FG Plans To Generate $1 Billion From Sale Of Leather By 2025

The federal government forecasts that the sale of leather and leather goods will earn roughly $1 billion by 2025.

Prof. Mohammed Yakubu, Director-General of the Nigerian Institute of Leather Science and Technology (NILEST), said this on Wednesday during the current technology and innovation Expo 2022 in Abuja.

Because the leather sub-sector brought in over $800 million in revenue for the government in 2009, Yakubu thinks that exporting leather is not good for the country.

He urged the government to place a complete ban on the export of leather.

"What we want is for whatever is produced in this nation in terms of hides and skin to be transformed into leather products, which will be the only ones exported," Yakubu explained. As a result, we generate additional employment and foreign exchange.

"The international leather market is about $400 billion, and this country received approximately $880 million in 2009.

"According to the National Leather and Leather Goods Policy, we want to generate around $1 billion from the sale of leather and related products by 2025."

Yakubu said that the policy banning the export of leather had been in place since 2009, but it had not been properly implemented.

"It's been around since 2009, but the country is still permeable since a lot of our leather is exported, which isn't in our favor.

"We are pleading with the authorities concerned to limit the export of leather.

He warned that if that is not done, "we will still be shortchanged."

Yakubu stated that science, technology, and innovation were important to Nigeria's economic progress.

"In today's world, science, technology, and innovation are sources of strength" (STI).

"A country must grow scientifically in order to deserve a seat at the table.

"To get the most out of the country's vast resources, STI must be ingested, fostered, and deployed.

"The Institute has implemented a policy in its curriculum that requires all students to be trained in their favorite field of leather work in whichever programme they are admitted to.

"All of this is in line with the leather policy's execution, so that in a very short time, Nigerians' talents in leather work will be enhanced to the point that they can compete with the finest in the world."