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Happy Tuesday, 1st day of November and Welcome to Export Brief. A weekly newsletter with insightful developments and trends on non-oil export trade from Africa's largest economy and from the global stage. If you enjoy EB, share it with friends. 

• ⏲️: This edition is 1111 words, a 4-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria's Central Bank sets to redesign and produce new series of naira banknotes. The new currency will be launched on December 15, 2022.

• London: Kemi Badenoch, MP was re-appointed the International Trade Secretary in the new UK cabinet.

• Nigeria commemorates the completion of the construction of the Lekki Deep-Sea Port in Lagos.

• Nigeria to earn $1billon from Leather Exports by 2025

• Agency trains farmers, processors to boost potato, shea butter export

TRADE

1 big brief: Nigeria to earn $1billon from Leather Exports by 2025

The Director-General and Chief Executive Officer of the Nigerian Institute of Leather and Science Technology (NILEST) said, Nigeria anticipates about $1 billion in earning from the export of leather goods.

• According to the national leather policy, exports of leather goods are expected to generate $1 billion in income by the year 2025.

Why it matters: In order for Nigeria to become a significant player in the global leather market, it was also necessary to determine how to woo the Portuguese leather industry to establish manufacturing facilities there.

• Nigeria is a consistent supplier of leather to European and Asian markets. Nigerian leather ranks among the highest quality globally. Nigeria’s leather industry can be categorized into the industrial sector (90% of exports) and the traditional/artisanal sector (10% of exports).

The advantage: On a study tour to Portugal, Nigerian delegates studied various leather organizations, tanneries, the Centro Tecnologico Do Calcado De Portugal (CTCP) (Footwear Technology Centre of Portugal), as well as its Innovative Laboratory and workshop facilities, report said.

• The Portuguese leather investors are to take advantage of Nigeria’s abundant raw materials for manufacturing leather, footwear, and leather goods.

By the numbers: According to data, the global trade in leather goods is currently between $300-$400 billion. The exports of leather goods from Nigeria were approximately $800 million in 2018 and 2019 before declining to $650 million in 2020 as a result of COVID-19.

💬What they're saying: “Every week, more than 20,000 pairs of shoes and different high-quality leather materials were exported to African, Asian, and European countries from Southeast, Southwest, and Northern parts of Nigeria. You can imagine how much we are talking about in a month or a year.” - Prof. Mohammed Yakubu, Director-General, Nigerian Institute of Leather and Science Technology (NILEST).

The bottom line: Nigeria's local industries must be revived and small and medium industries must be assisted with capital and training.

TRADE ROUNDUP

SMEs | Experts seek key policies for MSMEs development

• SMEs must be more collaborative among themselves, and reinvent their business models with operations carried out in a more efficient, innovative and creative manner for profitability.

TRADE | Address operating environment challenges to enjoy AfCFTA benefits — MAN

• MAN believe that Nigeria would only excel in the AfCFTA if greater attention is given to addressing the operating environment related challenges otherwise the backlashes manifesting in form of import surge and trade malpractices will lead to the closure of manufacturing concerns

UPCOMING TRAINING

IN THE NEWS

São Paulo: Inacio Lula da Silva won Brazil’s presidential election, defeating incumbent Jair Bolsonaro by a 50.9% to 49.1% margin. Lula’s victory and return to the presidency mark a stunning comeback.

Photograph by Luisa Dörr for TIME

EXPORT PROMOTION

🗒️ NEPC trains farmers, processors to boost potato, shea butter export

The Nigerian Export Promotion Council, NEPC, says it has trained no fewer than one million farmers and processors to boost potato and Shea butter export from Plateau and beyond.

Why it matters: The agency is working with farmers, processors and exporters to ensure that potato becomes one of Nigeria’s major non-oil export.

By the numbers: The global value of a Shea butter now is around 6.8 billion dollars as of this year, and is expected to rise by seven per cent annually in the next 10 years. Shea trees are prevalent in 21 states where it can be processed.

What they're saying: “The zonal coordinator said that the beneficiaries were trained on how to boost production and process the produce into exportable forms." - Mr. Samson Idowu, North-Central Zonal Coordinator, NEPC.

IEOM

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DATA WATCH

 TWEET OF THE WEEK

PHOTO OF THE WEEK

LEKKI DEEP SEA PORT COMPLETED: Lagos State Governor, Mr. Babajide Sanwoolu with Lekki Deep Sea Port officials at the construction completion ceremony at Lekki in Lagos. Photo credit: Sanwoolu/Twitter