FG approves new policy on leather to attract investment

…Targets N360bn annual income from leather industry
The Federal  government has approved a new policy on leather known as National Leather and Leather Products Policy that will enable the government to attract more investment into the sector over $921 million (approximately N360 billion).

With the new policy, Nigeria would now harness her leather resources in a manner that will allow the government to make more gains instead of exporting raw leather or semi-finished products.

Minister of Science and Technology, Dr Ogbonnaya Onu who briefed States House Correspondents on Wednesday, said that the approval was given during the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Onu said, “We want to prepare our nation so that we can process our leather and use the leather in production of finished leather products.

This, the minister said has application in almost every sector of our economic life, including footwear, apparels and automobile industry.

According to him, there is hardly any machine that you will open without finding the leather component.

“This is the only we can create more jobs and a lot of wealth. We would be in a position to fight poverty. In any country, they always start with textiles and then leather. Here we have comparative advantage because our Labour cost is low,” the minister said.

Speaking further Onu said, “As far as light leather is concerned, we are number two in Africa and number 8 in terms of exporting leather in the world.

If we harness the leather we have in Nigeria and that we processed our hides and skins, we will be creating a lot of jobs and wealth because of the small scale enterprises that will spring up.

You will now be having new business springing up. President Buhari is very much interest in sense ring that those who want to work can work.”

According to him, in terms of contributions, leather contributes almost $921m to our economy, as at 2013. There was a time leather was number three in terms of contributions from the non- oil sector. We believe that leather will help us achieve much to the economy.

On health hazards associated with processing, the minister said, “This is exactly why you have the Federal Ministry of Science and Technology and we have the Leather Research Institute in Zaria.