$1b leather industry major catalyst for growth, says Osinbajo

Business News

The leather market, with its projected $1 billion earnings by 2025, has the potential to improve the nation’s foreign exchange earnings, boost growth and provide employment for young Nigerians.

Vice President Yemi Osinbajo made this known during the launch and sensitisation workshop on the National Leather and Leather Products Policy Implementation Plan in Abuja.

According to him, with the right planning and strategy, optimising the value chain, these economic goals could become reality soon.

He cited a study by the Nigerian Economic Summit Group (NESG), which projected that the leather industry has the potential of not only increasing its earnings by 70 per cent but also generating over $1 billion by 2025.

“There is no question that properly organised, the leather and leather products industry could become one of the major items in Nigeria’s export basket.

”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 11 leather exporting companies have been active at the upstream end of the leather value chain.

The Nation

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