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
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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