JANUARY 2, 2024

Nigeria: Explore a £20bn beauty opportunity with Department for Business and Trade

The government's Department of Business and Trade has highlighted Nigeria as a potent destination for the international expansion of beauty. This February, the Department is organising a trade mission to Nigeria and is looking for brands that have the potential to grow and visit the country in order to advance their global development.

Nigeria's fashion and beauty industry, which is currently valued at £20 billion, is predicted to grow by 8% by 2027. Due to its growing economic impact, DBT has partnered with the British Embassy Team in Lagos, opening doors for companies looking to enter this fascinating new market. 

In spite of the economic downturn, the market has prospered recently, with the personal care industry performing better than other industries. The cosmetics industry in particular has been acknowledged for its embrace of innovation, with several prominent brands serving as advocates for sustainability and inclusivity. 

The Value of Beauty Report 2023 confirms that Brexit has resulted in an £850 million decline in the value of UK beauty industry exports to the EU. Consequently, the British Beauty Council has committed to collaborating with the government to ensure that trade barriers remain open for the industry globally. 

In addition to working with Beauty Matter on several summits aimed at educating brands on consumer expectations and the legalities of entering a new market, it has developed the Trade Hub, a digital resource that outlines import and export regulations for various territories.

A trade mission to Nigeria is scheduled for February 2024, led by DBT, the British Embassy in Lagos, and featuring the DBT Retail and Ecommerce team. In addition to giving brands the chance to investigate manufacturing and trade prospects in Nigeria, the five-day mission will also offer networking and trade relations building opportunities.

Attendees will be able to learn from a programme of presentations that offer guidance for Nigeria's market, a retail tour of UK businesses already in Nigeria, introductions to buyers and retailers, and meetings with manufacturers. The event will take place in the vibrant city of Lagos. 

The journey will help with the safe navigation of new trade and serve as a thorough guide for individuals who are interested in this market. It will also be an opportunity to learn about new experiences, become immersed in a culturally diverse city, and comprehend the expectations of prospective customers. 

To participate in the trade mission, a UK beauty brand must be registered with Companies House, be export-ready, and satisfy DBT's prerequisites for potential success in Nigeria. The initial payment is £500, plus VAT. Delegates are in charge of booking their own travel and lodging. Go to this page of the government if you'd like more information or would like to register.

Source: British Beauty Council



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