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 Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
