Economy
Nigeria Can Boost FX Earnings by 70% from Leather—Osinbajo
By Aduragbemi Omiyale
The decline in crude oil prices caused by the COVID-19 pandemic in 2020 put the Nigerian economy under pressure as foreign exchange earnings slumped significantly.
At a point last year, the price of the Brent crude, under which Nigeria’s crude oil is graded, was selling at $20 per barrel and this caused a plunge in revenue as most of the country’s earnings are from the sale of the commodity.
As a result, the nation slipped into another recession in the third quarter of 2021 after the gross domestic product (GDP) contracted by 3.62 per cent after a 6.10 per cent decline in the second quarter of the year.
It was the second time the economy was sliding into a recession in four years after it had one in 2016. However, unlike the previous one, last year’s recession was short-lived as the nation exited in the fourth quarter of the year after a 0.11 per cent GDP growth.
Despite the country out of recession, there is still an FX liquidity crisis in Nigeria and the Vice President, Mr Yemi Osinbajo, is of the view that the leather products value chain can be of great assistance if well harnessed.
Speaking on Tuesday in Abuja at the formal launch and sensitisation workshop on the National Leather and Leather Products Policy Implementation Plan, he said the nation can boost its FX earnings from the sector by 70 per cent.
He noted that by 2025, the leather products industry will generate over $1 billion and create employment for over 700,000 people.
The Vice President, who described the implementation of the leather products policy as holistic, added that it will also provide a more sustainable infrastructure development plan and guaranteed access to credit facilities for business people.
According to him, countries like Spain, Italy, China and the West African sub-region are prime destinations for Nigerian leather products.
In his keynote address, Mr Ogbonnaya Onu the Minister of Science and Technology, hailed the leather products policy as the first strategic implementation plan for the leather and leather products policy in Nigeria.
“The Federal Ministry of Science and Technology is supporting this important initiative through offering leadership in the transformation of our economy from a resource-based to a knowledge and innovation-driven one,” he said.
The Minister further said the policy will help the effective and efficient exploitation of Nigeria’s natural resources, earn and conserve foreign exchange, create jobs and help promote the country’s drive for self-reliance.
He called on all relevant stakeholders to facilitate both foreign and domestic investments, saying, “We need to transform our plan into action, we need all stakeholders to work together, we need to involve the Organised Private Sector, we need to bring in more investment, both domestic and foreign into the leather industry.”
The Minister of State for Science and Technology, Mr Mohammed Abdullahi, said the implementation plan was delicate and vital to reposition Nigeria for socio-economic growth and development, saying that the implementation plan covers eight thematic areas which are; Research and Development, Governance, Intellectual property Rights, E-Leather, Compliance, Environment and social best practices, standards, marketing and patronage, Funding as well as fiscal measures and critical infrastructure.
He also noted that if the leather policy is fully implemented, it will create an enabling environment that will sustain all-inclusive growth for local and small enterprises as well attract and protect investments, improve production output and promote innovation in the country.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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