Vice President Yemi Osinbajo on Tuesday said that there is a projection that Nigeria’s leather industry has the potential to generate over $1billion by 2025.
Osinbajo stated this in Abuja at the formal inauguration and sensitisation workshop on the National Leather and Leather Products Policy Implementation Plan.
According to him, the leather value chain had created wealth and substantial job opportunities in Nigeria.
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“Nigeria is one of the highest producers of leather and finished leather products in Africa; a study carried out by the Nigerian Economic Summit Group (NESG) projected that the Nigerian leather industry has the potential to generate over $1 billion by 2025.
“The leather value chain is extensive; it includes tanneries, animal husbandry, finished leather products and leather products marketing.
“About 11 leather exporting companies have been active at the upstream end of the leather value chain; together, these companies generate about 8000 jobs.’’
Osinbajo said that the export of leather had grown steadily, reaching a peak of $117million in 2018 but fell largely in 2020 due to the coronavirus pandemic.