FG Plans $1bn Venture Fund To Scale Up Leather Industry
The Steering Committee on the Strategic Implementation Plan of the Leather and Leather Products Policy, alongside the Director General/Chief Executive Officer of the Nigerian Institute of Leather and Science Technology (NILEST), held a crucial high-level advocacy meeting with the Minister of State for Industry, Senator John Enoh to discuss the creation of a $1bn Leather Industry Venture Fund to scale up the sector
The meeting also served as a platform to discuss key policy recommendations, including increased government involvement in fully actualising the Leather Policy and inclusion of the leather sector in national MSME survival programs.
The meeting also discussed single-digit interest loans for leather entrepreneurs through the Bank of Industry, collaboration with international partners to modernize Nigeria’s leather industry, as well as strengthening campaigns to promote ‘Buy Made-in-Nigeria Leather Products.’
During the meeting, Enoh reaffirmed the ministry’s commitment to supporting the leather industry, acknowledging its critical role in job creation, economic diversification, and technological advancement.
He urged the committee to document the challenges hindering the effective implementation of the Leather Policy and identify areas where the Ministry can intervene to provide strategic support.
A key highlight of the discussion was the Minister’s call for an alternative to Ponmo (processed cowhide), emphasising the need to encourage its use in leather production rather than as food.
He noted that by providing viable substitutes, Nigerians could be incentivised to redirect the use of hides and skins toward industrial and economic development.
The Minister assured the committee of his full cooperation, urging them to work closely with the Ministry to achieve greater milestones.
He emphasised that NILEST remains a pivotal institution in Nigeria’s economic transformation, providing critical research, training, and innovations that will shape the future of the leather industry.
In his remarks, Dr Auwal Mustapha Imam, Chairman of the National Steering Committee, commended the Minister for his proactive approach and support for the leather industry.
He highlighted the progress made in implementing the National Leather and Leather Products Policy, including skill acquisition programs, research advancements, and the establishment of 22 extension centres across Nigeria to empower leather value, chain actors.
The engagement marks a significant step toward advancing Nigeria’s leather sector, unlocking its potential to compete on the global stage, and creating a more sustainable and economically viable industry.
FG Plans $1bn Venture Fund To Scale Up Leather Industry is first published on The Whistler Newspaper
