ECONOMY: MINCE Rallies Nigeria’s Beauty Product Stakeholders For a $463.5 Capacity Growth In 2027


“Theme: Breaking the Barriers of MSMES in Cosmetics Industry for Enhanced Production Capacity, Sales and Export in AfCFTA and Beyond”

*Stakeholders at MINCE meeting


The Made In Nigeria Commodity Exchange International Concept, MINCE hosted beauty products stakeholders in a Town Hall meeting in Lagos on Tuesday in Lagos attracting hundreds of participants from Nigeria, and other West African countries.

The project with the “Theme: Breaking the Barriers of MSMES in Cosmetics Industry for Enhanced Production Capacity, Sales and Export in AfCFTA and Beyond”, was packaged by Mr. Kola Awe, MD/CEO of XPT Logistics and sponsored by Lotus Bank as endorsed by a consortium of stakeholder in the export sector among which are NEPC, NEXIM, NICERT, Nigeria Association of Chambers of Commerce, National Association of Nigerian Traders and the Small & Medium Enterprises Development Agency of Nigeria held at the NERC plaza in Ikeja in Lagos.

Among industry representatives who graced the occasion was Mr. Samuel Oyeyipo of NEPC, John Isemede who spoke for the Chambers of Commerce, Mrs, Folawiyo and many other stakeholders from far and wide.

*One of the coordinators of the project, Mrs. Folawiyo delivering her slide presentation

The meeting focus on how the beauty and cosmetics sub-sector of the Nigerian economy, is designed to harness, harmonized and collaborate with stakeholders in the sector to develop what according to analysis currently stands as a $463.5billion dollar wobbling market opportunity.

Speaking from the perspectives of the problem and prospect of entry and remaining in the industry, Ex- DG of Nigerian Chamber of Commerce, Industry, Mines & Agriculture, Mr John Isemede had this to say:

In his presentation, Mr Kola Awe shocked the audience with a revelation that over 3million SMEs had closed down business since the Covid-19 pandemic 2019. Wondering how Nigerians can recover from these doldrums, he spoke extensively on what’s to be done. A detailed presentation made in a slide presentation shows that MINCE’s plan is designed to harness the potentials of both the producers and marketers of beauty and cosmetics products along with the whole gamut of the value chain which includes the export of products.

An interesting side attraction during the project presentation was the display of a range of made-in-Nigeria beauty products. A number of producers who spoke with Pegasus Reporters said that they were highly enthused by the prospect offered by the MINCE saying that it will boost the productive capacity in the industry. They were very elated, especially, the prospects that will assist them in exporting their products outside the country. A producer representative who wouldn’t reveal her identity had this to say:

“Our products can compete with any outside Nigerian, but over the years, the improper harnessing of the industry and lack of synergy among stakeholders has bred unhealthy competition such that the public has been forced to patronize fake products either made here or imported”

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