Nigeria’s leather industry capable of generating $1 billion by 2025: Nigeria VP
Nigeria Vice President Osinbanjo has said that the West African country’s leather industry has the potential to generate over 1 billion dollars by 2025.
VP Osinbajo disclosed this at the formal inauguration and sensitisation workshop on the National Leather and Leather Products Policy Implementation Plan on Tuesday in Abuja.
He said leather value chain had created wealth and appreciable job opportunities in Nigeria.
“Nigeria is one of the highest producers of leather and finished leather products in Africa; a study carried out by the Nigerian Economic Summit Group (NESG) projected that the Nigerian leather industry has the potential to generate over 1 billion dollars by 2025.
“The leather value chain is extensive; it includes animal husbandry, tanneries, finished leather products and leather products marketing.
“The leather and leather products industry currently employs over 750,000 workers with about 500,000 workers in the finished leather goods sector.
“About eleven leather exporting companies have been active at the upstream end of the leather value chain; together, these companies generate about 8000 jobs.’’
He said that the export of leather had grown steadily reaching a peak of 117 million dollars in 2018 but fell in 2020 largely due to the COVID-19 pandemic.
Osinbajo said that Nigeria’s leather products and value chain had immense potential and attracted huge international patronage.
According to him, there is clearly an enormous potential for greater job opportunities and much higher export proceeds.
He said that the NESG projection also indicated that the Nigerian leather industry had the potential to increase its earnings by 70 per cent by 2025.