Economy
Importation of Adulterated Adire Fabric Worries Ogun Govt
By Aduragbemi Omiyale
The Ogun State government has expressed worry over the inflow of adulterated Adire fabric into the country, especially from China.
The Commissioner for Culture and Tourism in Ogun State, Mr Fagbayi Oluwasesan, speaking during the annual Ecobank Adire Lagos Experience in Lagos, said the government has taken steps to address the issue.
According to him, the fake fabric poses a major threat to the local Adire industry, noting that, “The Ogun State House of Assembly has commenced steps, through our ministry, to curb the excesses or inflow of Chinese adulterated fabric.”
“The fabric is synonymous with Ogun state. We are the custodians of Adire. It is an indigenous textile from Ogun State and we have to protect it. That’s why we are happy with Ecobank for what they’re doing today, assisting us to showcase what God has given to us, protecting it, and also telling the world that this is what is good for us to be using as fabric,” he stated.
“First and foremost, we don’t need to address it as Adire Chinese. It is never Adire because it is a print on its own that doesn’t pass through the process of how the fabric is made. The original fabric is made manually, and it passes through nine stages before it is made,” the Commissioner added.
On his part, Ecobank Nigeria restated its commitment to ensuring that Nigeria’s Adire industry leverages the potential of the African Continental Free Trade Agreement (AfCFTA).
The Executive Director for Commercial Banking at Ecobank Nigeria, Mr Kola Adeleke, said the bank was committed to helping businesses exhibiting at the fair to explore opportunities available through the Africa trade pact.
“After the program, these 100 merchants, we are going to continue partnering with them. We are going to support them to build capacity. We are going to even use the opportunity for them to improve the quality of whatever they are producing for export purposes. Ultimately, our goal is to ensure that Adire becomes like an African brand with global acclaim.
“This is very unique for us as an organization because it will help to grow our nation’s economy as we see the export potential there.
“We are going to profile all these merchants on the Ecobank single market trade hub and then position them so that they will be able to export their products to other countries in Africa and beyond,” he said.
Mr Adeleke noted that the Adire Lagos exhibition was part of the efforts of the bank to support and project the creative industry in the country, adding that as part of a Pan African bank which operates in 33 countries of Africa, Ecobank Nigeria will always look out to support various productive initiatives and the Adire exhibition fits into this goal.
“We are working on that and a committee has been set up with the approval of the Governor that they should go to the market, you know, look at what we can do and come up with a law, probably, though we may not have the capacity to ban it outrightly.
“We’re also taking it up with the National Assembly; the Representative Abeokuta South Federal Constituency has also raised a Bill at the National Assembly that has passed its second reading now.
“By the time that is done probably we will have the backing of the federal government in banning this adulterated fabric out rightly,” the banker said.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.39 per cent on Monday, January 12, after it closed higher in every trading day of last week.
The loss recorded yesterday took out N8.5 billion from the unlisted securities market, closing at N2.184 compared with the preceding session’s closing value of N2.193 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) went down by 14.2 points during the session to 3,651.48 points from the 3,665.68 points it finished last Friday.
The decline was influenced by three securities, with Afriland Properties Plc down by N1.55 to end at N14.75 per unit compared with the previous N16.30 per unit, and NASD Plc declining by N1.00 to N59.00 per share from N6.00 pr share, as Food Concepts Plc slid by 34 Kobo to finish at N3.06 per unit versus N3.40 per unit.
On the flip side, three securities gained weight, with FrieslandCampina Wamco Nigeria Plc appreciating by N6.23 to N68.70 per share from N62.47 per share, Central Securities Clearing System (CSCS) Plc added 45 Kobo to close at N43.07 per unit versus N42.62 per unit, and Geo-Fluids Plc gained 2 Kobo to settle at N6.84 per share versus N6.82 per share.
During the session, the trading volume soared by 826 per cent to 4.03 million units from 434,845 units, the trading value skyrocketed by 579.1 per cent to N46.8 million from N6.9 million, and the number of deals jumped by 118.2 per cent to 48 deals from 22 deals.
When trading activities closed for the day, CSCS Plc remained the most active stock by value on a year-to-date basis with 1.5 million units exchanged for N57.6 million, followed by Geo-Fluids Plc with 6.4 million units valued at N43.3 million, and FrieslandCampina Wamco Nigeria Plc with 379,749 units worth N24.4 million.
In terms of volume, Geo-Fluids Plc led with 6.4 million units sold for N43.3 million, trailed by Industrial and General Insurance (IGI) Plc with 2.9 million units traded for N1.9 million, and CSCS Plc with 1.5 million units valued at N57.6 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 12 by N1.71 to trade at N1,421.46/$1, in contrast to the preceding session’s N1,423.17/$1.
However, the local currency further depreciated against the Pound Sterling in the same market window yesterday by N3.81 to close at N1,915.84/£1 compared with last Friday’s price of N1,912.03/£1 and lost N3.55 on the Euro to quote at N1,661.68/€1 versus N1,658.13/€1.
In the same vein, the domestic currency depleted against the Dollar at the GTBank FX desk during the trading session by N4 to to settle at N1,431/$1 compared with the previous trading day’s rate of N1,427/$1 and closed flat in the black market at N1,490/$1.
The appreciation of the Nigerian currency against its American counterpart in the official market was supported by foreign portfolio investors’ inflow with support from non-bank corporate supply, leaving it within the N1,350/$1 – N1,450/$1.
“We anticipate that the CBN will emphasise exchange rate stability over rapid appreciation through 2026, supported by prudent policy execution and effective reserve management,” Coronation Merchant Bank research said in an update.
Despite a differential against other currencies, market analysts noted that stronger external inflows from FPIs, improving current account dynamics, and more disciplined FX management by the authorities, will give the Naira stronger footing.
As for the cryptocurrency market, most tokens tracked by this newspaper were largely down with traders seeing the market settle into equilibrium after leverage was flushed and liquidity thinned.
Market analysts noted that with spot demand soft and no clear institutional catalyst, price discovery continues to shift to where thinner liquidity and narrative trades can overwhelm fundamentals.
Litecoin (LTC) lost 4.6 per cent to trade at $76.25, Solana (SOL) depreciated by 1.6 per cent to $140.23, Cardano (ADA) slid by 1.4 per cent to $0.3914, Ripple (XRP) slumped by 0.9 per cent to $2.05, Ethereum (ETH) went down by 0.8 per cent to $3,128.74, and Dogecoin (DOGE) decreased by 0.5 per cent to $0.1392.
On the flip side, Binance Coin (BNB) appreciated by 0.3 per cent to $908.87, and Bitcoin (BTC) increased by 0.1 per cent to $91,916.73, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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