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Lagos Leather Fair to Unlock Untapped Potential

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Lagos Leather Fair

By Adedapo Adesanya

The Lagos Leather Fair has been positioned to continue to change the narrative within the leather industry as it continues to drive economic growth and create visibility and access to opportunities for MSMEs across Nigeria and the wider continent.

This is as the platform created to unlock and showcase the untapped potential of the African leather industry will be celebrating 5 years of its transformative existence.

This year’s edition themed LLF5, will take place at the Balmoral Convention Center, Victoria Island, Lagos from June 11-12.

The event will bring together local and international designers to showcase their products and services. The fair will also feature a series of masterclasses and conversations with a broad range of speakers across multiple industries; interactive creative workspaces; and a series of catwalk shows.

The masterclasses will include speakers such as Adeyinka Abimbola, Ehi Binitie, Ache Idachaba-Obaro, Papa Omotayo, Muyiwa Femi Pearse, Adenike Adeyemi amongst others.

Speaking about the fair, Mr Femi Olayebi, Founder, Lagos Leather Fair, expressed why the fifth edition is a milestone, saying; “We’re excited to be back for our fifth edition. The Lagos Leather Fair has created and continues to create massive visibility for both starting and established designers.

“It has also provided empowerment opportunities for leathercraft trainers and manufacturers.

“Our vision is to ensure that the leather sector contributes significantly to the Nigerian economy and the broader African narrative, by driving change in the sector and addressing key industry challenges affecting the supply chain.”

Over the last five years, The Lagos Leather Fair has impacted key stakeholders in the industry including—leather designers, raw materials producers, manufacturers, suppliers of machinery and equipment, trainers, retailers, and industry experts.

It has executed over 30 masterclasses and 10 creative workshops and 18 runway presentations.

In 2020, Lagos Leather Fair initiated West Africa’s first-ever digital leather exhibition, to leverage growing cross-border connections and broaden the platform for its designers.

The Lagos Leather Fair will also be launching a partnership with Kafawa – a training program designed to bridge the skills gap in the industry and reduce youth unemployment in Nigeria.

Graduates from Kafawa’s pilot set will form this year’s Emerging Designers group at LLF5: an opportunity for the best of Kafawa’s newly-trained youth to formally make their entrance into the industry.

Also as part of this year’s fair, Lagos Leather Fair will be launching The Leather Portal to bridge the information gap in the industry, The Leather Portal was created to serve as a resource hub and an e-directory that would provide relevant and open-access information specific to leather and leather-goods, and connect leather designers, tanners, hardware suppliers, input suppliers and brands across Africa and internationally.

The Lagos Leather Fair has raised the quality and manufacturing standards of made in Nigeria products by showcasing exceptional leather goods and services.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

JUST IN: CBN Raises Benchmark Interest Rate to 13%

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killing interest rate

By Dipo Olowookere

For the first time in two years, the Monetary Policy Rate (MPR) has been raised by the Central Bank of Nigeria (CBN) to 13.0 per cent from 11.5 per cent.

Mr Godwin Emefiele, the Governor of the CBN, who announced this development on Tuesday in Abuja, explained that the decision to increase the benchmark interest rate was taken at the Monetary Policy Committee (MPC) meeting held yesterday and today.

While addressing financial reporters this afternoon, Mr Emefiele said members of the committee were unanimous with the decision to hike the rates as it was the best thing to do after holding them for about two years.

According to the central bank chief, one of the reasons for raising the rate is to control liquidity ahead of the 2023 general elections as politicians would be expected to flood the system with cash in a bid to woo voters.

However, the other parameters were left unchanged by members at the gathering as the Asymmetric corridor remained around the MPR at +100/-700bps, the Cash Reserve Ratio (CRR) at 27.5 per cent and the Liquidity Ratio (LR) at 30.0 per cent.

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Economy

Nigeria’s GDP Grows by 3.11% in Q1, What Next?

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GDP

By Lukman Otunuga

There are two ways one could interpret Nigeria’s latest Gross Domestic Product (GDP) figure of 3.11% in Q1 of 2022.

The optimists will say the country’s economy grew for the sixth consecutive quarter in Q1 while pessimists may highlight how economic growth slowed for the third consecutive quarter.

Either way, Nigeria’s economy continues to display resilience against external and domestic risks. With the improvement in the non-oil sector driving growth, this may brighten the growth outlook. But could these be signs of Nigeria breaking away from the chains of oil reliance to derive growth from sustainable sources? It may be too early to come to any meaningful conclusion. However, the report is encouraging and illustrates progress made by the country in reclaiming stability post-Covid-19.

With economic conditions somewhat improving, the Central Bank of Nigeria (CBN) is unlikely to raise interest rates this week. Given how Africa’s largest economy has been able to maintain growth in the past six quarters on the back of loose monetary policies by the CBN, a rate hike could disrupt Nigeria’s economic recovery.

As the global war against inflation rages on, central banks are stepping up.

However, the CBN is likely to remain on the sidelines for now. Nevertheless, inflation is still a cause for concern with consumer prices accelerating for the third straight month to 16.82% in April 2022.

With the general elections around the corner, pre-election spending could translate to rising price pressures. On top of this, the widening policy divergence between the Federal Reserve and the CBN could punish the Naira.

It’s worth keeping in mind that the dollar remains heavily supported by aggressive Fed rate hike bets and is likely to remain strong for the rest of 2022. A powerful dollar is bad news for emerging market currencies including the Naira which continues to depreciate in both the official and unofficial markets.

Lukman Otunuga is the Senior Research Analyst at FXTM

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Economy

NGX All Share Index Weakens Further by 0.13%

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All-Share Index

By Dipo Olowookere

The bearish sentiment on the floor of the Nigerian Exchange (NGX) Limited continued on Monday as the bourse further depreciated by 0.13 per cent.

Sustained profit-taking especially in the industrial goods sector contributed to the decline suffered during the session as the All Share Index (ASI) slumped by 68.45 points to close at 52,911.51 points compared with the previous session’s 52,979.96 points.

As for the market capitalisation, it depreciated by N37 billion amid sell-offs in 24 stocks to settle at N28.525 trillion as against last Friday’s closing value of N28.562 trillion.

On the first trading day of this week, the insurance sector depleted by 2.32 per cent, the industrial goods sector fell by 0.09 per cent, while the energy, banking and consumer goods counters increased by 0.28 per cent, 0.10 per cent and 0.05 per cent respectively.

Presco led the losers’ chart yesterday with a price decline of 10.00 per cent to trade at N180.00, Global Spectrum Energy Services lost 9.97 per cent to finish at N3.07, Neimeth fell by 9.66 per cent to N1.59, UAC Nigeria depreciated by 8.33 per cent to N13.20, while NEM Insurance retreated by 7.74 per cent to N4.05.

The gainers’ log had 22 members on Monday, with Conoil leading after its value improved by 9.95 per cent to N34.25. MRS Oil gained 9.93 per cent to quote at N14.95, McNichols appreciated by 9.86 per cent to N2.34, Academy Press increased its price by 9.76 per cent to N1.35, while NPF Microfinance Bank expanded by 8.02 per cent to N2.02.

On the activity chart, a total of 263.3 million stocks worth N3.6 billion exchanged hands in 4,856 deals during the session compared with 436.6 million stocks worth N3.2 billion bought and sold in 4,716 deals in the preceding session. This implied that the volume of trades depreciated by 39.68 per cent, while the value of trades and the number of deals increased by 10.15 per cent and 2.97 per cent respectively.

Jaiz Bank closed the day as the most active stock with the sale of 114.0 million units valued at N101.8 million, GTCO transacted 12.9 million shares for N302.8 million, Transcorp exchanged 12.8 million stocks worth N16.7 million, Access Holdings traded 11.7 million equities valued at N115.7 million, while Zenith Bank sold 8.6 million shares for N207.0 million.

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