Nigeria loses at least N585 billion of leather product revenue to other countries annually.
This figure amounts to about 90 percent of the N650 billion revenue stream.
This was disclosed by the Minister of State for Science, Technology and Innovation, Barrister Mohammed Abdullahi.
He spoke at the Nigerian Institute of Leather and Science Technology (NILEST) that graduated 165 Nigerians on footwear manufacturing and leather goods processing/production in Abuja on Thursday.
He said, “The market share of the Nigerian manufacturers in recent times has increased by 10 per cent, about N65bn leather and leather products transactions were estimated to have increased in excess of N450bn for footwear and N200bn for other finished leather products; the export value on the average was N189bn –N252bn, mainly leather.
“However, the reality about these developments is that 90% of the benefits goes to foreign countries while 10% goes into domestic accounts,” the minister said.
Abdullahi said the federal government, through NILEST, is making frantic efforts to reverse the huge capital flight by putting together the first-ever standalone National Leather and Leather Products Policy in Nigeria and its implementation plan.
He said the leather industry formed one of the vibrant sectors in national economic development, contributing enormously to the Gross Domestic Products (GDP) of the country.
In his welcome address, the director general of the institute, Prof Mohammed Kabiru Yakubu, said the first-time trainees were simultaneously camped in different zones for effective coaching and mentoring and the training programme was 80 percent practical and hands-on.
