Mince International Concept and the Nigerian Export Promotion Council (NEPC) on Tuesday outlined plans to promote locally produced beauty products and cosmetics globally.
The News Agency of Nigeria (NAN) reports that the plans were articulated at a town hall meeting for beauty products and cosmetic manufacturers’ organised by Mince International Concept in Lagos.
The meeting, attended by more than 200 beauty products and cosmetic manufacturers, was also organised in collaboration with Nigerian Export -Import Bank, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), and sponsored by LOTUS Bank.
The theme of the meeting was: “Breaking The Barriers of MSME’s in Cosmetics Industry For Enhanced Production Capacity, Sales and Export in AfCFTA and Beyond.”
In his presentation, Mr Kola Awe, Promoter/Director, Mince International Concept Industry, said the Micro, Small and Medium Enterprises (MSME’s) in the cosmetics sector needed intervention through the entire production, packaging, sales and export value chain.
Awe said in spite of the contributions of MSMEs; they were burdened by challenges ranging from multiple taxation, limited access to funds, bureaucracy, weak logistics, among others.
He explained that the intervention was aimed at preparing players in the beauty and cosmetic sector for the Africa Continental Free Trade Agreement (AfCFTA), which would open up the African market for regional competition.
Awe said, the intervention would eliminate all middle men, local buying agents and marketers in the value chain.
“Mince will relate directly with the processors by providing the raw materials, thereby eliminating third party traders.
“This will enable the smallest micro company to have its raw materials at the best price, in spite of the quantity.
“This model will be replicated for all imported raw materials and packaging materials in the cosmetic industry to ensure uniform quality of raw materials, standardisation and cost reduction for those in registered Cosmetic Community Forum (CCF),” he said.
Mr Samuel Oyeyipo, Regional Cordinator, South-West zone, NEPC, said the collaboration with Mince International Concept was geared towards promoting the Nigerian beauty and cosmetic sector in the regional and global market.
Oyeyipo said the idea was to bring together players in the sector, examine their challenges and foster ways of addressing them, so that they can also participate in export business.
“Most of the MSME’s do not have the capacity to solve the myriad of problems confronting them, in terms of product packaging, certification, registration with NAFDAC and some other agencies.
“This is to prepare them for the AfCFTA that is opening up the African market generally because by the time the market is fully opened up and they are not prepared, they may not be able to withstand the competition,” he said.
In her presentation, Mrs Ife Folawiyo, Chief Executive Officer, Tafe Organic Rac Ltd., said Africa was doing less than 3 per cent out of the global cosmetics market and there were so much untapped potential in the market.
Folawiyo stated that the beauty and personal care market could reach 3.2 billion dollars by 2023, making Nigeria the rising star in Sub-Saharan Africa after South-Africa.
“The beauty industry which includes skin care, hair care, fragrances and make up is still estimated to record an annual growth rate of 5 per cent each year from 2020 to 2023.
“Emerging trends which include organic products, sustainable products, advanced blue light protection, scalp and hair treatments continue to shape the industry as it evolves to more relevance in the new world,” she said.
In his goodwill message, Mr John Isemede, Consultant, UNIDO, charged the participants to register with relevant bodies and obtain guidance from experts before going into export business.
A participant, Mrs Amaka Udenwenza, CEO, Holistic Spa and Skin Therapist in Port-Harcourt, lauded the organisers of the event for giving players in the sector a platform to network and get expert guidance to showcase and sell their products globally. (NAN)
