Nigeria Can Generate $1bn From Leather Export, Says NEPC
Nigeria may generate over $1 billion by 2025 from the leather, cotton and garments sector, the Nigeria Export Promotion Council (NEPC) has said.
Speaking at the stakeholders’ engagement forum and exhibition in assessing the opportunities and challenges in the leather, garment and apparel industry, NEPC’s Executive Director, Mr Ezra Yakuza, said the industry could increase its earnings to about 70 per cent in the next few years.
He said this was also expected to curb the rate of unemployment. Represented by the Deputy Director, Product Development of the council, Mr Macherpson Fred, he said one of the sectors identified with huge untapped potential is manufacturing/industrial.
“Statistics showed that for over two decades, Asia dominated the global garment production, with China leading the pack as the largest manufacturer and exporter of apparels and garment with an export turnover of about $26.41billion,” he said.
He explained that the leading manufacturing hub like China, chase after apparel and garment exports to gain global market share, reduce unemployment, and diversify its economy. Ditto some African countries like Ghana, Ethiopia and Kenya who have taken the lead in the export of apparels and garment.
Yakuza noted that these called for concerted efforts not to overlook this latent sub-sector, but rather explore and harness the vast opportunities in its folds as it has the possibility of creating millions of jobs, reducing the pressure on the nation’s foreign reserves and opening practitioners to global wealth.
“NEPC has been at the forefront of assisting and promoting the development of export-oriented industries/sub-sectors towards boosting export activities that would expand the country’s volume and value of non-oil export for sustainable and inclusive economic growth,” he added.