Nigerian leather industry can generate over $1 bn by 2025: Study

12 Jul '21

1 min read

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The Nigerian leather industry can generate over $1 billion by 2025, says a study by the Nigerian Economic Summit Group (NESG). Foreseeing an enormous potential for more jobs and much higher exports, vice president Yemi Osinbajo said the NESG projection also indicates that the leather industry has the potential to raise its earnings by 70 per cent by 2025.

The leather value chain includes animal husbandry, tanneries, finished leather products and leather products marketing.

Nigeria’s leather and leather products industry currently employs over 750,000 workers, with about 500,000 in the finished leather goods sector. To date, however, exports are in the order of $272 million. The big markets for Nigeria’s semi-finished and finished leather are Italy, Spain, India, South Asia and China.

“By optimising the value chain, the sector will provide employment, improve our foreign exchange earnings and boost growth,” the vice president was quoted as saying by a Nigerian newspaper.

He also announced that the Nigerian Institute of Leather Science and Technology (NILEST) has established nine extension centres across the six geo-political zones of the country.

Fibre2Fashion News Desk (DS)

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