Business
JUST IN: SON Warns Auto Dealers Against Cloning Successful Brands
The Standards Organisation of Nigeria (SON) has warned manufacturers and dealers in the country’s automotive industry to desist from cloning successful vehicles brands in order to make quick gains, and depriving the trade mark owners of their benefits.
Mallam Farouk Salim, the Director- General, SON, gave the warning during a parley with the Auto Spare Parts and Machineries Dealers Association (ASPAMDA), in Lagos.
“We all must ensure that only products that comply with laid down Nigeria Industrial Standards are available for sale in this market,” he said.
He said that the the SON Act 2015 empowers the agency to arrest and prosecute offenders, stressing that it would step up its ante to make it impossible for fakers to thrive.
He noted that SON has been working in every sector to bring sanity and raise the confidence of manufacturers, importers and consumers, maintaining standards are improved and reviewed regularly to meet up with current realities.
“SON will continue to seek greater collaboration with private sector, especially the ASPAMDA, to sanitize the market, expose and prosecute those engaging in illegal activities such as relabeling and cloning of popular brands with low quality varieties,” he said.
He noted that just like other big markets across the country, ASPAMDA has become a household name, adding that the Standards body acknowledges the importance of the market and would continuously seek out ways to collaborate and carry along all the stakeholders of the very vital market in the business of standardisation.
” We need your continuous support to discharge our mandate of ensuring that only products and services that are of high standard and quality are in circulation. We need to involve all of you towards ensuring strict adherence to the requirements of applicable standards in line with international best practices,” he said.
Business
IEA ratifies Nigeria as an Association Country
In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;
Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA
The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.
“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.
Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.
“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said
In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;
“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”
The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.
In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.
As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.
Business
Naira Exchange Rates Monday, July 13
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 427 Sell ₦1,435
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UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
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WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,379.62
GREAT BRITISH POUND (GBP) ₦1,850.62
EURO (EUR) ₦1,575.66
SWISS FRANC (CHF) ₦1,707.45
JAPANESE YEN (JPN) ₦8. 52
CHINESE YUAN (CNY) ₦203.56
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,871. 05
SAUDI RIYAL (SAR) ₦367.44
SOUTH AFRICAN RAND (ZAR) ₦84.53
Business
BREAKING: Nigeria Surpasses OPEC Quota at 104%, Hits 74-Month Crude Oil Production High
Nigeria has recorded a significant milestone in its oil sector, surpassing its OPEC production quota by 4% and achieving its highest crude oil output in nearly six years, according to recent industry data.
The country’s average crude oil production reached approximately 1.53 million barrels per day (bpd) in the latest reported period, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) allocated quota of 1.5 million bpd. This performance marks a strong recovery driven by improved pipeline security, reduced vandalism, and enhanced operational stability across key facilities in the Niger Delta.
Combined with condensates, total output climbed to around 1.7 million bpd, representing the highest level in months and underscoring Nigeria’s position as Africa’s leading oil producer. Industry reports highlight peak daily production hitting as high as 1.86 million bpd during the period, reflecting robust performance with minimal major disruptions.
This achievement ends a prolonged period of underperformance relative to the quota and signals positive momentum in the sector. Month-on-month, production increased by roughly 2.7–2.8%, building on steady gains over recent months. In crude-only terms, the figures represent one of the strongest showings since early 2025.
Stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and operators like Pipeline Infrastructure Nigeria Limited (PINL), attribute the gains to better collaboration with host communities, enhanced surveillance of critical infrastructure such as the Trans Niger Pipeline, and government reforms aimed at curbing oil theft.
Experts view the development as a boost for government revenues, foreign exchange earnings, and broader economic stability amid ongoing efforts to attract investment and ramp up capacity toward higher targets. Nigeria has historically produced well above 2 million bpd, and officials remain optimistic about further growth.
The news comes as OPEC+ continues phased adjustments to production levels, with Nigeria demonstrating resilience and compliance-plus performance even as the cartel manages global supply dynamics.
Analysts caution that sustaining this trajectory will require continued investment in infrastructure, security, and upstream activities to fully realize the sector’s potential.
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