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NAFDAC to Partner Customs, NAQS to End Rejection of Nigeria’s Food Exports
The National Agency for Food and Drug Administration and Control (NAFDAC) has said that it intends to collaborate with other agencies like the Nigeria Customs Service (NCS) and Nigeria Agricultural Quarantine Services (NAQS) to put an end to the incidence of rejection of food exports from Nigeria in some European countries and the United States of America.
According to NAFDAC, the ugly trend may soon become a thing of the past if collaboration between it and other government agencies at the ports is strengthened.
Prof. Mojisola Adeyeye, the Director General, NAFDAC, made the assertion at the inauguration of the new NAFDAC office complex at the Murtala Muhammed International Airport/NAHCO, Lagos where she lamented that over 70 per cent of food exports from Nigeria are rejected abroad with huge financial losses to the exporters and the country at large.
A statement by the Resident Media Consultant to NAFDAC, Sayo Akintola, on Sunday, quoted the DG as saying that the deplorable state of export trade facilitation for regulated products leaving the country has continued to be a serious cause for concern for her agency, adding that a trip to NAFDAC export warehouses within the international airport will explain unequivocally the major reason for the continuous rejection of Nigerian exports abroad.
She, however, noted that the agency is responding to this great challenge by initiating a collaborative adventure with the government agencies at the ports towards ensuring that goods are of requisite quality and meet the regulatory requirements of the importing countries and destinations before such are even packaged and hauled to the ports for shipment.
Adeyeye stated that this raises the need for a more enhanced regulation of export – packaging, pre-shipment testing and certification — to provide some quality assurance and minimize rejects.
To save the nation’s reputation in international commerce, she called on all stakeholders in the export trade to see this as a call to duty and collaborate with NAFDAC for the sake of the country and its collective future.
‘’The mandate to safeguard the health of the populace through ensuring that food, medicines, cosmetics, medical devices, chemicals and packaged water are safe, efficacious and of the right quality in an economy that is overwhelmingly dependent on importation of the bulk of its finished products and raw materials could never have been actualized without effective presence of NAFDAC at the ports and land borders,’’ she said.
Adeyeye commended the NCS for the symbiotic relationship that exists between its management and the agency, adding that: ‘’Without Customs, we will not be able to do a lot of what we have been able to do. The collaboration between Customs and NAFDAC is huge.
“NAFDAC is a complex organization. We are scientific. We are police and we work with DSS. We work with Interpol and FBI because of the few stakeholders that are unscrupulous. NAFDAC collaborates with Nigeria Agricultural Quarantine Services to ensure that due diligence is done because over 70 per cent of the products that leave our ports get rejected.
“Considering the money spent on getting those products out of the country, it is a double loss for both the exporter and the country.
‘’Without the police, we cannot do much in terms of investigation and enforcement. We have over 80 policemen with us in NAFDAC. They help us a lot when we are doing raids or investigations as the case may be.”
Nigerian Exchange Limited (NGX) and United Nations Women (UN Women) will partner on the integration of gender bonds and other gender-themed sustainable financing mechanisms as strategic instruments to drive gender equality and sustainable development in Nigeria.
This was deliberated at a high-level engagement between NGX and UN Women officials during the visit of the Regional Director for East and Southern Africa Region (ESARO) and interim Regional Director for West and Central Africa Region (WCARO), Dr. Maxime Houinato, to the Exchange.
During the engagement, the parties spoke on the need to galvanize public and private sector stakeholders to the development and adoption of gender responsive instruments in Nigeria’s capital market and the mobilisation of public and private capital towards investments that promote gender equality outcomes, among other focus areas.
“UN Women has been on the forefront of female advocacy which is a major priority of the work we have been doing with International Finance Corporation on the Nigeria2Equal project. “We are committed to this collaboration with UN Women to further deepen impact in the capital market and broader private sector, ” said Divisional Head, Business Support Services and General Counsel, NGX, Irene Robinson-Ayanwale.
Speaking, Chidinma Chukwueke-Okolo, Head, Product Development, NGX said, said “Our collaboration with UN Women will primarily border on capacity building for issuers and investors, specifically for the development of a framework for gender bonds issuance in the Nigerian capital market.”
Houinato, during his remarks stressed the importance of female participation in the leadership in the private and public sectors. He emphasized the necessity of more men in the private sector driving the advocacy for women and also touched on UN Women’s work on female advocacy.
Simba Solar is thrilled to announce the launch of its newest product, the Simba Talegent solar hybrid inverters. This state-of-the-art innovation was launched at the Nigeria Energy Exhibition and presented to the Honourable Minister of Power, Adebayo Adelabu.
Ravi Srivastava, Business Head at Simba Power, shared his excitement about the Simba Talegent, emphasising its unmatched quality and the brand’s dedication to resolving Nigeria’s power issues.
“Simba has consistently led the charge in delivering exceptional power backup solutions. The Simba Solar Talegent is a testament to our commitment, setting a new benchmark in the Nigerian solar market,” remarked Srivastava.
The Simba Talegent inverters have features, including pure sine wave solar inverter compatibility with AC mains or generator power, battery-independent operation flexibility, multi-unit linkage capability, and robust lithium battery support.
“What truly differentiates us is our unwavering focus on product quality and our unparalleled after-sales service, which boasts the largest network in Nigeria,” Srivastava emphasised.
With a legacy spanning 35 years in the Nigerian market, Simba’s allegiance to quality and service remains steadfast. The company continues its journey, driven by a mission to elevate the lives of Nigerians through pioneering innovations.
Transnational Corporation Plc (Transcorp Group), Nigeria’s conglomerate with investments in Power, Hospitality and Energy sectors has announced reported its financial results for the first half of the year ended June 30, 2023, recording commendable growth across all its major indices.
The Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31% growth year-on-year while operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.
The Group’s total revenue for the half year ended June 30, 2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying a 31% increase.
Operating Income grew by 46% from N20.5 billion in June 2022 to N29.9 billion in June 2023. Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40% compared to N11.3 billion of the corresponding previous year.
In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported an 39% growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022. Interest Cost declined by 9% to N6.6 billion in June 2023 from N6.1 billion in the same period under review.
Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12% increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61%) and Trade and Other Receivables (+40%) which cushioned the effect of the decline in Inventories (+68%).
Transcorp shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders.
Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, mentioned that the Group continues to sustain growth and improvement, showing resilience despite, a challenging operating environment, characterised by foreign exchange volatility, gas supply constraints, and rising inflation, amongst others.
She said, “The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.
In spite, of the challenging environment, our power businesses (Transcorp Power Limited & Transafam Power Limited) have sustained revenue growth increase by 32% and 30% respectively while our hospitality continues to outperform across all indices.
“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders,” asserted Dr Omogiafo
Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
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