22/07/ · Forex traders in Nigeria can receive some o the lowest commissions from IC Markets including: USD $ (per lot per side) for MetaTrader 4 USD $ (per lot per side) for MetaTrader 5Estimated Reading Time: 9 mins Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. All you need to trade forex online is a laptop, good internet connection, good trading strategy tested on demo & starting capital which we recommend to 26/07/ · - Urges Banks To Provide More Fund To Nigerians The Managing Director/Chief Executive Officer, Lyceum Alliance Limited, Dr Jekwu Ozoemene has said that
10 Best Forex Brokers In Nigeria [ Regulated Brokers]
Moments earlier at her cottage in Itoku area of Abeokuta, Ogun State capital, she had arranged the fabrics carefully across the twine to form a mélange of colours suspended into the firmament like a rainbow. Ms Bolatito moved gently through a heap of clothes submerged in coloured water, unperturbed by the roaring sounds of an impending downpour. Away from the open verandah of the cottage, a cloud of steam escapes into the skies from a black pot of hot water placed on the edge of a nearby gutter.
Beside the pot lie a few plastic buckets, and some metres away stood yet another black pot filled with water. Of course, we make good money from it, too. Inside the old houses adjacent to the popular Kampala Market in Itoku area of Abeokuta, capital of Ogun State, there are numerous Egba women designing traditional Adire clothing materials. Ms Bolatito, 46, low forex earnings in nigeria, is one of them.
She earns a living from the art of Adire cloth-making. She speaks to PREMIUM TIMES in the company of Jumoke, 38, another entrepreneur at the Itoku cottage.
Many of those who low forex earnings in nigeria the low forex earnings in nigeria money are those who can invest enough capital into the business. Jumoke refers to wealthy suppliers and owners of the big shops at popular Adire markets in Abeokuta, such as the Kampala Market, low forex earnings in nigeria, Panseke Market, Osiele Market, and other major markets in the ancient city.
From the sale of Adire, Jumoke told PREMIUM TIMES she has used the proceeds to support her family since her husband lost her job at the height of the Covid crisis. From a modest kiosk in Itoku, Jumoke says she has since expanded her supply chain to other markets in Abeokuta and beyond. She has equally brought in two of her cousins as aides, including three students of the local Moshood Abiola Polytechnic, Abeokuta.
Nigeria relies on oil and gas for more than 80 per cent of its foreign exchange. Experts have argued that the country can boost its forex earnings by diversifying its revenue base to hedge the economy against the instability of the oil market. Adire is quite popular across West Africa, low forex earnings in nigeria. In Nigeria, its production is common among the Egba women entrepreneurs in the South-western part of the country.
Historically, export of the fabric was tied to the formation of Adire makers associations in different parts of Yorubaland, stemming from the complex problem they experienced in Abeokuta in the s. According to Bukola Oyeniyi, a postdoctoral research fellow at the Department of Political Studies and Governance, University of Free State, South Africa, attempts at solving these problems brought about two important low forex earnings in nigeria the introduction of new methods to Adire production, and the influx of many people into the business.
On account of these developments, patronage dropped, thus destroying the industry. Exports fell from £, before to £, by the mids, according to records from the National Archive, Ibadan. In the years that followed, Adire cloth production and export became intertwined with that of cocoa production in Nigeria and Ghana.
Again, when cocoa prices plummeted inthe inability of farmers to continue to purchase Adire led to the decline of the industry.
In recent years, there have been conscious efforts to encourage export and spread the local fabrics to different parts of Africa and beyond.
Various styles of the fabric have been exported to markets in the United States, low forex earnings in nigeria, United Kingdom, Asia, and international airports around the world where Adire is sold at premium prices. Adire fabrics are equally well sold at tourist centres, where merchants buy local materials at higher prices. Traders, however, complain about the difficulty of exporting the designs, blaming bureaucracy and cost.
PREMIUM TIMES gathered from women in Itoku that the first female Adire merchant in Abeokuta was Jojolola Soetan, who died in Since her death, the practice has become a major part of entrepreneurial life among Egba women, low forex earnings in nigeria.
Over the years, the value-chain has been extended to create jobs for a number of women such as the dyer, known as Alaro, and the decorator, known as Aladire, among others. Adire comes in various forms such as Adire Oniko, Adire Eleko, Adire Alabere and Adire Batani, all with variegated designs and creative patterns. The Adire Oniko is made out of cotton and indigo dye while the traditional Adire Eleko refers to designs created by the application of starch paste made from cassava flour.
This starch resists the dye from penetrating through the cloth. The starch paste is applied with a brush or feather on the surface of the fabric or through a stencil that has been cut into a design. It is often left to dry under the sun before it is immersed in a dye solution. Adire Batani on its part is designed with the aid of zinc stencils and the application of resistant starch. Ms Bolatito told this reporter that it takes roughly three to four days to complete a yard, with patterns created with no focal point of interest.
She added that irrespective of the pattern of design, Adire making is a money-spinner from which numerous Egba women and other small-scale entrepreneurs earn huge cash. The value-chain also accommodates young artisans and undergraduates of higher institutions within the Abeokuta metropolis, she said.
Komolafe Christianah, 23, is a Higher National Diploma HND 1 student of the Moshood Abiola Polytechnic, Ojere, where she is studying Accountancy. But she has no plan to look for a job upon graduation. She explained that she is on the verge of renting a stall around the Adigbe area of Abeokuta, to aid her supply and sales of Adire fabrics. As a student of MAPOLY, Miss Komolafe told PREMIUM TIMES she is able to make better sales by marketing to her coursemates and other friends from schools outside Abeokuta.
Like Christianah, Titus Ayobami is another student who is into the supply of Adire clothing, but he is quite new on the job, low forex earnings in nigeria. A level student of the Federal University of Agriculture, Abeokuta, Ayobami said he focuses on markets outside of Abeokuta, low forex earnings in nigeria, especially Lagos, where designers are beginning to make creative designs with Adire fabrics.
But those of us already in the business now would perhaps enjoy the benefits more. Apart from the women who design the patterns, and students of higher institutions who serve mostly on the supply chain, PREMIUM TIMES found that there are numerous others who work in the production and design processes.
Before Adire fabric can be folded for onward supply to buyers, there are textile beaters who beat fabrics for various textile designers, using a wooden mallet and trunk.
Mr Ali and his brother told PREMIUM TIMES that they beat an average of 20 to 50 pieces of fabrics daily, depending on the production limit. Despite coming from far away Mali, Mr Ali says he feels at home in Abeokuta because of the ease that comes with his job, from which he earns an average of N80, monthly. In recent years, electronic iron has come to replace the beating process in the Adire value-chain and some of the women entrepreneurs often opt for the ironing process.
Kareem Mudasiru, one of those who iron Adire clothes at a small cottage in Asero, told PREMIUM TIMES that people still prefer the traditional beating process because of the cost and safety. At the Itoku cottage, a number of young apprentices invested in learning the craft and establishing themselves in years to come expressed optimism about the business. Adeola Joseph, a young school leaving certificate holder, told PREMIUM TIMES she had read so much about the export potential of Adire and the efforts of the Ogun State government to situate it at the centre of its digital economy.
Ms Bolatito said their biggest headache as women entrepreneurs is access to financial support to enable them to expand their businesses and acquire sophisticated equipment that would aid their operations.
Mrs Sodipe, a trader at the Kampala Market, said the government should work more on building the capacity of the local women through training.
She also suggested that government can improve local demand for women entrepreneurs through public sensitization and promotion of local content ideas in government circles, low forex earnings in nigeria. Despite its low forex earnings in nigeria potential, the development and export of Adire has been plagued by similar concerns militating against the growth of the larger textile ecosystem in Nigeria. In Maythen Acting President Yemi Osinbajo signed an Executive Order which focused on promoting made-in-Nigeria products in public procurements.
But events over the years have shown that the order has been adhered to largely in the breach, as Ministries, Departments, and Agencies MDAs of government still import their uniforms from abroad, even in cases where there is local capacity for production. This is worsened by the heavy dependence on used clothing among many Nigerians. InNigeria placed a restriction on the sale of foreign exchange to importers of textiles and other clothing materials in a bid to protect the textile, cotton and garment industry, low forex earnings in nigeria, and boost employment opportunities.
Analysts opine that efforts must be deliberately targeted at making policies work for the growth of the textile industry. In Novemberthe Ogun State government flagged off the Adire Digital Market at the June 12 Cultural Centre, Kuto, Abeokuta. Mr Abiodun added that the state would be adopting the local fabrics as part of the school uniform for public primary and secondary schools in the state. He added that plans had reached an advanced stage to make Adire an important aspect of everyday life, as all top government functionaries in the State now wear Adire on Fridays.
Adams Oluwaseyi, a policy analyst, told PREMIUM TIMES that beyond beautiful rhetoric, governments at both levels must work on actionable plans to ensure that export of Adire clothing is at the heart of economic policies. She admitted that she got a far better bargain, and made more profit. A website, AdireOgun, has been launched to promote Adire to a global audience. Mr Adams said it is the right step in the right direction, but advised that more needs to be done to ensure maximum impact.
TEXT AD: To advertise here. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in Email Address. All content is Copyrighted © The Premium Times, low forex earnings in nigeria, Nigeria. The Membership Club EndSARS Dashboard PT Hausa About Us Advert Rates Careers Contact Us.
Friday, September 24, by Oladeinde Olawoyin. July 9, READ ALSO: INTERVIEW: What inspired 'Oruka' song, my view on younger Nigerian singers — Sunny Neji. READ ALSO: Cross River Assembly allocates N3 billion for constituency projects. Share on Tumblr. Support PREMIUM TIMES' journalism of integrity and credibility Good journalism costs a lot of money.
Yet only good journalism can ensure the low forex earnings in nigeria of a good low forex earnings in nigeria, an accountable democracy, and a transparent government. For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour. By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate TEXT AD: To advertise here. Previous Post BUA holds AGM, declares N More News. Naira loses at official market September 23, Nigerian stocks scrape little gain after three days in the low forex earnings in nigeria September 23, Women in Agriculture: How farming helped me beat unemployment after NYSC September 23, Nigerian govt says it could borrow more through Eurobonds, gives conditions September 22, Next Post.
Leave Comment. Subscribe to News via Email. Enter your email address and receive notifications of news by email. Our Digital Network. PT Hausa Election Centre Human Trafficking Investigation Centre for Investigative Journalism National Conference Press Attack Tracker PT Academy Dubawa LeaksNG Campus Reporter.
Best Forex Brokers In Nigeria 2021 (TOP 10)
, time: 6:03Nigerian women 'dyeing' to boost Nigeria’s forex earnings
09/07/ · Boosting Earnings. Nigeria relies on oil and gas for more than 80 per cent of its foreign exchange. Experts have argued that the country can boost 22/07/ · Forex traders in Nigeria can receive some o the lowest commissions from IC Markets including: USD $ (per lot per side) for MetaTrader 4 USD $ (per lot per side) for MetaTrader 5Estimated Reading Time: 9 mins 08/07/ · Nigeria’s foreign exchange reserves have tumbled to the lowest level in more than three years and eight months, despite the rally in the price of crude oil, the country’s major source of forex earnings. The forex reserves fell by $ billion in three years from $ billion on July 5, to $ billion on July 5, , the lowest
No comments:
Post a Comment