How Nigeria, Africa can leverage $716 billion beauty industry

The beauty industry, estimated at $716 billion, could leapfrog Nigeria’s struggling economy and address unemployment if government prioritises the sector and takes advantage of emerging trends in the global market.

With a yearly growth rate of 4.75 per cent, the industry is valued at $511 billion, globally, and is predicted to hit a staggering $716 billion by 2025.

Stakeholders, who disclosed this in Abuja, at a graduation ceremony organised by Beauty Therapy Institute and Skin101 Centre, also decried the burden of health related issues on the economy through lack of standards and human capacity in the industry.

Speaking at the event, Sandy Fuhr, the founder of BTI, which is headquartered in Cape Town, South Africa, noted that the industry could add meaningfully to economies across Africa, especially in Nigeria, with huge manufacturing capacity, while addressing unemployment challenges.

Fuhr also stressed the need for people to stop bleaching their skin to prevent cancer. “Why don’t we embrace the colour that we are and be satisfied with the quality of our skin? Just maintain what the skin has to offer. Leave the hydroquinone. Leave those skin products out there that can cause skin cancer, because it’s a serious issue,” she said.

Stressing that education is key to growth of the sector, Fuhr said instead of importation, African countries are beginning to manufacture beauty products, stressing that the trend must be even across the continent.

She said: “Manufacturing of beauty products is growing. This is really good because that helps sustainability of growth of the industry in each African country. And looking at the growth in Africa, we really need uplift everywhere.”

Fuhr urged government to accredit beauty colleges and training centres, saying standardisation must be a priority for the sector.

“We’re not going to grow an industry in a meaningful way if we don’t start with good education. I think that is the first phase where the government needs to help,” she said.

Head of Operations, Skin101 Centre, Abuja, Adanma Okoro, said the organisation has helped to reduce cost of training for beauty and capital flight outside the country by training experts locally through international collaboration.

Okoro asked government to put in place a special students’ loan to enable people build capacity in beauty, stressing that this could end unemployment and poverty in the country.