Diversification: Leather Industry Generates N25bn Annually

According to the report, the nation’s earnings from the non-oil sector in 2015 exceeded its oil revenue, accounting for 61.1 per cent of the federally-collected revenue with about N448.83billion. The country’s earnings from the oil sector during the period dropped to N286.24billion.

The report also states that if appropriate policies are put in place, leather production, which has spanned many years in Nigeria, could further boost the current revenue earned from the sector especially with lots of opportunities that abound.

Also, speaking recently, the chief executive officer, Nigeria Export Promotion Council (NEPC), Segun Awolowo, said with a global market size of $20billion traded annually and inherent opportunities it portends to non-oil exports, there is  the need for increased productivity in the leather industry to meet international brands.

He said: “Our leather products are already competing with the international market. Many of them are being sold abroad already. But we need to increase productivity in order to meet up with other international brands.

“With approval of the Minister of Industry, Trade and Investment, Okechukwu Enelamah, the NEPC has commenced the process of implementing the zero oil plans. This non-oil export revolution campaign is set to systematically grow non-oil export from$2.7billion to $8billion in 2020, and eventually get into our target of $30billion by 2025, to bring a future economy where Nigeria will be able to survive on zero export of crude oil.

“Hides and leather is strategic. Fair provides platform to showcase creativity of Nigerians and offer opportunity to identify gaps and potential of the industry whose value chain is a critical economic sector as identified in NEPC’s zero oil plan, an integral component of the federal government economic recovery and growth plan ERGP,”