‘Nigeria’s Beauty Products’ Market Worth N500b’

Nigerian-based consultancy firm, Compass Global Services CEO Tokunbo Chiedu yesterday said Nigeria is sub-Saharan Africa’s hub for beauty products, with market value estimated at N500 billion annually.

Speaking at a media parley held at the company’s headquarters in Lagos, ahead of the ‘Annual Beauty West Africa Exhibition and Conference scheduled to hold in Lagos between November 21 and 23, she said the potential of Nigeria’s beauty economy was huge.

Chiedu said this was so considering the country’s abundant natural resources particularly the numerous natural ingredients used in the formulation of beauty products. She said this was why her firm was partnering with United Kingdom (UK-based) B to B events to spotlight the sector’s huge potential.

According to the Compass CEO, the beauty exhibition and conference will focus on key issues around the development and growth of the beauty sector.

Explaining further her firm’s objective of partnering B to B Events, Chiedu said: “Our job is to promote the brand Nigeria. As a company in the international trade investment and export promotion space, our work provides a gateway into the Nigerian market.

“We are partnering with B to B Events towards sector development, working with key stakeholders within the cosmetic market, while fostering linkages between Nigerian and international brands on beauty West Africa exhibition platform.”

B to B Events is a dynamic exhibition organiser created by Jamie Hill, MD of B to B Events UK. The firm, according to Chiedu, has overseen exhibitions across four continents and a portfolio of eight exhibitions across Africa including West Africa’s largest beauty exhibition. These, she said, make it well placed to make a big impact on the global exhibition industry

The CEO added that as an international platform for business to business engagements and export promotion, Beauty West Africa Exhibition and Conference will host over 100 companies from across the world, and local brands including the showcasing of proudly Nigerian brands at this year’s edition of the annual beauty event.

She reiterated that the Nigerian beauty market was diverse, and that Nigeria remained the gateway into the sub-Saharan region, where the beauty market is estimated at about $3 billion. She, however, said a larger chunk of this market was domiciled in Nigeria.

Chiedu said apart of the brand offering, which remained a key determinant to fully exploiting the sector’s potential, issues of quality and standards, which, according to her, are under a multi-agency charge, are being looked into by the relevant agencies. The other issue is the need to add value to export products.

Compass Global Business Services is a consultancy specialising in business development, new market entry, international trade/partnership. The firm, according to its CEO, has in the past 10 years been connecting Nigerian and international businesses to new opportunities and global trade ties.