By Ogova Ondego
Published September 14, 2015
Nigeria, Africaâ€™s top destination for foreign direct investment, is preparing to host a three-day exhibition and conference on beauty in early October 2015.
The second edition of the event, known as Beauty Africa Exhibition & Conference, is expected to bring together investors, suppliers, marketers, researchers and a host of other players dealing in beauty products for African hair and skin type.
The event, that is to be held at Eko International Convention & Exhibition Center in Lagos, is expected to offer “participants networking opportunities, workshops and seminars that will provide them with the latest trends, techniques and updates in the cosmetic industry,” according to a media release distributed by African Press Organisation of Switzerland. Apart from companies, health and wellness bloggers such as Skin Tags GoneÂ are expected to attend the event.
The Beauty Africa 2015 is aimed at providing a strategic platform on which to establish what the organisers refer to as “successful partnerships in the beauty industry within Nigeria and beyond.”
Already, top global cosmetics manufacturers seeking new growth have begun entering the market through partnerships with indigenous brands as well as direct investment in stores.
In 2012, PriceWaterHouseCoopers (PwC) accounting firm estimates that Nigeriaâ€™s personal care and beauty market was worth US$1.7 billion and projected to grow to US$2.7 billion at 9% growth rate per annum. It is this growth potential in the industry that is attracting various international brands to Africa’s largest economy.
â€œThe beauty industry has grown along with consumer spending growth in Nigeria. It is currently increasing at approximately 9%. There are market opportunities in the Nigerian beauty industry, and great potential for international companies to develop and build their brands,â€ the media release quotes Oluseyi Yerokun, Head of PwC’s Deal Strategy Division in Nigeria, as saying.
Nigeria, whose economy is believed to be Africa’s largest since 2014, received more that US$20 billion in DFI between 2010 and 2013.