Monday, May 17African Business News
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Tag: NAFDAC

Inventories hit N402 billion amid weakened purchasing power, forex concerns

Inventories hit N402 billion amid weakened purchasing power, forex concerns

Finance
Despite struggling to access foreign exchange to secure raw materials, local manufacturers have decried the rising level of inventory, especially for unsold manufactured goods, adding that weakened disposable income of consumers has worsened the situation. Similarly, irregular electricity supply from the national grid system has cost manufacturers in the country about N67.38 billion from self-generated electricity. According to the Manufacturers Association of Nigeria (MAN), there is a need for the government to initiate policies that will strengthen the purchasing power of consumers to stimulate aggregate demand and deliberately support industries to reduce the production cost of locally manufactured products. The local producers also predicted an all-time unemployment rate a...
Federal Government moves to curtail rejection of agro exports

Federal Government moves to curtail rejection of agro exports

Business
Piqued by the rising poor food safety practices and standards that led to huge economic losses evident in the myriad of rejects of some food exports at the international markets, the Nigerian National Accreditation Systems (NiNAS), said it is driving performance in the food supply chain to reduce the incidence. They also declared a readiness to support Nigeria to achieve food safety amid the COVID-19 pandemic through reduction in cases of contamination, poor preservation method, and adulteration of food products. NiNAS disclosed this as it marked this year’s World Accreditation Day, themed: “Accreditation: improving food safety.” In a statement signed by the Director-General and Chief Executive of NiNAS, Celestine Okanya, this year’s World Accreditation Day provides an opportunity...
FG charges local auto manufacturers on production of ventilators, others

FG charges local auto manufacturers on production of ventilators, others

Economy
The Federal Government has urged local auto manufacturers to modify their operations to produce more ventilators for the health system. The government further said that the local production of ventilators had become imperative because it is one of the critical equipment for the treatment of COVID-19 pandemic. The Minister of Industry, Trade and Investment, Adeniyi Adebayo, made this known yesterday, while briefing journalists on latest government efforts to curtail the negative impact of coronavirus pandemic on the manufacturing, trade and other related sectors of the economy. According to him, the ministry is mobilising the National Agency for Food and Drug Administration Control (NAFDAC) as well as the Standards Organisation of Nigeria (SON), to speed up certification procedure...