Economy
Lagos Leather Fair to Unlock Untapped Potential
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.
By Aduragbemi Omiyale
New independent research has revealed that the parent company of Facebook, WhatsApp, and Instagram, Meta, contributes about $820 million to the Nigerian economy every year.
In the new report titled Nigeria’s Digital Economy, conducted by Public First, it was discovered that about 14 million Nigerian small and medium enterprises (SMEs) used Meta’s apps like Facebook, Instagram, WhatsApp, Messenger, Meta AI, and Threads, to start and grow their businesses in 2025, contributing $2 billion to the country’s gross domestic product (GDP) and delivering an estimated $640 million in productivity gains through more efficient instant messaging.
Business Post gathered from the study released in Abuja on Thursday that the adoption of artificial intelligence (AI) is set to add about $22 billion to Nigeria’s DGP by 2035.
It was observed that virtually all Nigerian businesses surveyed confessed that Meta’s platforms have expanded their customer reach, with the company’s platforms functioning as essential digital infrastructure connecting Nigerian entrepreneurs to customers, markets, and new economic opportunities.
WhatsApp is Nigeria’s gateway to AI
WhatsApp is playing a central role in connecting Nigerians to AI and new economic opportunities across the region. The platform serves as Nigerians’ primary AI surface — reflecting the wider regional pattern where 93 per cent of Meta AI prompts in Sub-Saharan Africa are made via WhatsApp — demonstrating how AI adoption in Nigeria is happening through the tools people already use every day.
“Nigeria is one of the most dynamic, entrepreneurial and digitally engaged markets in the world — and this research makes clear the scale of what is possible when Nigerian ambition meets the right digital tools.
“From a tailor in Lagos reaching customers across the country through Instagram, to a small business owner in Kano taking orders on WhatsApp, to a creator in Abuja building a global audience on Facebook — Meta’s platforms are removing the traditional barriers to growth and unlocking real economic opportunity,” the Director of Public Policy for Sub-Saharan Africa at Meta, Balkissa Ide Siddo, said.
The fact that 80 per cent of Nigerians say access to reliable internet has improved compared to a decade ago speaks to the progress already made, and with continued investment in connectivity, smart policy that supports innovation, and the rise of open-source AI built for and by Africans, Nigeria is exceptionally well positioned to lead the continent’s next decade of digital growth. We are proud to be a long-term partner in that journey,” Ide Siddo added.
AI and Nigeria’s next growth frontier
The research highlights the transformative potential of artificial intelligence for Nigeria’s economy and innovation ecosystem.
SMEs are reaching new customers across Nigeria
For Nigerian small businesses, Meta’s platforms have become a primary sales and discovery channel. 81 per cent of online businesses surveyed said Facebook, Instagram, and WhatsApp have expanded their customer base beyond their local geography — reducing customer acquisition costs and giving a business in Kano access to the same advertising and commerce tools available to businesses in Lagos, London or New York.
“Nigeria’s digital transformation is creating new opportunities for businesses, creators and consumers alike. The findings show that Meta’s platforms are helping Nigerian firms grow across formal and informal sectors, supporting entrepreneurship and strengthening participation in one of the world’s most rapidly expanding digital economies.
“With the right combination of infrastructure, platform access and open-source AI, the upside for Nigeria is significant,” a Director at Public First, Alison Neyle, stated.
By Adedapo Adesanya
Nigerian energy giant, Oando Plc, says it is reporting rising revenues as global crude buyers increasingly turn away from the volatile Middle East in search of safer supply sources.
According to the chief executive of Oando, Mr Wale Tinubu, the crisis around the Strait of Hormuz has damaged the Gulf region’s long-standing reputation as the world’s safest and most reliable oil-producing hub, leading to demand elsewhere.
Speaking in a recent interview on the sidelines of the Africa CEO Forum in Kigali, Rwanda, Mr Tinubu disclosed that Oando is already benefiting financially from the geopolitical tensions.
“We are certainly getting a windfall increase in our revenues,” Mr Tinubu said.
According to him, mounting security concerns around the Strait of Hormuz have forced buyers to reconsider their dependence on Middle Eastern crude. The waterway accounts for around 20 per cent of global crude and liquified natural gas (LNG) flows, mostly to Asian markets.
“The Middle Eastern premium you got from being a stable environment to produce hydrocarbons has been shattered,” he added.
The conflict is rapidly reshaping global energy trade flows, with African producers, particularly Nigeria, emerging as alternative suppliers at a time of heightened uncertainty in the Gulf.
Indonesia recently took in some Nigeria crude to cushion against the impact that disruptions are having on fuel supplies.
Mr Tinubu said Oando is rolling out a seven-well drilling campaign aiming to add 10,000 barrels per day by the end of the year.
Oando is also looking to raise up to $750 million to execute a 100-well onshore drilling campaign, aiming to triple its oil and gas output from 32,000 barrels of oil equivalent per day to nearly 100,000 barrels of oil equivalent per day.
According to Mr Tinubu, global supply shocks have created highly favourable conditions for securing financing and expanding operations to meet supply gaps.
By Adedapo Adesanya
Nigerian billionaire investor, Mr Femi Otedola, has announced plans to invest $100 million in the Dangote Refinery, which plans to list later this year.
Mr Otedola disclosed this on Wednesday after leading a delegation of top executives from First HoldCo on a visit to the Dangote refinery.
“On a personal note, I’ve appealed to him (Aliko Dangote). I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” the billionaire said.
Mr Otedola had previously denied that he had any stake or funded the construction of a 650,000 barrels per day facility.
The announcement marks his next big move after increasing his stake in First Holdco as well as buying a $10 million property in London.
Mr Dangote last year said the refinery could sell up to 10 per cent stake in the listing, which is valued at about $5 billion. It is aiming for a valuation of up to $50 billion for Dangote refinery.
The billionaire is planning to make the IPO a cross-border listing to enable the refinery to draw investments from domestic and international investors.
Mr Dangote, this week, said the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.
On his part, Mr Dangote, president of the Dangote Group, says the company is targeting a private placement of about $2 billion for the refinery.
While the actual date for the IPO is yet to be announced, Mr Otedola’s early investment indicates value and could spur other high-net-worth individuals to show interest.
Mr Otedola, an ally of Mr Dangote, led top executives of First HoldCo on a tour of the refinery and the fertiliser plants in the Lekki free trade zone area.
The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.
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