Nigeria’s leather chain is set to grow its revenue to 1 billion a year by 2025. Abuja’s government is so sure of it that it announced a strategic plan to stimulate growth on July 6th. According to the forecasts, foreign commerce of leather and leather products could become one of the main engines behind export. The plan has 8 main focal points on which it develops: Intellectual Property rights, governance, new technologies, social and environmental practices, marketing, financing, critical infrastructures and research and development.
1 billion in revenue
Vice president Yemi Osinbajo participated in an event in Abuja on July 6th, during which he announced the launch of a strategic plan to grow the leather chain. “Our country is one of the highest producers of leather and finished leather products in Africa – he said while at the event, according to leadership.ng –. A study carried out by the Nigeria Economic Summit Group projected that the Nigerian leather industry has the potential to generate over one billion United States dollars by 2025. Leather value chain is extensive as it includes animal husbandry, tanneries, finished leather products and leather products marketing. The leather and leather products industry itself currently employs over 700,000 workers with about 500,000 workers in the finished leather goods sector”, he concluded.
This plan includes activities by the central government on 8 key areas, as we mentioned. Currently, mentioned Mr. Osinabajo, there are 11 companies exporting leather and leather goods abroad in Nigeria, while giving work to about 8,000 people. This plan aims at increasing the value of exports by about 70%. According to the VP, leather export has grown continuously and reached a peak value of 117 million USD in 2018, but lost much ground in 2020 due to the pandemic’s impacts.