Nigeria’s new $1 billion Leather Industry Policy

Nigeria is one of the highest producers of the finest and highest-quality leather products across Africa. The leather industry is one of the highest potent sectors that can boost the country’s economic level if appropriately handled. The government is very well aware of the fact and the hidden potential of the sector.

in Abuja, a formal launch and sensitization workshop on the National Leather and Leather Policy was organized on Tuesday. Vice President claimed that being a highly productive sector, the leather manufacturing industry can generate around $1 billion by 2025. This could be a game-changer for the Nigerian economy, boosting growth, attracting foreign investors, thus strengthening foreign exchange earnings and creating job opportunities.

The Nigerian Economic Summit Group (NESG) has done the statistical data and analysis. And according to the report by NSEG, the leather industry can surely achieve $1 billion in revenue generation. However, it can also increase the earnings by 70 percent. Mr. Osinbajo is very much confident with the industry and has stated that there is no doubt that it can be one of the major areas to boost the economy and strengthen the trade sector worldwide.

Leather Industry

The leather industry is popular to work with a chain structure consist of animal husbandry, tanneries, finished industrial leather products, marketing, and exporting. And due to this chain-like structure, it generates employment in every step of the chain and supports other industries also. According to the surveys, about 7,50,000 workers are working in the leather industry and 5,00,000 workers in the finished leather products industries, and innumerable employees in the preceding sectors in the chain. Eleven leather exporting companies are running active today on the top link of the leather-producing chain.

The National Leather and Leather Products Policy Implementation Plan ensure the rectification of the shortcomings in different areas of industry. Moreover, they will also address the specific major problems to enhance production. Mr.Osinbajo has assured the sector will boom in prosperity in upcoming years.

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