"Ponmo consumption costs Nigeria’s leather industry $5bn" — FG cries out, warns citizens against consumption.

The Federal Government has raised fresh concerns over the widespread consumption of hides and skins, popularly known as ponmo, warning that the practice is harming Nigeria’s multi-billion-dollar leather industry.

Director-General of the Raw Materials Research and Development Council, Prof. Nnanyelugo Ikemounso, issued the warning on Thursday during the National Campaign Against the Consumption of Ponmo in Abuja.

He explained that diverting hides and skins for food deprives local manufacturers of essential raw materials needed to sustain and grow the leather sector. 

According to him, the Nigerian leather goods market was valued at $2.79 billion in 2024 and is projected to reach $4.96 billion by 2033, but this growth could be derailed if ponmo consumption continues unchecked.

“From an economic and industrial standpoint, cowhides are one of Nigeria’s most valuable raw materials.

Our nation possesses a vibrant leather industry with enormous potential for job creation, foreign exchange earnings, and contributions to GDP,” he said.

Prof. Ikemounso added: “Sadly, the continuous diversion of hides for ponmo consumption denies our industries access to quality raw materials, weakens our tanning and leather manufacturing sector, and diminishes Nigeria’s competitiveness in the global leather market.”

He noted that the global leather value chain is valued between $420 billion and $1 trillion, stressing that with the right policies, infrastructure, and access to raw materials, Nigeria can significantly expand its share.

Ikemounso clarified that the campaign is not targeted at cultural or dietary practices but aims to ensure hides and skins are channelled into more productive industrial use for national economic benefit.

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BREAKING: Obi slams FG over 70% crash in foreign investments, faults weak leadership.

The 2023 Labour Party presidential candidate, Peter Obi, has expressed concern over Nigeria’s dwindling Foreign Direct Investment (FDI), blaming it on poor leadership, weak governance, and uncoordinated reforms.

In a statement on Friday, Obi criticised the Federal Government’s frequent overseas trips in search of investment, describing them as “global galivanting” that fails to address the root causes of investor apathy.

He noted that Nigeria’s poor performance in key governance indicators, such as the rule of law, regulatory quality, government effectiveness, and voice and accountability, undermines the country’s attractiveness to sustainable foreign capital.

Citing data from the National Bureau of Statistics (NBS), Obi revealed that FDI fell by about 70% in the first quarter of 2025, dropping to $126.29 million from $421.8 million recorded in the fourth quarter of 2024.

He added that of the total $5.64 billion capital imported in Q1 2025, FDI made up just 2.24%, down from 8.2% in the previous quarter.

“Disturbingly, about 90% of the imported capital went into speculative money market instruments, which have little to no impact on industrial growth or job creation. This ‘hot money’ can leave the economy just as quickly as it came in,” he warned.

Obi further pointed out that investment in the manufacturing sector declined by 32.1%, falling to $129.92 million in Q1 2025 from $191.92 million in the same period of 2023—an indicator of declining investor trust in the government’s economic direction.

While global FDI to Africa rose by 75% to $97 billion in 2024, Nigeria attracted only $1.08 billion—about 1% of the continent’s total and a 42% drop from 2023.