The Federal Government has approved 114 new standards for the Standards Organisation of Nigeria which cut across various sectors of the economy.
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, who disclosed this during a recent council meeting in Abuja, said the new standards were introduced to drive economic growth, according to a statement on Friday.
The minister described the newly approved standards as being of economic, regulatory and industrial importance, particularly with the ongoing implementation of the African Continental Free Trade Agreement.
Adebayo, who was represented by the Permanent Secretary at the meeting, said the new standards bordered on sectors such as civil and building engineering, food technology, mechanical, liquefied petroleum gas, and energy management systems.
“Seventy-seven 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,” the statement said.
Meanwhile, the minister has expressed optimism that a new industry report would attract more investor interest and boost foreign direct investment inflows to the country.
Adebayo, who spoke at the launch of the Corporate Sustainable Investor Report in Abuja on Friday, said the report would be useful 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.
“Last year Nigeria generated $2.6bn in foreign direct investments. I am optimistic that this report will be beneficial in providing key investors with additional information to make informed decisions on investment opportunities in the country.”