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Ankara Crafts: A New Path to Wealth Creation.

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THE recent global economic crisis which resulted in thousands of workers being dismissed worldwide is no doubt a worrisome development. it called for expedite actions to curb the ugly trend and its unpleasant effects in the lives of Nigerians, particularly the Youths.

The challenges of unemployment and poverty continue to be on the increase, especially among the young men and women who are able and capable to work continue to run after few available white collar jobs there by affecting the economy situation of the country negatively.

Ankara shoes

It is now pertinent and germane that for any nation to be economically independent and eradicate poverty, that nation must devote much concentration and efforts in building human capacity through diverse skill acquisitions.
According to Guy Kawasaki, “the best reason to start a business is to make meaning, to create a product or service to make the world a better place”.

HUMAN creativity, the desire to look unique and be in vogue, which are the indices of change in human utility and taste, have continued to propel many, especially the youth, to go the extra mile to update their wardrobes.

Very recently, fashion trend shifted using bags, shoes and other fashion accessories made with fabrics, especially Ankara. This makes fabric craft business more lucrative, as producers of Ankara-made fashion shoes, bags and other fashion accessories continued to struggle to meet up with the high demand for the products. Many of those who are aware of this fact are really embracing and exploring the business opportunity.

WHO CAN DO THE BUSINESS?

Ankara/Leather works, bag, shoe and other fashion accessories are some of the easiest skill to learn within the shortest possible time. Any matured mind can do the business, in as much as formal education is not a core requirement for learning the skill, but education is considered an added advantage as it would help a great deal for whoever has it, which would definitely aids his/her creativity, packaging and marketing.
START-UP CAPITAL.

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The initial start- up cost required to operate Ankara craft business seems so affordable to whoever may want to explore the highly lucrative business. The major equipment needed for the business is industrial sewing machine, which costs about N50, 000, while you can get a used one for about N40, 000. You can as well rent it from other colleagues in shoe or bag making industry.

Ankara belts

Ankara shoes

Other materials includes: zip cloth, which costs between N10and N15 per yard; zip head costs between N20- N30 per dozen; eyelet costs between N10 and N50 per dozen; D- ring costs between N30 and N200 per dozen; buckle is about N150; adjuster cost about N5 per one. All these depend on their sizes. Tape costs between N20 and N30; lining designer (with pattern) costs N150, plain between N100 and N150; pipe costs N15 per yard; plaster roll costs N1000 and N35 per yard; foam, underlay size, cost between N300 and N350 per sheet; machine needles cost between N250 and N300, depending on the size; hand needle also in sizes, between N150 and N200, depending on the size.

Others are: all purpose spool of thread (does not have to match fabric), ranges between N30 and N150; measure tape or ruler costs N300; fabric scissors costs between N300 and N700; Taffeta material costs between N250 and N350; pack of straight pins costs N100; fibber & board, ranging between N350 and N500 per sheet, and Marco costs between N550 and N1000 per sheet.

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The amount you want to invest in the business will also determine whether you will buy in bulk or in retail.

SKILL

Apart from the initial set-up capital, the first and most important thing is the skill. Ankara craft making business is one of the skills that can be learnt within the shortest possible time as formal education is not compulsory, but an added advantage, as it will aid grasping of the skill and creativity. Learning the basic in the business takes maximum of three months. Training fees depends on which part of the business one is learning and the trainer, among other factors. The fee varies from N50, 000 to N150, 000, though, always negotiable.

PLANNING AND RESEARCH.

painstakingly conduct a detailed research on the kind of shoes, bags and fashion accessories in vogue and work on how you can add style to it to make it compelling to your customers.

Also, do a research on what fashion needs of your prospective customers target audience. This will enable you specialise on their fashion needs and record good sales and profit.

COST AND POTENTIAL EARNING.

According to research, marketability of bag and shoe products cannot be marginalised as more than 90 percent of human race use the products. Availability of the materials for making the products in major Nigerian markets makes the business easier to run.

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There is also a readymade market for Ankara fabric products because that is where the fashion pendulum shifted to. Demands for Ankara fabric product at present is so high that producers cannot meet. You can make at least double of whatever you spent on producing the shoe, bag or other fashion accessories and make millions from the business within a year. All these depends on your creativity, packaging, marketing strategy, location and potential customers.

You can as well target campuses, exhibition grounds, hotels and tourist centres, churches among other places, are good market places for the products, while you can promote your product online via the social network sites like face book, twitter and also on your blog or website.

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National Issues

16 Governors Back State Police Amid Security Concerns

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In response to the escalating security challenges plaguing Nigeria, no fewer than 16 state governors have thrown their weight behind the establishment of state police forces.

This development was disclosed by the National Economic Council (NEC) during its 140th meeting, chaired by Vice President Kashim Shettima, which took place virtually on Thursday.

Minister of Budget and Economic Planning, Atiku Bagudu, who briefed State House Correspondents after the meeting, revealed that out of the 36 states, 20 governors and the Federal Capital Territory (FCT) were yet to submit their positions on the matter, though he did not specify which states were among them.

The governors advocating for state police also pushed for a comprehensive review of the Nigerian Constitution to accommodate this crucial reform. Their move underscores the urgency and gravity of the security situation across the nation.

Similarly, the NEC received an abridged report from the ad-hoc committee on Crude Oil Theft Prevention and Control. This committee, headed by Governor Hope Uzodinma of Imo State, highlighted the areas of oil leakages within the industry and identified instances of infractions.

Governor Uzodinma’s committee stressed the imperative of political will to drive the necessary changes and reforms needed to combat crude oil theft effectively.

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National Issues

Weak Institutions Impede Nigeria’s Sustainable Development – Says US Don

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Renowned academician, Professor Augustine Okereke, from the Medgar Evers College/City University of New York, has emphasised the detrimental impact of a lack of strong social institutions on Nigeria’s sustainable development.

Presenting a lead paper at the First Annual Ibadan Social Science Conference hosted by the University of Ibadan, Professor Okereke urged President Bola Tinubu to foster robust institutions capable of combatting corruption and addressing social ills.

“All our institutions are on the decline,” warned Professor Okereke, underscoring the urgent need for effective structures to facilitate sustainable development. He highlighted the challenges faced by African countries, emphasising the risk of continued poverty, underemployment, and injustice without these foundational structures.

The Dean of the Faculty of Social Sciences at the University of Ibadan, Professor Ezebunwa Nwokocha, asserted the university’s commitment to providing intellectual, context-specific solutions to Nigeria’s challenges.

He called on state and federal governments to patronise researchers in the country, emphasising the faculty’s reputation for producing intellectual leaders.

Professor Nwokocha stated, “Our faculty is reputed for offering deeply intellectual, workable, and context-specific solutions to the challenges faced by Nigeria over the ages.” He emphasised the significance of the conference’s theme in aiding Nigeria’s navigation through its complex existential reality marked by despair, rising inflation, insecurity, corruption, and unemployment.

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During the conference’s opening, Vice Chancellor Professor Kayode Adebowale noted the relevance of the theme, “Social Science, Contemporary Social Issues, and the Actualization of Sustainable Development,” urging participants to generate transformative ideas for Nigeria.

Acknowledging the nation’s progress over 63 years, he expressed concern over setbacks in the economy and social indices, hoping the conference would proffer solutions.

In his keynote address, Professor Lai Erinosho stressed the rapid worldwide social change in the digital age, citing both benefits and unanticipated consequences for human survival. He cautioned against embracing same-sex relationships, citing dangerous implications for humanity.

The First Annual Ibadan Social Science Conference convened a diverse array of participants to explore solutions and intellectual leadership in addressing Nigeria’s pressing challenges.

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National Issues

Nigerians’ Wallets Under Strain As Inflation Soars to 28.92%

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As the country grapples with economic challenges, the latest figures from the National Bureau of Statistics (NBS) revealed a surge in the inflation rate to 28.92%, according to the December 2023 Consumer Price Index (CPI) released on a Monday afternoon.

The CPI, tracking the fluctuation in prices of goods and services, illustrates a notable increase from the previous month’s 28.20%, underscoring the pressing concerns surrounding the nation’s economic stability.

In a recent report, the Statistics Office revealed a notable uptick in the headline inflation rate for December 2023, marking a 0.72 percentage point increase from the previous month’s figure in November 2023.

On a year-on-year basis, the National Bureau of Statistics (NBS) highlighted a significant surge, with the December 2023 rate standing at 7.58 percentage points higher compared to the corresponding period in 2022.

December 2022 witnessed an inflation rate of 21.34 percent, underscoring the economic dynamics at play.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” NBS said.

In a further revelation, the bureau disclosed that the month-on-month headline inflation rate for December 2023 experienced a 2.29 percent surge, surpassing November 2023 by 0.20 percent. This indicates a swifter rise in the average price level compared to the preceding month.

The report highlighted a concerning acceleration in food inflation, reaching 33.93 percent on a year-on-year basis for December 2023. This marked a substantial 10.18 percent points increase from December 2022’s rate of 23.75 percent. The data underscores the persistent upward trend in food prices, a trend exacerbated by various government policies, including the removal of subsidies on petrol.

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Notably, in July 2023, President Tinubu declared a State of Emergency on food insecurity to address the escalating food prices. Taking decisive action, the President mandated that issues related to food and water availability and affordability fall under the jurisdiction of the National Security Council, recognising these as essential livelihood items in need of urgent attention.

In Monday’s inflation report, the National Bureau of Statistics (NBS) detailed the key contributors to the year-on-year increase in the headline index. The leading factors include food & non-alcoholic beverages at 14.98 percent, housing water, electricity, gas & other fuel at 4.84 percent, clothing & footwear at 2.21 percent, and transport at 1.88 percent.

Additional contributors encompass furnishings & household equipment & maintenance (1.45 percent), education (1.14 percent), health (0.87 percent), miscellaneous goods & services (0.48 percent), restaurant & hotels (0.35 percent), alcoholic beverages, tobacco & kola (0.31 percent), recreation & culture (0.20 percent), and communication (0.20 percent).

The report highlighted a substantial 24.66 percent change in the average Consumer Price Index (CPI) for the twelve months ending December 2023 over the previous twelve-month period. This represents a significant 5.81 percent increase compared to the 18.85 percent recorded in December 2022, indicating ongoing inflationary pressures in the economy.

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Food Inflation

In a concerning trend, the food inflation rate for December 2023 surged to 33.93 percent on a year-on-year basis, marking a substantial 10.18 percent points increase from the same period in 2022, when the rate stood at 23.75 percent.

The National Bureau of Statistics (NBS) attributed this rise in food inflation to notable increases in the prices of various essential items. Key contributors include bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, meat, fruit, milk, cheese, and eggs.

These price hikes collectively contributed to the intensified strain on consumers, highlighting the complex dynamics driving the upward trajectory of food prices.

“On a month-on-month basis, the Food inflation rate in December 2023 was 2.72 percent, this was 0.30 percent higher compared to the rate recorded in November 2023 (2.42 percent),” it said.

Clarifying the dynamics behind the recent uptick, the National Bureau of Statistics (NBS) explained that the month-on-month increase in food inflation for December 2023 was spurred by a heightened rate of escalation in the average prices of oil and fat, meat, bread, and cereals, potatoes, yam, and other tubers, as well as fish and dairy products like milk, cheese, and eggs.

“The average annual rate of food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96 percent, which was a 7.02 percent points increase from the average annual rate of change recorded in December 2022 (20.94 percent),” the report added.

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