Business
New Lagos Leather Hub Poised to Transform Local Industry, Global Exports, Says Obasa
Lagos leather hub will generate $250m in exports and 10,000 jobs, positioning Lagos as a global leader in leather innovation, says Speaker Obasa
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa has hailed the newly commissioned industrial leather hub as potent enough to position Lagos as a global leader in leather production and innovation.
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Located in the boisterous Matori, Mushin area of the state, the hub, now known as the Oluremi Tinubu Industrial Leather Hub, is designed to generate more than $250m annually in export turnover when fully operational, create 10,000 direct jobs while over 150,000 artisans would benefit from training and start-up support to boost productivity, and position Lagos as the leather logistics capital in West Africa.
Equipped with modern industrial leatherwork machinery capable of mass-producing shoes, bags, belts, packaging bags, and other leather products, the commissioning of the hub on Saturday was part of activities lined up for the First Lady, Mrs Oluremi Tinubu’s three-day official visit to Lagos.
In a goodwill message delivered at the ceremony, Obasa commended the state government for its initiative and investment, stating that the hub reaffirms the state’s leadership vision to transform Lagos into an industrial powerhouse.
He said, “This is more than just a facility; this hub symbolises our resolve to harness the ingenuity and entrepreneurial spirit of our people. I am convinced beyond measure that it will empower artisans, create thousands of jobs, and position Lagos as a global leader in leather production and innovation.”
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The Speaker further commended the state government for naming the leather hub after the First Lady, which he said is “a fitting recognition of her excellent service to the state as a three-term senator, her empowerment initiatives over the past two decades, and, also, as the wife of our beloved President.”
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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