The Federal Government has approved 114 New Standards for the Standards Organisation of Nigeria (SON) to improve goods and services across various sectors of the economy.
Minister of Industry, Trade and Investment, Adeniyi Adebayo, who disclosed this in Abuja, said the new standards are economic regulatory and industrial importance particularly with the ongoing implementation of the African Continental Free Trade Agreement (AfCFTA).
According to a statement on Friday signed by the Permanent Secretary of the Ministry, Nasir Gwarzo, the minister disclosed that 77 of the New Standards were adopted from existing International Standards, 26 were newly introduced while 11 were reviewed to meet changing economic and technological requirements.
He said the new standards bordered on sectors such as civil and building engineering, food technology, mechanical, liquefied petroleum gas, Energy Management systems among other sectors.
He enumerated some of the standards such as cassava products, maize bran; procedures for Halal food, energy management systems, management of gases, among others.
The minister noted that the new standards will drive Nigeria’s economic growth.
He also commended the Director-General of the SON, Farouk Salim for achieving 96 per cent in the implementation of the approved standardization strategy despite the socio-economic headwinds propelled by the COVID19 pandemic.
Meanwhile, the Minister has expressed optimism that a new industry report will garner more investors interest and boost foreign direct investment inflows to the country.
Adebayo said this at the launch of the Corporate Sustainable Investor Report in Abuja. According to him, the report will be instrumental to domestic business owners and foreign investors when evaluating the option of investing in the country.
He said, “The report has been developed in line with leading practices, effectively documenting corporate strategies being executed by local companies in their quest for sustainability.
“It covers more than 90 companies operating in various sectors of the economy while providing readers with comprehensive data on private companies’ human rights, stakeholder inclusion, innovation and environmental sustainability practices.
The minister also recalled that Nigeria generated USD 2.6 billion in foreign direct investments last year and expressed optimism that this report will be beneficial in providing key investors with additional information to make informed decisions on investment opportunities in the country.
