloma enumerated several initiatives of SON to provide level playing field for local manufacturers and importers in line with WTO’s requirements of which Nigeria is a signatory.

Some of them include the Mandatory Conformity Assessment Program (MANCAP) to assure the quality and competitiveness of all locally- manufactured products and the off-shore Conformity Assessment Program (SONCAP) for imported products.

He also said the electronic product registration scheme was aimed at products traceability and confirmation of quality status.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend




Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.


  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return



Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather




Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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