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 Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
