Economy
FG Unveils Modern Shoe Factory in Anambra
By Adedapo Adesanya
The federal government has inaugurated an ultra-modern industrial shoe-making hub equipped with modern technology at Nkwelle, Anambra State with aim of boosting the country’s non-oil sector.
The unveiling was done by the Vice President, Mr Yemi Osinbajo, on Tuesday at Ezunaka Village in Anambra, describing the complex as a “one-stop-shop digital leather and industrial hub”.
He said the shoe factory has the capacity to produce shoes that would compare favourably with those produced in Europe.
According to the VP, the project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria.
He said the federal government was fully committed to improving the commercial and economic environment and willing to complete all its ongoing projects in the South-East.
The complex was jointly equipped by the federal government and the Anambra State Government.
Mr Osinbajo said the project was embarked upon to boost the drive to industrialise the shoe and leather industry in the country.
On his part, the state Governor, Mr Willie Obiano, described the event as historic, noting that, “It is the day when the Industrialization Pillar of my Economic Blueprint finally takes firm root.”
“This is Nigeria’s most modern Micro Small and Medium Enterprises (MSMEs) complex.
“It houses an ultra-modern industrial shoe-making hub with cutting edge technology, having the capacity to produce shoes that compare at all levels with shoes made in Europe.
“This complex also houses nine agencies that play critical roles in nurturing the industrial sector of the country,” Mr Obiano further said.
According to the Governor, the agencies include the Bank of Industry (BoI), Standard Organisation of Nigeria (SON), Corporate Affairs Commission (CAC), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Nigerian Export Promotion Council (NEPC).
Others are the Raw Materials Research and Development Council (RAMDC), Industrial Training Fund (ITF), National Micro Small and Medium Enterprise Clinics for Viable Enterprises and Anambra State Small Business Agency (ASSBA).
He said the complex was the perfect interchange between dream and opportunity for youths in the state.
Adding his input, the Minister of Trade, Investment and Industry, Mrs Mariam Katagum, said that the federal government remained committed to empowering Nigerians through industrialisation.
The Managing Director of ASSBA, Mr Clement Chukwuka, said the agency prudently utilised the N2 billion MSME’s facility from the CBN to establish the complex.
He said the project would serve as a legacy with a multiplier effect to the state and nation at large.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
