Economy
Adire Can Generate Forex to Revamp Nigerian Economy—Ooni
By Aduragbemi Omiyale
The scarcity of foreign exchange (FX) putting pressure on the Naira due to a shortage in foreign earnings from crude oil and others may soon be a thing of the past if the federal government looks into the textile industry.
The Ooni of Ife, Adeyeye Ogunwusi, is advising all the critical stakeholders to pay attention to the Adire fabric as a possible way to generate forex enough to transform the Nigerian economy.
Speaking over the weekend at the Adire Lagos Experience organised by Ecobank Nigeria, the respected traditional ruler said the fabric can also boost the nation’s tourism sector, which will, in turn, bring about FX inflows into Nigeria.
“I am really impressed with what I’ve seen here today. I have seen real tourism potential that needs to be explored by others. If as a country we look inward, we would discover that our tourism advantages are enormous and desire immediate attention.
“We can create exportable merchandise if we join hands to boost our potential, we would not be looking up to foreign currency to boost our economy,” the first-class monarch stated.
“As one of the pioneer promoters of Adire, I am positive that it can boost the county’s tourism industry because it has what it takes to meet international textile standards.
“The unique thing about Adire production is that everything is assembled locally – raffias, ropes, bamboos, chemicals are gotten from our forest. We do not need to import anything,” he said further.
The spiritual head of the Yoruba race commended Ecobank for staging the three-day Adire exhibition from June 10 to 12 in Lagos, urging others to emulate the financial institution in encouraging indigenous entrepreneurs so that more Nigerians could explore locally made investments.
“Our banks and corporate bodies should show their support by displaying our Adire in their banks, make their staff wear them on specific days. Even beyond our Adire fabric, we can promote locally made shoes, wristwatches, bags, cars, jewellery, and several other products,” the royal father stated.
He advised traditional leaders to encourage entrepreneurs with financial support and grants.
“I advise our leaders to begin to get sensitive and passionate about things that are produced in Nigeria. All other companies and organisations should pick one thing and promote it so that the country can grow organically.
“We also need to support our media that are really projecting these potentials to the world by involving them fully,” he said.
The traditional ruler then condemned imitation of Adire by other countries, saying there is a great difference between the locally made products and imitation.
“The durability cannot be compared, we have taken up this challenge locally and with the support of our ancestors coupled with our long-standing knowledge, nobody can take away our patent rights from us,” he said.
Several Adire admirers converged on the exhibition venue; Ecobank Pan African Centre (EPAC) to witness, make orders and purchase choices attires in different styles.
The highlight of the event was a practical master class on Adire production, organised by Princess Ronke Ademiluyi, a cultural ambassador to Ooni of Ife. At the exhibition, there were different genres of Yoruba music; an infusion of local food; and a mild atmospheric branding infusion of a wide variety of Adire into the setting which created a nostalgic mood.
Ecobank supported the Adire event, proving its Pan African nature and reconfirming its support for the growth of indigenous culture, tourism, and entrepreneurship across the continent.
Adire textile is an indigo-dyed cloth made by using different wax resist methods to create dazzling designs. Adire comes in a variety of textures such as silk, chiffon, cotton, and polyester and are made fashionable in both English and traditional styles.
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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