Coca-Cola Nigeria and its bottling partner, Nigerian Bottling Company Limited, have denied allegations from the Federal Competition and Consumer Protection Commission (FCCPC) that their product labels are misleading.
In a statement released on August 1, 2024, the company clarified that its product labels provide clear and accessible nutrition information, fully complying with national regulations. It emphasised its commitment to transparency and consumer protection.
“Our priority is safeguarding consumer interests,” the statement said. “We are committed to working constructively with the government to address this issue. We are confident that we adhere to all regulations and look forward to resolving this matter.”
The Nigerian government’s well-intentioned efforts to alleviate hunger among the citizens have created a new crisis, as frequent purchases of grains for distribution have led to the drastic decline of rice and other essential staples in the markets across the country.
LEADERSHIP Sunday’s investigation revealed that the current soaring prices of foodstuffs, especially rice and other grains, are due to the federal government’s bulk purchases of the products for distribution to vulnerable Nigerians.
Leaders of various farmers’ groups, grain producers, rice millers and processors as well as other stakeholders in the distribution chain said they have sold their stocks to the government at different times and had nothing to sell to middlemen.
In fact, the chairman of All Nigeria Farmers Association (AFAN) in Kwara State, Hon. Mahmud Aboki, told our correspondent that the rice pyramids, for example, that were common during the Muhammadu
Buhari administration and the early days of President Bola Ahmed Tinubu government no longer exist. He said they were purchased, processed and stored in national reserve centres across the country.
Aboki explained that the stored rice had been used for interventions under the government’s palliative scheme to cushion the effects of fuel subsidy removal on ordinary Nigerians.
He lamented that President Tinubu stopped the Anchor Borrowers’ Scheme initiated by his predecessor, Muhammadu Buhari.
Aboki said, “Consequently, those who couldn’t farm unless they were sponsored, who are many, are not able to farm, which leads to an aggravated food crisis.”
Responding to the soaring prices of foodstuffs, especially rice, where the 50kg bag sells for between N70,000 and N80,000 in the open market, the AFAN chairman said, “The current economic crisis has adversely affected farmers’ operations in many ways, including the high cost of land preparation, inputs such as herbicides, improved seeds, and labour.”
“The price of a bag of paddy rice ranges from N60,000 to N68,000, but the rice is not readily available due to decreased production capacity.
“The level of patronage is high; however, the demands could not be met due to the drastically reduced capacity of farmers to produce. Many of the affected farmers were the producers of the paddy rice used for the pyramids while the Anchor Borrowers were operational,” Aboki said.
But, the chairman of Rice Farmers Association of Nigeria (RIFAN) in Kwara State, Mallam Muhammed Salihu, claimed that rice production this year is higher than that of 2023.
He said farmers have mobilised to farms in their numbers to produce in large quantities to ensure food sufficiency in the state and the country in general.
He said the only challenge he faces is insufficient rainfall, lamenting that some plantations are drying up. Salihu appealed to the government to assist farmers in the state with solar-pumping machines to encourage irrigation farming.
The state commissioner for agriculture and rural development, Mrs Toyosi Thomas, said the state government had commenced the distribution of farm inputs to 10,000 farmers to boost agriculture and ensure food security.
In Kebbi State, grain farmers and producers, especially rice farmers, admitted that the pyramids of rice and other assorted grains in various warehouses were no longer available because of the current harsh economic environment in which they operate.
They said a 50kg bag of rice now sells at N80,000 and N90,000, which has kept middlemen out of business.
One of the farmers who sought anonymity appealed to the state and the federal governments to expedite actions on the problems faced by food producers.
The commissioner of agriculture in the state, Abubakar Muazu, who reacted to the situation, said the present administration of Governor Nasir Idris had initiated agricultural programmes to address the problems associated with food shortage and inflation.
According to him, fertilisers were given free to the farmers, and loans and other inputs were provided under NG-CARES to selected farmers to boost food production.
The National Chairman of the Rice Millers Association of Nigeria (RIMAN), Mr. Peter Dama, said Anchor Borrowers was a very strategic programme designed by the President Mohammad Buhari administration to ensure that rice was adequately produced in the country so that we did not import the commodity.
According to him, Anchor Borrowers did not only end up on rice but also some other produce like maize, wheat, and many others. He said there were other products involved, but rice had prominent attention because it has become an international crop that is consumed by, say, 85% of the world’s population, including Nigeria.
Dama added that the emphasis is that because our population is growing, we need to stop importing that product if we will be self-sufficient. So, that is why the federal government came up with the Anchor Borrower program, which the CBN is supervising.
He explained that money was being channelled to farmers, and in return, they paid for their produce, adding that that is how we saw the rice pyramid in Nigeria. rice farmers returned to farms, so many emergency and political rice farmers came on board.
“We had political rice farmers, political rice millers who were carrying bags here and there and going to access this facility. That is notwithstanding the Associations, notably the Rice Farmers Association of Nigeria (RIMA), were the Chief Anchors of that project.
“We had a rice pyramid in Kebbi, Gombe, Ekiti, and here in Abuja. So a lot of capable millers were given. Our associations were called to submit a list of their millers, while men who could mill this rice paid for it, took the products to their mills, and were able to mill and take them to the market.”
Dama, who is also the National Chairman of the Board of Trustees Competitive, added that the African Rice Forum, which is made up of people in the Rice value chain, added that emergency rice farmers, millers, political rice farmers, and so on came in to hijack the project, but notwithstanding the project’s achievement of some level of self-sufficiency in terms of paddy rice production in this country.
“We had Paddy rice in our mills, and we were able to mill. This was what prevented the prices of rice from skyrocketing at that time.
The problem came as a result of the inability to get back the money being advanced to some of these farmers. When I say some of the farmers I’m talking about the political farmers, emergency farmers but not the real farmers themselves.
He argued that people who claimed to be farmers went ahead and collected the funds and couldn’t pay back, stressing that the organizers and project promoters were going round to get the loans refunded, but they couldn’t get adequate refunds of the money. Unfortunately, that in itself affected the production of rice in this country.
“This added to the question of insecurity in this country. The target had been farmers—farmers involved in all kinds of agricultural activities—but then rice millers were also targeted because they discovered that the CBN gave money, and you know bandits were going there to capture and kidnap them and ask for money. This has been happening in the country up until today, which again affected production.
He further opined that, unfortunately, with the coming of this administration, one of the first steps that the CBN took was to liberalise the importation of forty-one items. If you recall, forty-one goods were prohibited from import while they liberalised the borders and asked that these things come in with no restrictions.
According to him, in addition, the withdrawal of the fuel subsidy affected the entire economic and agricultural sectors because smallholder farmers needed farming inputs like water pumps, insecticides, and fertilizers to produce. However, the high cost of these things, based on the fuel subsidy withdrawal, affected these functions of farmers, and as such, things became very bad for the farmers. He lamented that many rice mills are not producing at full capacity, and some have even closed down because they are electrically epileptic. They cannot continue to mill using diesel.
As a way forward, he said the government should go to these Anchor Borrowers with proper modifications, not even the CBN. They should recapitalise the Bank of Agriculture and allow the technocrats in agricultural business and production to handle the disbursement of these funds. He added that the central bank should be left to handle its regulatory functions and monetary matters.
Still, these specialised banks, developmental banks like the Bank of Agriculture, which has been inactive for quite some time, should be recapitalised and given the funds to disburse to farmers because they know the real farmers and have their data.
Protesters have reacted to President Bola Ahmed Tinubu’s address to the nation, stating that he failed to address their demands.
According to the protesters, the President should address their demands and the current hardship before coming to the negotiation table.
The protest, which started on Thursday, crippled socio-economic activities across the states, as motor parks, shops, malls, markets and roads were deserted.
Speaking to LEADERSHIP, one of the leaders of the protesters, Deji Adeyanju said they are willing to engage the government in the coming days.
“This is the only way the protest can be highly successful. We must learn from EndSARS. President Tinubu should listen to the people and meet their demands. The voice of the people is the voice of God.
“There should be a national dialogue with protesters. The president should be sincere. All politicians should be ready to make sacrifices and stop collecting pay. It’s ‘operation saves Nigeria from total collapse,’” Adeyanju said.
According to him, the president’s claim that the protest was politically motivated was wide off the mark.
Meanwhile, civil society organisations (CSOs) have called for a dialogue with the President. The CSOs applauded President Tinubu for his recent address urging protesters and organisers to suspend further protests and embrace dialogue.
The CSOs are Transparency International (TI), Transition Monitoring Group (TMG) and the Civil Society Legislative Advocacy Centre (CISLAC).
Speaking through their leader, Awwal Musa Rafsanjani, the CSOs said they acknowledge the President’s recognition of the grievances driving this protest and his commitment to listening to and addressing Nigerian citizens’ concerns.
“President Tinubu emphasised the need for unity and collective effort in reshaping the nation’s future, calling on all Nigerians, irrespective of age, political affiliation, tribe, or religion, to work together for a better Nigeria.
“We stands firmly with the demands for justice and reform within the administrative justice system and improved governance, as this will ensure a just and prosperous nation where peace, freedom, and meaningful livelihoods are enjoyed under a transparent and accountable government,” Rafsanjani said.
Don’t truncate our democracy, Kachikwu warns
On his part, the former presidential candidate of the African Democratic Congress (ADC), Mr. Dumebi Kachikwu, yesterday asked protesters to sheathe their swords because the blood of the innocent was being shed for nothing.
He urged protesters not to truncate Nigeria’s democracy and pointed out that of the 19 victims of the protests, no child of any politician or big man was killed.
He pleaded with those aggrieved to wait for the next presidential election to end bad governance.
He also asked the opposition to proffer solutions to the problems of the country instead of instigating violence and seeking overthrow of the democratically elected administration of President Bola Ahmed Tinubu.
Kachikwu advised Tinubu to be broadminded and consult widely instead of running the affairs of the nation alone.
Kachikwu, who made his position on the state of the nation known in a statement in Abuja, said it was time to stop the blame game in the country.
He said: “We can’t continue killing ourselves. Our streets flow with the blood of the innocent. Over 19 killed in this scam of a protest, all for what? No child of any politician or big man was killed. Just the poor, average Nigerian. Only their family members will cry and mourn for them quietly while those who have made billions from this scam laugh to the bank.”
Why protest is peaceful in Niger Delta – Ex-agitators
The national chairman Presidential Amnesty Programme (PAP) Phase 2 Leaders Forum, Ibena Rufus Salvation, has attributed the peaceful nature of the hunger protest witnessed in the Niger Delta region to the outstanding performance of President Bola Tinubu and the PAP administrator, Dr. Dennis Otuaro.
In a statement in Yenagoa on Sunday, Ibena said though the protest recorded in the region was very peaceful, he has joined the administrator to plead with all citizens of the country, particularly the Niger Delta region, to stop the protest.
He urged the protesters to consider those areas in which the President has made positive within his one year in office, and assured President Tinubu and the PAP administrator of total support from all programme beneficiaries.
Sanwo-Olu Hails Lagosians For Rejecting Anarchy
As the #EndBadGovernanceInNigeria protest ends in Lagos State, Lagos State Governor Mr Babajide Sanwo-Olu commended the residents for rejecting anarchy and conducting their protest peacefully.
The protest, which has seen incidents of death, looting, and harassment by security operatives across various parts of the country, ended in Lagos State after the nationwide broadcast by President Bola Tinubu.
In a statement by the Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, the governor said he had opened new engagement channels between the government and the people.
The commissioner quoted the governor as saying, “Your stoppage of the protest today is a crystal clear affirmation that you know your collective voice has been heard by the government. What you have done is not only noble but the civilised thing to do.
Address police brutality, Soyinka tells president
Nobel laureate Prof. Wole Soyinka has called on President Bola Tinubu to address police brutality in the ongoing protest.
Soyinka, who was reacting to President Tinubu’s national broadcast, criticized him for not addressing the violent crackdown by security forces on #EndBadGovernance protesters.
Soyinka, in a statement, expressed concern at the president’s omission of this critical issue.
He said: “My primary concern, quite predictably, is the continuing deterioration of the state’s seizure of protest management, an area in which the presidential address fell conspicuously short.
“Such short-changing of civic right, regrettably, goes to arm the security forces in the exercise of impunity and condemns the nation to a seemingly unbreakable cycle of resentment and reprisals.
Protest: Police Arrest 108 Suspects In Yobe
The Yobe State police command has arrested 108 suspects for various crimes, including those who defied the imposed curfew in the affected areas.
The commissioner of Police, Garba Ahmed, stated that the efforts are ongoing to recover stolen property, with discreet investigations underway.
A statement signed by Police Public Relations Officer DSP Dungus Abdulkarim said the nationwide protest resulted in looting, property destruction, and unrest.
Tinubu vows not to allow individuals with selfish political agenda to destroy Nigeria
President Bola Ahmed Tinubu earlier expressed deep concern over the nationwide hunger protests, which have resulted in the loss of life and property in various parts of the country.
In a nationwide broadcast yesterday, Tinubu acknowledged the protesters’ grievances and called for the immediate suspension of further demonstrations.
He said: “Under the circumstances, I enjoin protesters and the organisers to suspend any further protest and create room for dialogue, which I have always acceded to at the slightest opportunity.
“Nigeria requires all hands on deck and needs us all – regardless of age, party, tribe, religion or other divides, to work together in reshaping our destiny as a nation.
“To those who have taken undue advantage of this situation to threaten any section of this country, be warned: The law will catch up with you. There is no place for ethnic bigotry or such threats in the Nigeria we seek to build.
“Our democracy progresses when the constitutional rights of every Nigerian are respected and protected. Our law enforcement agencies should continue to ensure the full protection of lives and properties of innocent citizens in a responsible manner.
“My vision for our country is one of a just and prosperous nation where each person may enjoy the peace, freedom, and meaningful livelihood that only democratic good governance can provide – one that is open, transparent and accountable to the Nigerian people.
In the address, Tinubu outlined various economic measures and initiatives his administration has undertaken in the past 14 months.
PANA Holdings has expressed targeted interest in building renewable energy and allied decarbonised technology manufacturing facilities in Nigeria’s green industrial zone, the Evergreen City. Envoy on Climate Action and country’s Lead Representative on all Climate related matters, Ajuri Ngelale, made this known to State House Correspondents while updating on ongoing efforts at engaging innovators and entrepreneurs in repositioning the nation’s renewable energy technology manufacturing industry.
After a meeting with a world renowned Innovator and entrepreneur, Chairman of PANA Holdings, Mr Daere Akobo and the German DHM, Johannes Lehne, Ngelale disclosed that PANA Holdings , indicated investment interest in with the support of the German government in the decarbonisation of Nigeria’s Electric Power Grid, an ongoing agreement between Siemens and PANA Infrastructure.
“Before moving swiftly to catch a plane to Geneva, Switzerland, on Tuesday morning, I relished a technical discussion with prized innovator and entrepreneur, Mr. Daere Akobo, in the presence of the German DHM, H.E. Johannes Lehne and the team from PANA Holdings.
Akobo’s organisation is one of Nigeria’s core indigenous EPC companies with the sustained technical competence to qualify for high-level partnerships with German industrial conglomerates across oil & gas, electric power, and other critical sectors”.
Listing other areas of industrial manufacturing opportunity, Nigeria’s Chief Diplomat on Climate matter, mentioned the Orcan Waste Heat Recovery Technology which involves the conversion of unused and waste heat energy from engines and industrial facilities into immediately usable clean electricity. He further listed the Amplified Geochemical Imaging (AGI) and the Multiphase Pumping Technology.Technology that is deployed to help reduce gas flaring.
Other investment areas include Climate-Smart Agriculture Infrastructure Manufacturing. He explained that this entails production and deployment of instruments to support the local supply chain that will undergird integrous greenhouse farming.
“Decarbonisation of Nigeria’s Electric Power Grid: An ongoing agreement between Siemens and PANA Infrastructure to decarbonize the grid through a multi-phase approach can advance value chain localisation through its participation in Evergreen City.
“Continuous Emission Monitoring: Leveraging Infosys platforms to deploy metering solutions and develop a comprehensive dashboard for real-time monitoring and evaluation.
“Climate-Smart Agriculture Infrastructure Manufacturing: Production and deployment of instruments to support the local supply chain that will undergird integrous greenhouse farming”, Ngelale added.
The Envoy lauded the Private sector in Nigeria for their cooperation in realising President Bola Tinubu’s green Industrial vision into a reality.
“While there is significant work to do before this collaboration reaches the construction stage, we are pleased with the cooperation of the private sector in turning H.E. President Bola Tinubu’s green industrial vision into a reality, and we remain dedicated to doing everything possible in order to turn hope into tangible opportunities for Nigerians”.
He reassured the government’s determination to turn the Renewed Hope Agenda into opportunities for Nigeria.
Stanbic IBTC Holdings Plc, has through its annual Bloom Weekend promoted financial well-being and entrepreneurial success among women.
The financial institution celebrated women in its Blue Blossom community with the theme, ‘With Her, For Her’, which featured several components including a yoga session, village market, the Ladies At The Table Empowerment Series (LATTES), an all-day trade fair, and Small and Medium Scale Enterprises (SME) masterclasses.
Blue Blossom is a community of women who want to save more efficiently, diversify their investments, build sustainable businesses or careers and protect their wealth and family while connecting with other women within the community.
Executive director of business development at Stanbic IBTC Pension Managers, Nike Bajomo said that the primary goal is to celebrate, empower, and inspire the women within the vibrant Blue Blossom community.
She emphasised that Bloom aimed to facilitate meaningful discussions, bridge the gap between women’s aspirations and achievements, and spark meaningful change.
“By providing a platform for influential figures and attendees to engage in open dialogue, Bloom encouraged women to take bold steps towards their goals, fostering a sense of community and support. The event was designed to inspire women to reach new heights and make a lasting impact,” Bajomo explained.
Keynote speaker CEO of Lady Bird Limited, Mrs. Bunmi Oke emphasised the importance of women’s strength, unity, and support for one another.
She encouraged women to confidently lift themselves up, showcasing their unique talents and abilities.
Oke also stressed the need for women to plan their steps, set specific and measurable goals, and take charge of their lives to achieve their dreams.
Head of enterprise Banking at Stanbic IBTC Bank, Olajumoke Bello highlighted the indispensable contributions of women to societal progress and stressed the necessity of supporting women in overcoming the obstacles that often impede their journey to financial success.
“At Stanbic IBTC, this is how we are impacting women. We are standing by and supporting them as business owners. As the saying goes, when women succeed, communities are impacted, communities prosper, communities thrive, and nations prosper.
“Our goal is to see the women in the Bloom Community grow, both in their businesses and personally, showing that we are growing and continuing this journey with them. We want to see this empowerment reflected in their thriving and growth,” she pointed out.
The event’s panel session featured a diverse range of seasoned professionals, including: Mrs. Eugenia Abu, Broadcast Journalist and media expert, Dr. Olaide Omotosho Ikuru, Medical Practitioner, Nike Folagbade, Family Life coach and counsellor, Oluwadamilola Dada, associate director at PWC.
These experts shared valuable insights and encouragement, providing participants with practical advice and inspiration to succeed in their personal and professional lives.
The Apapa command of the Nigeria Customs Service (NCS), and clearing agents operating at the nation’s seaports have dismissed the planned hunger protest.
In a separate statement to LEADERSHIP, the Customs Area Controller (CAC), Apapa Port Command, Compt. Babatunde Olomu, reassured port users that activities of the Service would continue uninterrupted despite apprehensions about an impending nationwide protest
Addressing a meeting of stakeholders in Apapa on Tuesday, Comptroller Olomu said it has become expedient to rebuild confidence in importers, exporters, licensed customs agents,freight forwarders,haulage operators and other port users on the availability of Nigeria Customs Service officers in Apapa Port on all working days as usual
He stated that Customs officers attached to the command at the port and all terminals under his watch shall be available to discharge their usual functions and support in facilitating all legitimate trade within their purview.
The CAC further advised that the office of the Customs Public Relations Officer and other offices assigned to function as help desks shall be available to address inquiries and give further details where necessary.
For the avoidance of doubt, Comptroller Olomu reminded members of the Apapa Port Community, including sister government agencies, that customs officers shall be resuming work by 8am on all weekdays and may work during weekends, when necessary.
While thanking the compliant port users, whom he described as partners in progress, the Area Controller reiterated the command’s resolve to continually ensure maximum collection of all government revenue without compromising the due diligence required for all import and export cargo examination
Also, speaking at the meeting, Commissioner of Police in charge of Western Ports CP Lanre Ishola thanked the Controller for convening the meeting and stated that the police will ensure the respect of citizens’ rights at all times
The port manager of Apapa Port, Mr. Charles Okaga reminded all port users at the meeting that Apapa Port runs a 24-hour operation.
Okaga added that other stakeholders in the cargo clearing process, like the shipping companies and terminal operators, will be sensitised by the Nigerian Ports Authority to dispense their services normally.
Okaga said the NPA will urge shipping companies and terminal operators not to impose demurrage on cargoes under their control, for days they couldn’t effect services for clearance
Also speaking, the President, National Association of Government Approved Freight Forwarders (NAGAFF), Tochukwu Ezizi, has warned clearing agents against the protest.
According to him, members of the association spread across Nigeria, should be involved either remotely or directly in the impending hardship protest slated for August 1st 2024
Ezisi, who acknowledged that they have a right to protest as enshrined in our country’s constitution, they should also note that they do not have the right to destabilise the country.
He stated that Mr President inherited a near comatose economy & has been doing his best since assumption of office & therefore should be supported.
He also stated that the economic recession being experienced today is not peculiar to our country alone.
Also, the Maritime Workers Union of Nigeria (MWUN), disassociated its members and executives from the planned nationwide protest.
President general of the Union, Comrade Adewale Adeyanju, in a statement called on members to be vigilant and alert for potential miscreants who may attempt to invade and disrupt industrial peace and harmony in the sector.
The statement reads in part, “Maritime Workers Union of Nigeria is a responsible Union with it’s vast membership as workers in the maritime sector, providing essential services at all times and round the clock and also came into proper reckoning with commitment and patriotism during the COVID-19 lockdown when our members were required to render essential services in spite of the stay at home order by National Council For Disease Control (NCDC).
“The deputy president of the Nigeria Labour Congress (NLC), Prince Adeyanju, said that Maritime Workers Union is an affiliate of the Congress and the Union will always heed calls of the NLC to participate in any industrial strike or in a coordinated, lawful or orderly industrial action, which in this case is a reversed one.
“Having said so, the Union will not take part in any protest not directed by the Nigerian Labour Congress; however, the Union does not begrudge any Nigerian citizen a peaceful protest.” Adeyanju also warned members of the Union to desist from any protest in the terminal jetties or oil & gas platforms and stay clear from hoodlums who may want to take advantage of the protests, to destroy properties, and maim the lives of innocent citizens as the scars of EndSars is still fresh in their memories.
“The Union as always is committed to industrial peace and harmony within the sector; therefore, our members must be at alert and be vigilantly sensitive towards miscreants, who may want to invade our sector to commit havoc on the day in the name of protests,” the statement said.
The federal government of Nigeria has announced plans to tap into the $200 billion global market for Active Pharmaceutical Ingredients (APIs), as a strategic move to enhance its pharmaceutical industry.
The federal government aims to position the country as a key player in the production and supply of APIs, which are essential for the manufacturing of drugs. The initiative is part of Nigeria’s broader strategy to reduce its dependency on imported pharmaceuticals and to stimulate local production, thereby, ensuring the availability of essential medicines.
By developing a robust API manufacturing sector, Nigeria hopes to address the recurrent issues of drug shortages and high medicine costs.
The coordinating minister of Health and Social Welfare, Prof. Ali Pate, disclosed this at the 2nd regional workshop on Manufacturing of Active Pharmaceutical Ingredients (APIs) and Excipients in Nigeria, organised by the National Agency for Food and Drug Administration and Control (NAFDAC), in partnership with the USAID, World Health Organization (WHO), USP, Bill and Melinda Gate Foundation and Nigeria Sovereign Investment Authority (NSIA), on Monday, in Lagos.
Pate, who was represented by the national coordinator of the Presidential ‘Unlocking Healthcare Value-Chain’ Initiative, Dr. Abdu Mukhtar, said Nigeria import almost 80 percent of its medicines, almost 100 percent of vaccines and almost 99 percent of its medical devices, including diagnosis tests and kits.
To reverse this trend, Pate said, the federal government has come up with the presidential initiative, adding that, “The initiative has a very clear target, and our plan is actually to bring about reduction, and more so reversal of those numbers. We are aiming to produce locally at least 10 to 20 per cent of the APIs that we consume in this country. Now, 10 to 20 percent may sound quite low, but this is again moving from zero.”
The director general of NAFDAC Prof Moji Adeyeye said, there is nothing wrong with the importation of medical products, but Nigeria became addicted.
“About six years ago, I challenged the pharmaceutical manufacturers to look inward. They responded, hence the reason we are having this crucial meeting today. The workshop will empower them with the right knowledge and tools for the manufacturing of APIs and the regulatory requirements,” she added.
In the same vein, WHO representative in Nigeria, Dr. Walter Kazadi Mulombo said the APIs Global market was worth about $200 billion last year with a projected growth of almost $400 billion by 2030. “So it’s a very lucrative market and for good reason,” he added.
He applauded the federal government of Nigeria for its move in local production of APIs, adding that, “The local manufacturing of APIs is a strategic decision in aligning the vision and agenda of the coordinating minister of Health and Social Welfare and this administration on unlocking the healthcare value chain, particularly on the local manufacturing of medicine, diagnostics and other healthcare commodities.”
The executive director and chief investment officer, NSIA, Kolawole Owodunni, said Africa is rich in natural resources with a young dynamic workforce; however, it faces challenges in its healthcare sector.
One of the key issues is the dependency on imported APIs and imported finished pharmaceutical products, Owodunni said, adding that, “Currently, over 90 percent of the APIs and excipients used in Africa are imported into the continent, mostly from Asia and Europe. This dependency poses critical problems and there are two of those that we have experienced or are currently experiencing.”
As Nigerians face devaluation of national currency and the rising costs of importing raw materials, which translate directly into the rising costs of finished pharmaceutical products, Owodunni, who was represented by healthcare consultant at NSIA, Funke Falade, said investing in API and excipient manufacturing in West Africa is vital for achieving healthcare security, progressing towards self-reliance.
“We can manufacture everything or we can progress to some sort of self-reliance and can increase the availability of medicine, ensuring the steady and reliable supply of essential medicines. By producing APIs and excipients locally, perhaps we can also contribute to drug discovery and tailoring medicines to meet the specific health needs of its diverse population. Also, a robust local API and excipient manufacturing facility, will definitely enhance the region’s national regulatory agency’s maturity because they do have to rise up to the occasion to be able to regulate a local API and excipient manufacturing industry,” he added.
President Bola Tinubu has signed the new National Minimum Wage Amendment Bill 2024 into law. It is reviewable every three years.
President Tinubu signed the bill midway through the Federal Executive Council meeting Monday.
Senate President Godswill Akpabio led National Assembly leaders to the signing ceremony.
LEADERSHIP recalls that the federal government and organised labour had recently agreed on ₦70,000 as the new minimum wage.
Consequently, the president sent the bill to the National Assembly, which was passed swiftly.
The Head of Service said the new law will undoubtedly reassure the workers that the president cares about their welfare.
President Tinubu thanked the National Assembly for accelerating the passage of the law.
Meanwhile, the federal government has reassured the public of compliance with the new minimum wage, emphasizing the extensive negotiations and consensus-building efforts undertaken from February to July.
Minister of state for labour, Nkeiruka Onyejeocha, gave the assurance while speaking with State House correspondents after Monday’s Federal Executive Council meeting.
“What should a Labour minister do when people don’t pay? The most important thing is that this minimum wage has been passed and that all Nigerians were involved – all the stakeholders, the governors, the representatives of the local government, which is ARGON, and, of course, the organised private sector and organised labour and the government itself.
“Conversations were held and it passed through the process, and it has become law,” Onyejeocha continued.
“I believe that we are responsible Nigerians and we want to promise Nigerians that we’re going to do that. When you have a strong leader, who has the goodwill of the people he governs and there is cooperation, I believe that everybody will comply with what is agreed upon.”
Onyejeocha also confirmed that the Federal Government will honour its commitment to backdate the payment of the adjusted wages to May 2024.
The Nigeria Police Force has clarified that the Inspector-General of Police, IGP Kayode Egbetokun did not fix 4pm as closing time for protesters in the planned August 1 nationwide protest nor announced any curfew on the proposed protest dates as reported in some section of the media.
The police described the information and media report as mischievous and entirely false.
Police, in a statement by its spokesman, ACP Olumuyiwa Adejobi, Monday night said, “following the recent misinformation regarding the imposition of a curfew ahead of the planned nationwide protest, it has come to our attention that some news outlets, particularly https://www. dockaysworld. com.ng/, have reported that the Inspector General of Police has imposed a strict curfew starting at 4 p.m. for all protests. This information is entirely false and mischievous.”
Adejobi stated categorically that the IGP Egbetokun has not declared any curfew.
“Additionally, it is pertinent to state that such information would have been communicated via the official Nigeria Police Force platforms were it true.
“The false publication suggesting otherwise is a product of the authors’ imaginations and does not represent the position of the Nigeria Police.
“We urge all media outlets and the general public to disregard this misinformation and rely on official statements from the Nigeria Police Force or other authorised government agencies,” police image maker said.
Meanwhile, the IGP also said the nation cannot afford any violent and destructive protests, emphasising the severe negative effects that violent demonstrations can have on the society.
IGP Egbetokun had in his address over the weekend, highlighted several critical points that underscore the importance of maintaining peace and order during protests.
He said, “It is not only in Nigeria that there is hardship. It is a global meltdown. Is the government doing anything about it? Yes! This is what a responsive government will do.”
He stressed that while the current economic challenges were not peculiar to Nigeria, the government was actively working to mitigate their impact and provide relief to the citizens.
Reflecting on the 2020 EndSARS protest, the IGP remarked burning of police stations when criminals took over, noting that arms looted were in places in the wrong hands, and armed robbers took over while women could no longer walk freely once it is 7pm.
He recalled that the destruction of police infrastructure led to the breakdown in law and order, leaving communities vulnerable to criminal activities.
“There are enough lessons to learn from previous violent protests in Nigeria,” the IGP continued, urging citizens to remember the chaos and suffering that followed such events.
President Bola Ahmed Tinubu has approved a new directive to promote crude oil trade using the local currency.
He directed that the Dangote refinery and other companies should be sold crude oil in Naira.
The Federal Inland Revenue Service (FIRS) chairman, Zacchaeus Adedeji, disclosed this to State House correspondents yesterday after the federal executive council meeting at the Presidential Villa.
According to him, the Nigerian National Petroleum Corporation (NNPC) will immediately engage with local refineries in transactions dominated by naira.
Adedeji, the special adviser to the president on revenue, said this move is also extended to the sale of crude oil to Dangote, with the subsequent sale of Dangote’s products to others also to be conducted in naira.
He said the decision aims to mitigate the heavy reliance on foreign exchange for crude oil imports, accounting for roughly 30 to 40 percent of Nigeria’s forex expenditure.
He said, “Today, at the Federal Executive Council, there was a memo by Mr President, which is to promote the sale of crude oil within local refineries and Nigeria National Petroleum Corporation (NNPC), to deal in our local currency.
“Mr. President’s attitude is to think outside the box to solve Nigeria’s problems and actually localise the solutions to Nigeria’s problems.
“He has approved through the Council that NNPC engage with local refineries effective immediately, and we are starting that with Dangote Refinery; that crude oil sales to Dangote Refinery be denominated in Naria and that byproducts from Dangote Refinery sales to distributors be conducted in Naira. And what does it mean to our economy? One, the pressure on foreign exchange will be reduced.”
Adedeji said that, at the moment, Nigeria spends between 30 percent and 40 percent of its foreign exchange on importing PMS that it consumes.
He said, “Monthly, we spend roughly $660 million on this exercise, and if you analyse that, that will give us $7 .92 billion annually.”
The FIRS boss said, “With this approval today through the FEC led by Mr President, this has been reduced by a minimum of 90 percent, because what we have today, the transaction will now be done in our local currency; not only to Dangote Refinery but to all local refineries for all our local consumption, and this will stabilise the pump price.
“With the new approval that we have, this will reduce to a maximum of $50 million per month which is annualised to be only $600 million. This is a total reduction of 94 percent and saving us $7.32 billion.”
He revealed that as part of the implementation, Afreximbank has been selected as the pilot settlement bank to facilitate these transactions.
“So, this is a major innovation in solving Nigeria’s problem permanently. Not only will we have more employment but we will be in charge of one of the mainstays of our economy.”
