General
Promoting Sustainable Nigerian Leather Products in the Global Market
The term “globalization” gained popularity in the early 1990s; with technological advancement, it has continued to shape modern everyday life, making it a global village whilst growing interdependence of the world’s economies, cultures, and populations. Countries have built economic partnerships to facilitate the continued surge in cross-border trade in goods and services, technology, and flows of investment, people, and information.
With a long history of producing high-quality leather products, Nigeria has a rich heritage of leather production, and to build a sustainable ‘Made-in-Nigeria’ brand, it is essential to promote Nigerian leather products in the global market.
Globalisation has made the global market indeed a global village through technology. To aid the balance of trade, countries must ensure it manufactures for local consumption and then produces with a mindset of exporting to foreign countries. To achieve this, its products must first meet global standards and receive acceptance from its local market. Nigeria is at a vantage point to promote African leather products in the global market, being one of the continent’s biggest producers and exporters of raw leather materials.
With advanced technology from developed economies to reduce the cost of production, coupled with their capacity to export, local consumers in developing economies have easy access to imported products which has adverse effects on the local economy, such as unemployment and a decrease in demand for locally produced goods. As the world continues to evolve, it is important to balance importing goods and supporting local businesses to improve GDP and the economy.
The benefits of manufacturing goods locally in a nation instead of importing should not be overlooked. It has a long-term value on a country’s economy than the latter. Any developing country seeking economic growth should endeavour to reduce importation to the bare minimum and utilize local resources, even if it does not have the required production capacity for export purposes. In the case where a country starts focusing on manufacturing its products locally, there will be an increase in the employment rate; the currency will be valuable and local culture will be strengthened. In Nigeria, for instance, products manufactured locally are referred to as “Made-in-Nigeria goods”.
The manufacturing sector in Nigeria has several sub-sectors, such as Petroleum and coal products, electrical equipment, appliances and components, printing and related support activities, textile apparel, leather and footwear, fabricated metal products, chemical and pharmaceutical products, food, beverage and tobacco products, paper products, furniture and related products, plastics and rubber products, and transportation equipment, among others continue to play a significant role in generating employment, increasing productivity, and driving economic growth for the nation. The sector has also contributed to the country’s quest to move away from oil dependency and lean towards the green economy.
One of the sub-sectors that has proven resourceful in contributing to the Made-in-Nigeria project and zero oil initiative is the Leather industry. With the total trade of leather products presently between $300 and $400 billion globally, experts believe that Nigeria could account for 15 to 20 per cent to hit $20 billion by 2025. According to recent statistics, the Nigerian leather industry is estimated to be worth over $1 billion and is expected to grow annually by 2.88% (Compound Annual Growth Range 2023-2028). As the third largest in Africa, after South Africa and Ethiopia, the Nigerian leather industry is also a vital source of employment and income for many Nigerians, especially those in rural areas. The industry provides employment to over 750,000 people, with many jobs in tanning, leather goods production, and especially the fashion industry.
Leather has continued to remain a versatile and essential material in the fashion industry, offering durability, luxury, and timeless style for both men and women. Due to its durability and luxurious appeal, it is widely used in various forms of fashionable items such as shoes, bags, jackets, belts, and other accessories.
In contributing to the growth of sustainable Made-In-Nigeria products, a game changer in the leather industry, Lagos Leather Fair, has consistently given leather designers the platform to showcase their expertise for six years now. Established and emerging designers now have the opportunity to showcase their designs and gain recognition in the Nigerian and African leather industries. The annual fair provides a much-needed and solution-based networking platform for leather designers and other players in Nigeria and other African countries to promote and showcase Made-in-Africa and local talent.
According to the founder of Lagos Leather Fair, Mr Femi Olayebi, “The annual celebration of the Lagos Leather Fair is a proof point of our unflinching commitment towards finding sustainable solutions to scale the African leather industry and ensure that the Made-in-Nigeria Project and Zero-Oil Initiative becomes a reality. For over five years, we have created an enabling environment for key players to maximise the potential of the leather industry. We are delighted about LLF2023 and look forward to its significant impact in Nigeria and across Africa.”
This year’s edition, themed Staying Ahead: Creativity, Collaboration, Commitment, is set to improve the narrative that encourages sustainable Made in Nigeria business. Through the proposed LLF Lab and Accelerator programme, leather designers will have access to mentorship and development programs from entrepreneurs who are already experts in the industry.
LLF 2023 will also feature a series of local and international speakers who will share insights on relevant conversations that affect the African leather industry and a well-curated series of workshops for up-and-coming designers willing to thrive as a manufacturer in Nigeria. The workshops for budding leather designers will feature branding workshops where the fundamentals of branding will be explored, a shoe-making workshop to provide a basic understanding of shoemaking techniques and a social media/marketing presentation using a case study review of different brands.
The Lagos Leather Fair is set to hold on June 17 and 18 at the Balmoral Convention Centre, Victoria Island, and just like the five editions done in the past, LLF 2023 is anticipated to continue from the previous years by strengthening the narrative that ensures the Made-in-Nigeria Project and Zero-Oil Initiative become a reality and fostering the nation’s talent and economic growth.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
