Leather industry: Expert calls for action to unlock sector’s potential

In a bold vision for Nigeria’s economic future, Meck Emmanuel, Founder of Nyashii Leather, has called for a concerted effort to unlock the immense potential of the country’s leather industry.

Disclosing in a recent statement, the expert asserted that Nigeria possesses a significant livestock population, generating a substantial volume of hides and skins.

He noted further that the country is primarily exporting these raw materials, missing out on the lucrative opportunities presented by value addition.

According to him, Nigeria’s leather industry has the potential to generate over $1 billion annually in foreign exchange earnings, create skilled jobs, and promote cultural heritage.

He said, “The Nigerian Economic Summit Group projected that the industry can create a multitude of jobs across the value chain, from tanning and processing to design, manufacturing, and marketing. By processing raw materials domestically, Nigeria can reduce reliance on oil exports and diversify the economy.”

The African luxury leather goods market is estimated at around USD 2 billion in 2023 and is projected to grow at a CAGR of 10-12% over the next five years. Considering Nigeria’s position as the largest economy in Africa and its growing middle class, a conservative estimate suggests Nigeria holds at least 20% of the African luxury leather goods market share, translating to a market size of around USD 400 million in 2023.

However, over 85% of leather used in Nigeria comes from abroad, significantly impacting leather product pricing and availability.”

To unlock the full potential of the leather industry, the expert emphasized the need for modernization, skill development, infrastructure development, market access, and branding and marketing.

He also highlighted the importance of a comprehensive National Leather Policy, government support through financial incentives and improved access to credit, and increased investment in research and development.

“By investing in the leather industry, Nigeria can transform it into a major driver of economic growth and a significant source of foreign exchange earnings.” He added.

Meck’s vision for the Nigerian leather industry provides a roadmap for a sector with immense potential. As the Founder of Nyashii Leather, he stressed that he is committed to promoting the growth and development of the leather industry in Nigeria.