Vice President Yemi Osinbajo said the value of Nigeria’s leather exports could reach over $ 1 billion by 2025.
The vice president disclosed this Tuesday during the inauguration and awareness-raising workshop on the National Plan for the implementation of the leather and leather products policy.
What Vice President Osinbajo Said
Osinbajo said, âNigeria is one of the largest producers of leather and finished leather products in Africa; a study by the Nigerian Economic Summit Group (NESG) predicted that Nigeria’s leather industry has the potential to generate more than $ 1 billion by 2025.
âThe leather value chain is vast; it includes animal husbandry, tanneries, finished leather products and the marketing of leather products.
âThe leather and leather goods industry currently employs more than 750,000 workers, of which around 500,000 are in the finished leather goods sector.
âAbout eleven leather exporting companies have been active upstream of the leather value chain; together, these companies generate around 8,000 jobs. ”
He added that leather exports had increased, peaking at $ 117 million in 2018, but fell in 2020 largely due to the pandemic, while admitting immense potential in the production value chain. leather from Nigeria.
âTo date, however, exports are in the order of $ 272 million; today, semi-finished and finished leathers from Nigeria have their greatest patronage in Italy, Spain, India, South Asia and China.
“Shoes, belts, bags and shirts are widely marketed in West Africa and in many parts of Africa” he added.
He added that one of the reasons for launching the National Leather and Leather Products Policy Implementation Plan is related to the NESG forecast that the Nigerian leather industry has the potential to increase its income. 70% by 2025.
âA big part of this effort is to improve access to credit for manufacturers of leather goods.
âOur Special Economic Zones (SEZ) project already had leather product manufacturing as a major focus, synergy and collaboration with the Nigeria Export Processing Zone Authority (NEPZA) were all needed at this time. current “ he said.
In case you missed it
Recall Nairametrics reported last month that Mr. Alex Okoh, Managing Director of the Bureau of Public Enterprises (BPE), said the Kano Free Trade Zone (KFTZ) concession would attract an export value of two billion dollars by 2027.
He cited that the free trade area would welcome businesses in the agricultural and textile sector. The processing of hides and skins into leather goods was also cited as one of the activities that can be carried out in the Kano Free Trade Zone.