Economy
Nigeria’s Penetration in Global Shoe Industry at 2.5%—Ikpeazu
By Sodeinde Temidayo David
The Abia State Governor, Mr Okezie Ikpeazu, has described Nigeria’s penetration in the global shoe industry as very low, though he expressed optimism that in the nearest future, this could be increased.
Speaking at the launch of the Enyimba Automated Shoe Company (ENASCO) in Aba on Thursday, November 11, 2021, the Governor said the sector could propel economic growth in the country.
According to him, the penetration of Nigeria in the global footwear market currently stands at 2.5 per cent but could jump to 23 per cent by 2026 if the environment is made very conducive for investors to thrive.
Mr Ikpeazu disclosed that in 2020, despite the economic meltdown caused by the COVID-19 pandemic, the shoes produced from Abia State contributed about $96 billion to the $250 billion made in the sector globally.
He described Nigeria as one of the largest producers of shoes, thanks to made-in-Aba products, noting that the nation can be self-sufficient in what it needs by promoting and patronising homemade products.
“The shoe business all over the world in 2020 was worth $250 billion, and of this, Nigeria contributed $96 billion. I am seeking how we can get a greater chunk of this market share going forward.
“The penetration in the shoe industry today is about 2.5 per cent, and it is expected to climb to about 23 per cent by 2026,” the Abia State Governor noted.
He further disclosed the plans to tap into the development, stating that with the inauguration of the outfit, the state was tying the loose ends of production and marketing of Aba products.
He further explained that in his own perception, the company hopes to push out 5,000 pairs of shoes daily from the date of its inauguration.
He also revealed that in 2020 during the COVID-19 period, ENASCO received an order to supply shoes to the same American shoe company that gets supplies from China because the country, could not supply them.
The Governor further disclosed that Abia was encouraged to play in the footwear ecosystem because it could be a big player if the government were committed to it.
In his agitation, the Senate President, Mr Ahmad Lawan, said ENASCO should get funding and patronage from government agencies.
“This project, in addition to providing employment in local communities and in Abia directly, will produce more employment opportunities indirectly for the leather industry in Kano and other places in Nigeria,” the number three citizen of the country said.
The Senator noted that the Central Bank of Nigeria (CBN) must be looking in this direction for expansion, and to double and quadruple the number of youths being employed directly, as 120 youths have been employed already.
According to him, it would require providing more resources for more production lines to push for more support for the shoemaking industry.
By Adedapo Adesanya
UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.
The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.
As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.
There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.
However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.
By Aduragbemi Omiyale
Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.
This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025
The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.
It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.
In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.
By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.
The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.
According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.
By Adedapo Adesanya
The Naira marginally depleted against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.
During the session, it lost 35 Kobo or 0.02 per cent against the greenback to sell for N1,603.51/$1 compared with the previous day’s value of N1,603.16/$1.
Also, in the same official FX market, the value of the local currency depreciated against the Pound Sterling yesterday by N17.31 to quote at N2,137.55/£1 versus Tuesday’s closing price of N2,120.24/£1 and tumbled against the Euro by N19.89 to close at N1,837.58/€1 compared with the preceding session’s N1,817.69/€1.
However, in the parallel market segment, the domestic currency appreciated against the Dollar during the trading day by N5 to trade at N1,605/$1 versus the previous day’s N1,610/$1.
The Nigerian Naira has been under pressure lately after a recent ease in concerns about the country’s FX reserves, which have been been dropping.
A look at the digital currency market showed that it was bearish at midweek due to profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.
Earlier this week, President Donald Trump said he had no intention to fire US Federal Reserve Chair, Mr Jerome Powell, and that a deal with China (which is facing tariffs as high as 245 per cent on some items) would significantly reduce some of its levies.
The mixed signals and frequent tone shift are worrying traders, however, who continue to monitor comments for further cues on positioning, with market analysts noting that trade frictions, geopolitical jitters, and regulatory issues continue to cast long shadows on assets like crypto.
Dogecoin (DOGE) dipped by 4.9 per cent to sell at $0.1730, Ripple (XRP) fell by 3.9 per cent to $2.17, Litecoin (LTC) declined by 2.3 per cent to $82.23, and Binance Coin (BNB) depreciated by 2.2 per cent to $604.59.
In addition, Cardano (ADA) slumped by 1.9 per cent to $0.6837, Solana (SOL) also lost 1.9 per cent to close at $148.13. Bitcoin (BTC) slid by 1.3 per cent to $92,479.80, and Ethereum (ETH) crashed by 1.1 per cent to $1,770.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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