Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

General News

SEC, Others Harp on Global Acceptance of Nigeria’s Commodities

Published

on

Kindly share this post

The Securities and Exchange Commission (SEC), among other stakeholders have demanded improved standard of locally produced commodities and take into cognizance internationally accepted standards.

Speaking at a commodities standards sensitisation workshop held in Lagos, the Executive Commissioner Operations SEC, Mr. Dayo Obisan called on the need to reduce the substandard commodities in the market and encourage global acceptance of commodities produced in Nigeria.

The SEC as part of the implementation of the 10-year capital market masterplan, constituted a technical committee in commodities trading ecosystem. The mandate of the committee was to identify challenges with the existing framework and develop a roadmap for a vibrant ecosystem.

However, Obisan said that it is globally recognized that the unique feature of the commodities exchange is the standardization of the commodities traded on the platform as each commodity traded on the exchange is graded by quality, size, weight and other criteria.

He said, however, that the determination of these grades and standards is dependent upon improved local standards, which will take into cognizance internationally accepted standards.

According to him, “in recognition of the statutory responsibility of standard setting in Nigeria lies with the Standards Organization of Nigeria.

“The Executive Management of the Commission on behalf of all stakeholders engaged with the management team of the Standards Organization of Nigeria, to ensure the expedited approval and publication of standards commodities.

“The establishment of relevant standards will significantly transform the Nigerian commodities trading ecosystem. Sequel to that engagement, the ecosystem roadmap implementation committee comprising key stakeholders has been working on the development of grading and standardization system.

The initial stage of the development process will concentrate on delivery of standards for agricultural commodities.

“In this regard, we are working with the SON to create awareness for existing agricultural commodities standard but more essentially to obtain feedback from you the stakeholders on the standards to be considered in this workshop and initiate a view of inadequate standards applicable.”

Obisan said the SEC remains a strong advocate for a thriving commodities trading ecosystem. We strongly believe this is a project of national importance, given that that commodities exchanges value chain has significant value and can transform our economy.

According to him: “As Nigerians thrive to achieve a sustainably diversified economy, given the current drive to guarantee food security, there is an urgent need for more complementary efforts from the government, regulators and critical stakeholders to ensure the approval and effective adoption of appropriate local standard benchmark against international practice to establish quality and reverse the unwarranted situation of perennial rejection of the Nigerian produced commodities.

“It is therefore my expectation for this workshop and other stakeholders’ engagement to serve as a rallying point for inclusive standards development process. As the ecosystem is driven towards standardization, the broader society will be impacted for greater prosperity”.

In his remarks, Mallam Farouk Salim, Director General of SON, said that the organisation is willing to collaborate with relevant stakeholders in ensuring that the development of standards follows the best international principles of standard development as this would lead to improved lives of Nigerians.

Represented by Dr. Omolara Okunlola, Head Food Group, Salim said the organization is ensuring it promotes confidence of Nigerians in Nigerian produce and ensuring that SON in line with the various Federal Government policies, develops standards in such areas.

“For the first time in history, we have the strategy already outlined under the Nigerian national standardization strategy. If you go through the strategy, you can see we have listed out standards to be developed, under agriculture, energy, transport, industry, a focus on SMEs, we also have for the health sector. The strategy is a living strategy, as policies from the government come up, we try to update the strategy “she stated.

Also speaking, Chairperson of the Commodities Trading Ecosystem Implementation Committee, Ms. Daisy Ekineh said with the strong global push for green economies and a net zero carbon emission, the era of fossil fuel in powering development is fast coming to an end hence, for an oil dependent economy like Nigeria, it is a race against time to effectively diversify the economy.

Ekineh said there is no doubt that efforts are on-going in this direction as evidenced by the various policies and programmes of government and the increasing contribution of the non-oil sectors to GDP which now exceeds 90% of GDP. Over 92per cent in Q2 2021.

She said, “The progress is commendable. Nonetheless, efforts need to be invigorated to speedily diversify the economy in all respect, for while the oil sector has shrunk in its contribution to GDP, it remains quite dominant in foreign exchange receipts and export trade. The economy is in other words, still mono product in some respect and significantly lacking in export diversification.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Nigerian Tech Prodigy sets World Record with Smallest GPS Tracker

Published

on

Kindly share this post

Young Nigerian tech genius, Oluwatobi Oyinlola, has developed the world’s smallest GPS tracking device, a prototype measuring just 22.93 x 11.92 mm.

Recognised by the Guinness World Records, the device was created at the prestigious Massachusetts Institute of Technology (MIT), USA, on April 27, where he is employed as a researcher.

It has been hailed for its potential across industries, from logistics and personal safety to medical devices and wildlife monitoring.

Nigeria’s President Bola Ahmed Tinubu celebrated the feat in a post on X, praising Oyinlola for showcasing the ingenuity of the West African country’s youth. “You have just shown the world that Nigerian youth can!” he wrote.

Adding to the accolades, Minister of Communications, Innovation and Digital Economy, Bosun Tijani, lauded the innovation as a symbol of national pride and technological potential.

He commended Oyinlola’s journey, noting his early support for the young inventor’s IoT startup. “Long before this global recognition, I had the privilege of backing Oluwatobi. His journey, now continuing at MIT, is a powerful reminder of the extraordinary potential of our people,” Tijani said.

The prototype not only marks a leap in miniaturised technology but also highlights Nigeria’s growing footprint in global innovation. Bosun added that as Nigeria intensifies efforts to nurture homegrown tech talent, Oyinlola’s success is a beacon for the next generation of innovators.

“The world is only beginning to see what you’re capable of,” said the Minister.

 

 


Kindly share this post
Continue Reading

General News

Africa Looks to Solar Amid Electricity Challenges

Published

on

Kindly share this post

Africa is becoming a global hub for solar energy development. The commercial and industrial sectors are driving this trend, with photovoltaic systems being installed on-site at businesses, educational institutions, and government facilities to meet energy demands.

This is according to CBi-electric: low voltage, which manufactures and supplies low voltage electrical distribution, protection, and control equipment.

2.5 gigawatts-peak (GWp) of solar capacity was built across Africa in 2024, with 194.34 GWp expected in 2025, according to the company.

Dr. Andrew Dickson, engineering executive of CBi-electric: low voltage, outlines how several reasons are hastening the continent’s transition to solar. “Energy poverty remains a major issue across Africa, with reliable grid electricity reaching only 14% of Zimbabweans, for example.”

He goes on to say that inconsistent power supply is another significant contributor, stating that “Persistent nationwide blackouts are affecting countries like Botswana, disrupting day-to-day operations. And in hydro-electric dependent countries such as Zambia, climate change is reducing water levels, leading to lower electricity generation and higher prices.”

Dickson believes that strategic system design and management are critical to realising the full potential of solar energy on the continent.

He said: “As Africa’s solar energy market continues to expand in 2025, organisations have an opportunity to capitalise on its long-term benefits. With the right technologies and safeguards in place, solar is not only a clean energy solution it’s a strategic asset that pays off.

“By combining surge protection, DC breakers, and monitoring tools, businesses can reduce unexpected costs, minimise downtime, and extend the life of their investment.”


Kindly share this post
Continue Reading

General News

Nigeria Trains 200,000 Citizens in AI to Drive Innovation and Sustainability

Published

on

Kindly share this post

Federal Government of Nigeria has launched a major initiative to train over 200,000 Nigerians in Artificial Intelligence (AI) and other emerging technologies, aiming to build a digitally skilled workforce and position Nigeria as a continental leader in AI-driven innovation.

The announcement was made by Chief Uche Nnaji, Minister of Innovation, Science, and Technology, during the 10th Annual Symposium and Awards of the American Chemical Society (ACS), Nigeria International Chemical Sciences Chapter, held at the National Open University of Nigeria (NOUN) in Abuja.

AI’s Role in Sustainability and Economic Growth

Chief Nnaji, represented by Dr. Patricks Oghuma, Special Assistant to the Minister, emphasized the transformative power of AI, particularly when integrated with chemistry to address sustainability challenges.

“We are at the intersection of a revolution where artificial intelligence and chemistry converge to create new frontiers,” he stated. “This powerful synergy offers a vision of the future where innovation and sustainability work hand in hand”.

He also highlighted the gap between scientific research and real-world application, stressing the need for transformational research that directly solves real-world problems through AI.

Academic and Industry Collaboration

The Vice-Chancellor of NOUN, Prof. Olufemi Peters, echoed the Minister’s sentiments, noting that AI’s ability to model, predict, and optimize is vital for reducing waste, conserving energy, and enhancing chemical processes.

“At NOUN, we remain committed to providing accessible, technology-enhanced education that directly addresses national and global challenges,” Prof. Peters said.

The symposium gathered key stakeholders in science, technology, and academia, focusing on leveraging AI to drive sustainable solutions and calling for stronger collaboration between research institutions, industry, and government.

Building a Knowledge-Driven Economy

Prof. Edu Inam, Chair of the ACS Nigeria Chapter, reinforced the society’s commitment to research mentorship and student engagement, noting that ACS continues to host campus events and outreach programs aimed at nurturing young scientific minds.

The initiative is expected to accelerate Nigeria’s AI adoption, fostering economic growth, sustainability, and technological advancement across multiple sectors.


Kindly share this post
Continue Reading

Trending