Beauty West Africa Show Forecasts $5.8bn Investment Surge In Nigeria’s Cosmetic Industry

The annual Beauty West Africa event organised by BtoB Events Limited, whose managing director, Jamie Hill, has stated that Nigeria's cosmetic business has the potential to reach $5.8 billion by 2026. This upbeat forecast was made on Tuesday, November 28, the first day of this year's Beauty West Africa expo, which was hosted at the Landmark Centre on Victoria Island in Lagos.

Reportedly the greatest show to date, it features more than 200 exhibitors from all over the world, including China, Pakistan, Egypt, and other nations. Hill highlighted the importance of the West African and Nigerian markets, noting that the beauty sector currently makes up a sizeable $5.28 billion portion of Nigeria's GDP.

Hill, the managing director of BtoB Events, emphasised the importance of the show as a commercial venue that promotes global collaborations. He urged attendees to take advantage of the exhibitors' offerings, highlighting the opportunity to develop made-in-Nigeria brands, assist SMEs, and draw in foreign brands to manufacture in Nigeria, thus increasing the GDP of the nation.

Nigeria is still a robust market with high demand for its goods and services, as this exhibition has shown. This underlined how crucial it is for businesses to support government initiatives aimed at creating jobs by expanding their manufacturing facilities and investing in regional industries. For exhibitors who had never been to Nigeria or West Africa, the show provided a good chance to see that the country is secure and prepared to welcome visitors from around the globe.

Recognising the enormous potential of their products, Saysom Wu, the Sales Manager for Bingo Hair Cosmetic Corporation, Hong Kong, emphasised the company's dedication to expanding their product's penetration in the Nigerian market.

"Our wide range of products offers complete beauty solutions, encompassing hair care, skincare, body care, and more. We provide a wide range of excellent and cutting-edge options, whether you're looking to improve the health and beauty of your hair, rejuvenate your skin, or treat your entire body."We're here again to create more excitement about our products because we understand the potential in the Nigerian market," he stated.In addition, exhibition manager Ken Baber urged investors, saying that Nigeria continues to be the centre of Africa's economy.

The purpose of this event is to make Nigerians and manufacturers aware of it as the main hub for exhibitions. The market is expanding, and the nation has a great deal of untapped potential. We have a purpose for selecting Nigeria. The market is growing quickly, which will encourage manufacturers to take further action.

With 5,000 visitors and more than 250 companies, we are sure that the event will grow even more the following year. We want the world to know that we can accomplish incredible things together, and we are here for Nigerians, he said.

Source: New Telegraph