Shoe business in Anambra surges, as FG inaugurates N2bn ultra-modern cluster

Shoe business in Anambra surges, as FG inaugurates N2bn ultra-modern cluster

Shoe manufacturing in Nigeria is set to witness a significant boost following the inauguration of a N2 million ultra-modern industrial shoe-making hub in Anambra State.

The hub located in Nkwelle Ezunaka Village in Anambra was inaugurated by the Vice President of Nigeria, Yemi Osinbajo today.

The complex was jointly equipped by the federal government in conjunction with Anambra Government.

Anambra IGR to grow further

iBrandTV gathered that the state Internally Generated Revenue, IGR, for 2020 stood at N28.01 billion or 2.14 percent.

IGR) is the highest level of growth achievable for a business without obtaining outside financing. A firm’s maximum IGR is the level of business operations that can continue to fund and grow the company without issuing new equity or debt.

Shoe business in Anambra surges, as FG inaugurates N2bn ultra-modern cluster

However, this is an Increase of 7 percent when compared to N26 billion recorded in 2019.

It was also observed that the State internal revenue service have registered about 40,000 businesses and have enrolled about 300,000 people into the tax net.

It is estimated that revenue from this businesses will gulp N15bn annually.

What Osinbajo said

Speaking during the inauguration, Osinbajo described the complex as “one-stop-shop digital leather and industrial hub”.

He said the complex had the capacity to produce shoes that would compare favourably with those produced in Europe.

In his words, “The project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria.

“The Federal Government was fully committed to improving commercial and economic environment and willing to complete all its ongoing projects in the South-East.

“The project was embarked upon to boost the drive to industrialise the shoe and leather industry in the country.”

What Obiano said

The state Governor, Chief Willie Obiano, described the event as historic.

“It is the day when the Industrialization Pillar of my Economic Blueprint finally takes firm root.

“This is Nigeria’s most modern Micro Small and Medium Enterprises (MSMs) complex.

“It houses an ultra-modern industrial shoe-making hub with cutting edge technology, having the capacity to produce shoes that compare at all levels with shoes made in Europe.

“This complex also houses nine agencies that play critical roles in nurturing the industrial sector of the country,” Obiano said.

He listed the agencies to include Bank of Industry, Standard Organisation of Nigeria, Corporate Affairs Commission, Small and Medium Enterprises Development Agency of Nigeria and Nigerian Export Promotion Council.

Others are the Raw Materials Research and Development Council, Industrial Training Fund, National Micro Small and Medium Enterprise Clinics for Viable Enterprises and Anambra State Small Business Agency (ASSBA).

The governor said the complex was the perfect interchange between dream and opportunity.

Katagum’s remark 

The Minister of Trade, Investment and Industry, Amb. Mariam Katagum, said that federal government remained committed to empowering Nigerians through industrialisation.

 

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