Sunday, October 25, 2020

CBN Partners with NINAS to Improve Exportation 

The Central Bank of Nigeria (CBN) has recently partnered with the Nigeria National Accreditation Service (NINAS) with this aim to ensure that all laboratories in the country merit the reference ISO17025. Or else they won’t perhaps be authorized to boost the exports.

 

The Central Bank of Nigeria (CBN) has recently partnered with the Nigeria National Accreditation Service (NINAS) with this aim to ensure that all laboratories in the country merit the reference ISO17025. Or else they won’t perhaps be authorized to boost the exports.

The collaboration came as a result of the recent rejections of over 25 containers of cassava which were being exported from Nigeria to China. The setback came due to this fact that products hadn’t been properly tested at laboratories in Nigeria before exporting them.

The Principal Manager, Trade and Exchange Department, CBN, Richard Maikai said at the GTR Trade Conference held in Lagos that though the Apex Bank doesn’t focus on building laboratories, it will work with NINAS to control the labs instead.

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Maikai further said that after each laboratory is reformed and ISO17025-certified, Country’s exports and trade sector won’t record losses which it has been encountering nowadays. The recent example of rejection mustn’t be repeated. It was assured that even private investors would rest assured to re-impose faith that they would be able to regain their investments with profits in the light of new strategies brought into force.

He also noted that trade is a major tool that can be used to improve economic growth and capital development. Resultant outcomes in the form of foreign trade would be a solution to global poverty and rapid economic growth that is a proven fact.

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The Central Bank of Nigeria (CBN), is working towards the diversification of the Nation’s economy from the Oil Sector to the Non-Oil Sector. It is in line with the Federal Government’s plans through the inauguration of a certain set of policies.

The CBN in its extensive effort to put things in order with the inclusion of chain of exports ensures that it mediates to offers all necessary supports required to achieve full exportation target.

 

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