Nigerian Vice President Yemi Osinbajo on Tuesday said the country is making a projection of generating more than 1 billion U.S. dollars from the leather industry by 2025.
The leather industry in Nigeria has the potential to generate that huge amount, with a value chain that has so far created wealth and significant job opportunities, Osinbajo said at an ongoing sensitization seminar on the National Leather and Leather Products Policy Implementation Plan in Abuja, the capital of Nigeria.
“Nigeria is one of the highest producers of leather and finished leather products in Africa,” the vice president noted while addressing the event.
According to him, recent research carried out by the Nigerian Economic Summit Group had projected that the Nigerian leather industry has the potential to generate over 1 billion dollars by the year 2025.
“The leather and leather products industry currently employs over 750,000 workers with about 500,000 workers in the finished leather goods sector. The leather value chain is extensive,” Osinbajo said.
The leather industry in Nigeria includes tanneries, finished leather products and leather products marketing.
Osinbajo said about 11 leather exporting companies have been active at the upstream end of the leather value chain, generating about 8,000 jobs altogether.
Data showed Nigeria’s export of leather had grown steadily, reaching a peak of 117 million dollars in 2018, said Osinbajo, noting the figure fell in 2020 largely due to the COVID-19 pandemic.
“To date, however, exports are in the order of 272 million dollars. Today, Nigeria’s semi-finished and finished leather have their highest patronage in Italy, Spain, India, (other countries in) South Asia, and China,” he said.
The country’s leather products and value chain have also attracted huge international patronage, with shoes, belts, bags, and folders largely traded in West Africa and many other parts of Africa, Osinbajo added. Enditem