Business
NAFDAC presents alcohol survey reports backing ban
Rivers and Lagos State lead in the consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons.
The National Agency for Food and Drug Administration and Control (NAFDAC) on Tuesday made a publication presentation of alcohol consumptions survey.
This is in response to the MAN , NECA, FOBTOB, among other industrial stakeholders querying its recent ban on sachets alcohol in packet sizes and PET bottles.
NAFDAC Director-General, Prof. Mojisola Adeyeye, said during the presentation of the survey reports that the study was conducted in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, surveyed 1,788 respondents across six states between June and August 2021.
“Rivers and Lagos State lead in the consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons” , she said.
The agency said that the report examined access to alcohol and drinking frequency among minors (below 13 years), underage (13–17 years), and adults (18 years and above).”
Alcohol remains “one of the most widely used substances of abuse among youths” and noted that “the availability and easy access to alcohol have been identified as a contributory factor to the increasing alcohol consumption among minors.”
54.3 per cent of minors and underage respondents obtained alcohol by themselves.
Nearly half (49.9 per cent) purchased drinks in sachets or PET bottles, with Rivers State recording the highest rates — 68.0 percent for sachets and 64.5 percent for PET bottles.
Lagos followed with 52.3 percent and 47.7 percent, respectively, while Kaduna recorded 38.6 percent sachet and 28.4 percent PET bottle consumption.
“The proportion of drinks procured in sachets was higher among males (51.4 percent) compared to females (41.5 percent), and more in rural (50.1 percent) compared to urban (45.3 percent) locations.”
The report also revealed that minors and underage respondents also accessed alcohol from friends and relatives (49.9 percent), social gatherings (45.9 per cent), and parents’ homes (21.7 per cent).
It said that among those who bought alcohol themselves, 47.2 percent of minors and 48.8 percent of underaged respondents procured drinks in sachets, while 41.2 percent of minors and 47.2 percent of the underaged bought PET bottles.
On consumption frequency, 63.2 percent of minors and 54.0 percent of underage persons were occasional drinkers, but 9.3 percent of minors and 25.2 percent of underages respondent reported drinking daily.
The report urged stricter regulation, noting that “access to alcohol by children can be limited if pack sizes that can be easily concealed are not available.”
The Nigerian naira traded near recent levels against the US dollar on Thursday, with a modest gap between the official and parallel markets.
Official Market (CBN / NFEM)
- The official Nigerian Foreign Exchange Market (NFEM) rate closed around ₦1,334.72 per US dollar on October 21 (the most recent published CBN figure).
- Intraday trading on that day ranged roughly between ₦1,333 and ₦1,337.
- Interbank FX turnover rose sharply to about $127.6 million.
Parallel / Black Market (Aboki / Street Rate)
- Bureau de Change and parallel market dealers are quoting the dollar in the ₦1,370–₦1,390 range for selling (what you pay to buy dollars).
- Typical buy rates (what dealers pay for dollars) are around ₦1,355–₦1,375.
- The premium over the official rate remains relatively moderate by recent historical standards (roughly 3–4%).
Mid-Market Reference
International mid-market rates (used by many global converters) hover around ₦1,332–₦1,335 per dollar.
Quick Summary
| Market | Approx. Rate (₦ per $1) | Notes |
|---|---|---|
| Official (CBN/NFEM) | 1,335 | Latest published close |
| Parallel (Sell) | 1,370 – 1,390 | Street / BDC rate |
| Mid-market | 1,332 – 1,335 | Global reference |
Context: The naira has been relatively stable in recent sessions, supported by improved FX liquidity and external reserves. The gap between official and parallel rates remains narrower than the wide spreads seen in previous years, though demand for dollars for imports, travel, and remittances continues to influence the street rate.
Rates can shift during the day. Always confirm with a trusted bank, Bureau de Change, or licensed operator before transacting.
Business
RMRDC Taking 2027 Africa Raw Materials Summit To Kenya
Speaking with newsmen during the conclusion of the ARMS 2026, Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
• Photo: Hon.Minister, Federal Ministry of Innovation, Science and Technology (FMIST), Dr Kingsley Udeh, declaring the event open.
The third edition of the Africa Raw Materials Summit (ARMS) 2027, would be used to garner support for setting up a centralised continental database for raw processing and value addition that is accessible to investors and industrialists.
The Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, disclosed this during the ARMS 2026 Summit , held in Abuja, themed, ‘From African Feedstock To Factories.’
Building enthusiasm ahead of the next year’s event scheduled to hold in Kenya, East Africa, Ike-Muonso explained that the decision to take the summit to Kenya was reached following what he described as the East Africa country participants’ dominance in the first and second edition of the summit.
Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
Business
JPMorgan Eyeing Entry Into Nigeria’s Banking Industry
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
JPMorgan Chase & Co has deposited N50 billion with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Nigeria .
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific
Bloomberg reported that the CBN deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria.
However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.
People familiar with the process, said the deposit was one of the final regulatory requirements for the licence.
They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.
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