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Startup Basics

Impact of the CBN’s Reviewed Interest Rates on MSMEs

Introduction It is a routine for the Central Bank of Nigeria (CBN) to review rates from time to time; this is not an anomaly – it is best that I establish this fact so that it does not seem like what the CBN has done is unusual. However, this is the first time that rates are this high in Nigeria. The new CBN rates as shown in Figure 1 below highlights significant changes that have taken place and the policy directions of the new CBN, led by Mr. Olayemi Cardoso. Interpretation of the CBN’s Reviewed Interest Rates Generally, the rates impact the availability and accessibility of money (lending, borrowing) in Nigeria. They pretty much determine how much you pay to ‘borrow’ money and how much you get when you ‘invest’ your money. Specifically, for Micro, Small, Medium-sized enterprises (MSMEs), the MPR (Monetary Policy Rate) is the most significant, because the other rates directly impact Deposit Money Banks (DMBs) more than businesses. In simple terms, as a business owner or manager, you cannot access funds (except for special alternatives, which is not covered in this article) at interests less than 22.75%. CBN’s Reviewed Interest Rates: Practical Implications for Existing Borrowings Given the inevitability of credit (debts, borrowings) and its attendant interest overlay, MSMEs should begin to prepare for notifications from their Creditors (payables). Facilities obtained from regulated financial institutions are subject to these changes based on the agreed terms and conditions. Managers and owners of MSMEs should review their terms and conditions to see if the new rates are applicable. It is likely that general purpose facilities are affected. However, specialised facilities such as those obtained from the Bank of Industry or other special sources may not be affected. These terms are clearly spelt out in the conditions signed before obtaining the loans. Managers and owners of MSMEs may need expert advice to know how to respond to their creditors. But here, I give general advice: 1. Refrain from Panicking This news comes at a time that the economic landscape does not make businesses looks good – rising costs, loss of labour, increasing compliance costs amongst others. Human instinctive response might be panic, but this is not the time for panic at all. Rather, panic can aggravate your emotional condition and lead to depressive behaviours. It is best to remain calm, albeit this is easier said than done. This news will definitely draw from your emotional bank and support systems. If you have a strong one in place, the impact will be minimal. If you have a low deposit in your emotional bank or a weak support system, you might feel the impact more, but all is not lost as you can quickly ‘buy’ some deposits. I trust that there are mental health specialists that are willing and able to help you through this times.   2. Respond to your Creditor’s Communications Non-response will not make the ‘problem’ go away. It is better to keep the lines of communication open. You started on a good note with your Creditor, don’t break that relationship because of this situation – it will pass and when you look back afterwards, you will be glad you handled it better than using abandonment. I would therefore recommend that you respond to emails, calls and other means of communication. Let them know that you honour their relationships even if you are immediately unable to meet their new demands. 3. Restructure Existing Borrowings Most Creditors should be open to a restructuring especially if the new rates apply to the existing facilities. Even if they do not necessarily apply, it is better to restructure your borrowings if you can. CBN’s Reviewed Interest Rates: Practical Implications for New Borrowings This is as clear as noon day. What this means for new borrowings is that accessing loans will now come at the new rates. General purpose facilities will now go for 22.75% plus management fees and other fees. This implies that around ₦300,000.00 will be required as interest on a facility of ₦1,000,000.00 (this is only a simplification of the calculation). It is best to look out for the nitty-gritty of terms e.g., straight line or reducing balance rates, annual or monthly rates etc. so that businesses can easily prepare their cash budget to meet these obligations. A general note of advice to managers and owners of MSMEs is to determine the suitability and sustainability of this rate on their operations. If this new rate is too high for the type of business, it is better to either stay off new borrowings or source alternatives. CBN’s Reviewed Interest Rates: Practical Implications for Excess Liquidity Some businesses might be struggling to survive in this economy, while some might have excess liquidity. It is not business wise to keep excess liquidity in a business, hence businesses with excess liquidity can take advantage of this time to invest and get better returns. How then can a business know that it has excess liquidity? Liquidity is not just having money in the business account. From the bookkeeping perspective, there are two main methods used to determine liquidity. Please note that there is a significant difference between liquidity and profitability. Interestingly, there is a paradoxical relationship between both such that a business can be profitable but not liquid and another can be liquid but not profitable. Alternatively, a business can be both liquid and profitable while another can be both illiquid and unprofitable, but that is not the focus of this article. N/B: Current assets are assets that accrue to a business in the short term (less than or equal to 12 months) and they include inventory, receivables, prepayments (advance), cash and bank balances. Current liabilities are obligations that fall due in the short term such as interest payments, overdrafts, payables amongst others. Conclusion According to the CBN, this measure is to tighten some monetary indices and strain inflation. It is believed in economic circles that this decision is not for the long run, however,

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Make or Buy Decision: What Do I Have to Lose?

Business decision making is not an easy road. Ironically, perhaps unfortunately, it is a road taken way too often by both intrapreneurs and entrepreneurs with significantly threatening outcomes. It is easier to take instruction than to be the one to determine the pathways to outcomes, hence it is good to have some fore knowledge of how to take those decisions. Asides the fear of the rebound/boomerang of decisions, the fear of being able to handle decision outcomes is significant. With the current market situation, how businesses decide to either ‘make’ or ‘buy’ a component of a product/service, or an entire product/service is significant for both process and product costs including profitability and liquidity. This article focuses on both quantitative and qualitative considerations that business managers should assess before taking a “make or buy” decision. What is a Make or Buy Decision? In basic terms, a “make or buy” decision puts businesses on an uneven pedestal, much like a pendulum – wherever you swing has costs and potential benefits which can be predetermined, but actual impact is known only after the decision has been made. Few examples include the decision to ‘make’ or ‘buy’ ready-made spices, napkins, engine spares, oils, chips. For services, it might be a decision to outsource a business, HR, accounting, or other processes. For accounting purposes, it might appear easy to determine the cost of ‘buy’ decisions – product or service cost plus any incidental costs, that’s all. But for decision making, it is not that easy especially when you have to compare with a ‘make’ option. This becomes complex, because you have to imagine alternative forgone (opportunity cost, remember this from elementary Economics?) – school no be scam o. An understanding of how opportunity cost works is important in business decision making. To ensure that we can apply a critical and analytical approach to our business decisions with respect to “make or buy” decisions, below is a fictitious example. The highlighted lessons can be applied to most scenarios even very complex decision situations. MTY Ltd. is opening a new plant in Ikeja, Lagos State that would produce 500,000 units of brake discs monthly. Two suppliers of a significant component used to produce brake discs submitted a quote of ₦760.00 and ₦710.00 per unit including freight and insurance. MTY Ltd. has the capacity to produce 700,000 units of this component in their Ota, Ogun State factory, which has become out of use for over a year. The associated cost of producing one unit of the component in their Ota factory includes Materials – ₦90.00, Labour – ₦250.00, Overheads – ₦350.00. Transportation from Ota to Ikeja is currently challenged due to the state of the road. The choice to produce at the Ota factory comes with commitments to labour and environmental laws, while excess production can be sold at the open market. 3 Decision Scenarios from the Example Above 1. Buy from the cheaper supplier This looks like the best solution especially if management is looking at minimising cost. Some drawbacks to consider on this decision include quality assurance. How can MTY Ltd. verify the quality of the component as well as alignment with their brake discs specification? Would using the component require additional production cost? If MTY Ltd.’s customers are aware that a significant component of their brake discs is outsourced, would it influence their purchase decisions and how? In this era of sustainability, to what extent does the supplier align with the SDGs in their production? Does the supplier comply with government regulations and industry standards? 2. Buy from the more expensive supplier There is the bandwagon effect of higher stakes – “because it is expensive, it has to be good”. This is not always true. Management would like to justify the extra cash. Why are we paying more when we can get it for less? The other questions about compliance and customer perception are relevant here as well. 3. Produce at the Ota factory This is the make decision scenario. The quantitative cost of the component is what a Performance Manager (Cost/Management Accountant) is trained to compute based on certain principles and assumptions, which I will not highlight due to space constraints, but I will give a simplified outlook. Materials: ₦90.00 + Labour: ₦250.00 + Overheads: ₦350.00 = ₦690.00 At a glance, this looks cheaper than both ‘buy’ decision scenarios, but considering the full situation, it might not necessarily be cheaper. Transport cost from Ota to Ikeja is not included in the computation. Labour and Environmental compliance cost for maintaining the factory is not included in the computation as well as the fact that the factory has been out of use for some time which might require some repairs or upgrade. On the flip side, producing at the factory gives more assurance of quality except management deliberately desires to produce low quality components. The prospect of selling excess capacity at market price is also significant. Asides taking a part of the component’s market share, there is brand visibility that production can confer. Conclusively, there is no straight forward answer to any “make or buy” decision scenario. Availability of credit options can become an appealing and compelling consideration for ‘buy’ decisions, while quality assurance and the need for brand visibility can drive ‘make’ decisions. Businesses are advised to consult professionals before taking a “make or buy” decision as they are trained to identify areas of advantage and leverage.

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Entrepreneurship World Cup Pitch Competitions (US $1 million Cash Prizes)

Is your company solving some of the world’s biggest challenges? Entrepreneurship World Cup (EWC) wants to hear from you. About the Entrepreneurship World Cup Since 2019, The Entrepreneurship World Cup (EWC) has become one of the biggest and most diverse startup pitch competitions and support programmes of its kind, featuring more than 370,000 entrepreneurs from over 200 countries and territories while offering winners life-changing prizes. EWC has awarded $4 million in cash prizes and $150 million in in-kind prizes and provided opportunities for entrepreneurs to reach the next stage in their company’s journey. Moreover, hundreds of coaching and training hours have been delivered, along with high-value entrepreneurship programmess tailored to all three participating stages in the World Cup. Eligibility Requirements for the Pitch Competition Prizes and Awards of the Entrepreneurship World Cup For more information about this competition, click here. Apply here on or before April 1, 2024. Also Apply: HealthTech Hub Africa Accelerator

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Registration and Licensing Requirements for a Cake Business

Navigating the regulatory framework is paramount for establishing a cake business in Nigeria. It involves understanding licensing procedures, complying with health and safety standards, and ensuring that your cake business is rightly positioned to scale. Registration and Licensing Requirements for a Cake Business in Nigeria 1. Registration with the Corporate Affairs Commission (CAC): One of the key registration and licensing requirements for your cake business is registering your business name with CAC. Before you adopt a Business Name or Limited Liability, ensure you understand the tax implications and filing requirements for both before you make a selection. To register a business name in Nigeria, take the following steps: However, the steps are a bit different if you want to register a Limited Liability. These include: Read: Documents for Opening a Corporate Account in Nigeria 2. Food Handlers Test: The food handlers test is designed to ensure that those tasked with handling food do not pose any risk to others. Hence, you are required to conduct a food handlers test for your staff who handle and interface with food, drinks and confectioneries. This test should be done every 6 months with a government approved medical laboratory or hospital and you will be given a certificate for it. The test covers relevant past medical history, physical examination and laboratory examination. 3. National Agency for Food & Drug Administration (NAFDAC) Certification: If you are customising cakes and selling to individuals, you will not be needing NAFDAC certification. If you are packaging cakes to supply to stores, NAFDAC certification becomes necessary. For more information on the processes for getting a NAFDAC registration number for your cake business, download this comprehensive business guide. Also Read: Equipment Required for Starting a Cake Business

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7 Habits Entrepreneurs Need to Give Up to Become Profitable

7 Habits Entrepreneurs Need to Give Up to Become Profitable

Starting a business is like piecing together a puzzle, and to succeed at it, there are some habits entrepreneurs need to give up. Although it’s a complex task, and every piece adds up to the profitability of your business. But what if I told you that some of the pieces might not fit? Those misfitting pieces represent the habits entrepreneurs need to give up for enhanced profitability. It’s time to reassess your strategy. So, grab a seat, and let’s dive into this puzzle of profitability. 7 Habits Entrepreneurs Need to Give Up to Become Profitable 1. Fear of Failure: The Fear That Holds You Back Fear of failure is a common and natural emotion that we all experience when confronted with the possibility of not achieving our desired goals. It often manifests as anxiety, apprehension, or self-doubt. Imagine this scenario: You’re a budding entrepreneur in Lagos, brimming with passion to kickstart your digital marketing agency. You have the skills and creativity, but there’s a formidable roadblock in your path – the fear of failure. Also Read: 6 Fears Entrepreneurs Face and How to Overcome Them This fear, though common, can be a paralysing force, like a heavy anchor that hinders progress. However, here’s the golden ticket: giving up the fear of failure signifies your readiness to take calculated risks. It means you’re unafraid to turn your ideas into action and embrace the prospect of learning from your missteps. And in the fast-paced, competitive world of business, this newfound bravery can be a real game-changer. It’ll help you come up with new ideas and fuel your growth in a way that’s sustainable and exciting. Let’s consider Mimidoo’s journey, a visionary fashion designer working in Abuja. For years, she harboured a dream of launching her clothing line, but the looming spectre of her designs falling flat held her captive. Finally, she mustered the courage to take the plunge. In this leap of faith, she encountered some unexpected design setbacks along the way. Yet, instead of viewing these moments as failures, Mimidoo saw them as stepping stones to improvement. Armed with newfound insights, she transformed her fears, once an impediment to her growth, into a powerful catalyst for her entrepreneurial journey. This adjustment enabled her to evolve, adapt, and ultimately flourish in the fiercely competitive fashion industry. 2. Procrastination: Tomorrow is Today’s Enemy One of the common habits entrepreneurs need to give up is procrastination. Procrastination, the art of postponing tasks that demand immediate attention, is an all too familiar habit. It often ushers in heightened stress, missed deadlines, and a sinking feeling of unproductivity. Think of it as a crafty time thief, silently pilfering precious moments. Now, imagine you’re at the helm of a burgeoning tech start-up in Port Harcourt, brimming with ingenious ideas primed for execution. But, if your daily refrain echoes with “I’ll tackle it tomorrow,” you’re inadvertently holding your business hostage. The silver lining? Giving up procrastination means reclaiming command over your time and ramping up productivity. It’s about seizing the day, methodically ticking off your to-do list, and propelling your business forward. With your increased efficiency, your business flourishes. Take Obinna, for instance, who manages a restaurant in Enugu. He perpetually delayed the update of his menu while his competitors jazzed up their offerings. But when Obinna finally mustered the will to revamp his menu, the results were nothing short of spectacular. Customer interest surged, and profits followed suit. In the world of entrepreneurship, where every moment counts, procrastination is a luxury entrepreneurs can afford. By bidding goodbye to this time-thieving habit, you’re not only propelling yourself forward but also allowing your business to thrive. Remember, in the words of the wise: Tomorrow is today’s enemy, so seize the moment now. 3. Perfectionism: The Pitfall of the Unattainable Perfectionism is a mindset or behaviour characterized by setting excessively high standards for oneself and striving for flawlessness in every task or endeavour. While it may seem like a positive trait, it often becomes a pitfall due to the unattainable nature of perfection. Picture this: You’re a skilled artisan crafting exquisite handmade goods in the heart of Kano. You desire to imbue every piece with absolute perfection. Yet, in this pursuit, you unwittingly find yourself entangled in the snare of unattainable standards. But here’s the epiphany: giving up perfectionism doesn’t mean compromising on quality. It’s about realizing that the quest for flawlessness can stunt your progress. By surrendering this elusive ideal, you embark on a journey where progress takes precedence. You’re no longer confined to the boundaries of your workshop; you’re getting your products out there, embracing real-world feedback, and honing your craft with each iteration. Aisha, a graphic designer based in Benin, has successfully overcome perfectionism and can provide valuable tips and insights. She was ensnared in the web of perfectionism, dedicating an excessive amount of time to each project. Her portfolio shone with impeccable work, yet her business struggled to turn a profit. However, when she decided to shift her focus, Aisha began meeting deadlines and delivering work that, while not necessarily perfect, was undeniably excellent. The result? An expanding client base and a surge in profits. So, like Aisha, it’s important to let go of unachievable standards and embrace excellence instead. By doing so, your business can reach new heights of success that were once beyond reach. 4. Negative Self-Talk: Silence Your Inner Critic Negative self-talk, that relentless stream of self-critical and pessimistic thoughts, is like an unwelcome companion we’ve all entertained at one point or another. It’s the voice inside our heads that chips away at our self-confidence, breeding feelings of inadequacy. It’s one of the habits entrepreneurs need to give up intentionally, especially when you make mistakes. Now, picture this scenario: Whether you’re steering an e-commerce ship in Ibadan’s digital waters or navigating the consultancy landscape in bustling Abuja, negative self-talk lurks as a formidable adversary, capable of crippling your confidence. It may interest you to know, however, that giving up negative self-talk signifies

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Equipment Required for Starting a Cake Business

Launching a cake business in Nigeria is not only profitable but also exciting. Done right, it has the potential to generate substantial revenue. To ensure a smooth and professional operation, it’s essential to invest in the right equipment when setting up your business. These tools can significantly enhance efficiency, speed, and the overall quality of your work. Equipment Required for Starting a Cake Business in Nigeria 1. An Oven: A domestic oven should serve you during your startup phase. As your business expands, you can get a locally fabricated oven to make more cakes at a time, although it comes with the challenge of regulating the heat. Alternatively, you can acquire an industrial oven instead. While it is recommended that you acquire an industrial oven when you expand, you can acquire an industrial oven at the startup phase if you can afford it. 2. Mixer: The mixer eases the process of production. It is best to invest in a good one. 3. Refrigerator: For your cake business, it’s crucial to have a refrigerator to store creams and butters and to cool cakes before decorating. Download Free eBook: Setting Up a Cakes and Dessert Business in Nigeria 4. Work Table: You will need a good work surface for cutting and trimming your cakes and kneading your fondant icings. 5. Camera/Smart Phone: You need a good camera to take quality pictures of your products for advertising and publicity. Where you cannot afford a camera, invest in a good smart phone. 6. Utensils: Pans, turntable, electric scale, measuring spoons, cups, bowls, spatula, pallet knife, and basic decorating tools. 7. Raw materials: When it comes to buying raw materials, it is usually better to buy just enough raw materials for each production and then you plough back the profits after sales into the business. Do not buy materials in bulk especially when you do not have orders as this will tie down your funds unnecessarily. Please note that if you want to focus on other pastries and desserts like doughnuts, the equipment required are the same as you would use for cakes except that you may need to add some specialized pans and cutters. Download this comprehensive business guide to delve into the ins and outs of initiating and expanding a cake business in Nigeria. From initial startup costs to navigating regulatory requirements, discover everything you need to know for the successful growth of your cake venture. Culled from FATE Foundation’s Business Entry Guide on Setting Up a Cakes and Dessert Business in Nigeria.

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Converting a Business Name to a LTD or PLC?

A lot of people might have wondered if a business name can be converted to an Limited Liability Company (LTD) or Public Limited Company (PLC), possibly for reasons of expansion in the future. The answer is Yes! You can convert a business name to an LTD or a PLC. Converting your business name to a company is like re-registering a new business. Hence, you need to do the following: To read more on converting a to a LTD or PLC, see this Upon completion of the whole process, a Company Certificate is issued by CAC.

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How to Scale Tech Companies in Nigeria

Scaling tech companies in Nigeria means growing operations to serve more customers, increase revenue, and have a more significant impact in the market while simultaneously improving efficiency and profitability. This can be accomplished by expanding into new markets, improving production capacity, streamlining processes, growing the workforce, and harnessing technology. The ultimate goal is to achieve sustainable growth, reach a broader customer base, and improve the quality of products or services. Yet, accomplishing this goal is frequently challenging for tech companies in Nigeria. They grapple with limited funding for various reasons, including their early-stage status, reliance on self-financing, struggles to attract investors, revenue difficulties, high development expenses, and the impact of economic downturns. Strategies for Scaling Tech Businesses in Nigeria Despite facing financial limitations, especially limited funding, you can efficiently scale a tech company with these strategies : 1. Effective Resource Allocation To achieve sustainable growth and efficient resource management, businesses should prioritize the development of a Minimum Viable Product (MVP) that meets essential market needs. By releasing initial versions of products, businesses can gather valuable feedback, validate ideas, and generate revenue for further expansion. Additionally, implementing cost-optimization strategies such as utilizing co-working spaces, open-source software, and negotiating favorable terms with suppliers helps businesses maximize resources and minimize expenses. By focusing on these developing an MVP and implementing cost-optimization strategies, businesses can effectively control costs, streamline their product development process, assess market feasibility, and deliver an MVP. Ongoing evaluation and refinement of these strategies are crucial for long-term success. 2. Customer Centric Growth Strategy Another essential strategy for scaling with limited funding is customer acquisition and retention. Businesses can target intended audience and broaden reach by wisely allocating resources and putting cost-effective marketing techniques like content marketing, social media, referral programs, and Search Engine Optimization (SEO) into practice. In addition, focusing on client feedback and iteration enables organizations to obtain insightful information and modify their product or service to match the demands and preferences of their customers. This iterative methodology guarantees that firms may steer clear of expensive errors and create a product that appeals to their target market, ultimately resulting in higher levels of client pleasure and loyalty. Businesses can maximize scarce resources and promote long-term success by giving customer-centric growth plans first priority. 3. Building a Strong Team and Network To succeed with minimal resources, tech companies should prioritize building a strong team and network. This involves attracting and retaining talented employees who align with the company’s vision through competitive compensation packages. Building a solid network provides opportunities to connect with mentors, investors, and industry experts, leading to access to resources, industry knowledge, and potential collaborations. Additionally, forming strategic alliances with complementary companies or competitors can accelerate expansion without high initial costs. By prioritizing team-building, networking, and strategic alliances, tech organizations can access valuable expertise, resources, and growth opportunities even with limited financial resources. 4. Business Financial Planning and Efficiency Successfully managing finances, acquiring funding, and operating a business efficiently are vital for achieving success. Key approaches include creating a realistic financial plan, closely monitoring financial matters, and exploring alternative funding sources such as angel investors and crowdfunding platforms. Enhancing operational efficiency involves streamlining processes, automating tasks, adopting project management tools, and optimizing the supply chain. Implementing these strategies leads to improved financial performance, sustainable growth, and a competitive advantage. It also ensures secure financing, increased efficiency, and enhanced financial planning. Regularly evaluating and adjusting these methods is crucial for ongoing success. Conclusion Tech companies with limited funding should strive to scale their operations strategically to achieve growth within budget constraints. Scaling offers several advantages, including capitalizing on larger market opportunities, gaining a competitive edge, achieving cost efficiencies, fostering innovation, and attracting investors. By expanding their reach, diversifying their offerings, optimizing costs, adapting to market trends, and demonstrating growth potential, tech companies can unlock their full growth potential and ensure long-term success in the competitive tech industry. Emmanuel Otori is the Chief Executive Officer of Abuja Data School. He is a Small Business Consultant, Start-Up Advisor and Consultant For SMEs across Nigeria. You can read his other articles here.

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NAFDAC Newly Reviewed Fats, Oil and Food Regulations

In August 2023, the Director General of the National Agency for Food & Drug Administration & Control (NAFDAC), Prof. Adeyeye, gave a formal press briefing to inform the public about the reviewed Fats, Oil and Food containing Fats and Oil Regulation 2022 and Pre-Packaged Food Labelling Regulation 2022, which renders the 2005 versions null and void. NAFDAC reviewed these regulations to meet the World Health Organisation (WHO) standards. In 2018, WHO mandated countries to eliminate industrially-produced Trans fats – Trans Fatty Acid (TFAs) from global food supplies by banning the use of partially hydrogenated oils, that is the source of industrially produced TFAs, in all foods OR setting limits on the amount of industrially produced TFAs produced to not more than 2% of the total fat content in all foods. This is because trans fats have been proven to cause heart disease, stroke, cancer, diabetes, and chronic lung disease, which are collectively responsible for 74% of all deaths worldwide. To comply with WHO’s standards, NAFDAC has taken the following actions: Key Things to Note about the Fats, Oil and Food Containing Fats and Oil Regulation 2022 1. Labelling Limits and Claims for Trans-fats and Cholesterol 2. Offences and Penalties The Fats, Oil and Food Containing Fats and Oil Regulation 2022 contains clear guidelines on the classification, definition and specification of different fats and oil. They include; Peanut Oil, Black Seed Oil, Coconut Oil, Cotton Seed Oil, Maize Oil. Mustard Seed Oil, Olive Oil, Palm Oil, Rapeseed Oil, Safflower Seed Oil, Sesame Seed Oil, Shea Butter, Soyabean Oil, Sunflower Seed Oil, Refined Oil or a Mixture of Refined Oils, Lard, Edible Tallow, Shortening and Margarine. So, if you manufacture, package, import, export, advertise, distribute, display for sale ,offer for sale, sell or use any of these fats and oils, download the Fats, Oil and Food Containing Fats and Oil Regulation 2022 to ensure that your products meet NAFDAC’s standards. Key Things to Note about Pre-Packaged Food Labelling Regulation 2022 1. List of Ingredients 2. Name and Contact Information of Manufacturer and Distributor Download the Pre-Packaged Food Labelling Regulation 2022 for more information on NAFDAC’s guidelines for packaging food in Nigeria.

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