Nigeria has been spotlighted by the Government’s Department for Business and Trade as a powerful location for beauty’s overseas expansion
The Department is facilitating a trade mission to Nigeria this February, and is on the hunt for growth potential brands to visit the territory to propel their international development.
Nigeria’s fashion and beauty sector is currently worth £20bn, and is set to further expand with expected growth of 8% by 2027. This increasing economic contribution has encouraged DBT to collaborate with the British Embassy Team Lagos, providing pathways for businesses eager to explore this exciting new market.
The market has thrived in recent years, with the personal care sector faring stronger than other sectors amidst economic difficulties. The cosmetics market especially has been recognised for embracing innovation, with a number of successful brands being champions of inclusivity and sustainability.
In the knowledge that Brexit has led to an £850m fall in the value of the UK beauty industry’s exports to the EU, as confirmed by the Value of Beauty Report 2023, the British Beauty Council has been dedicated to working with the government to ensure international trade barriers are open for the industry.
It has created the Trade Hub, a digital resource outlining the import and export regulations for multiple territories, and has worked with BeautyMatter on a number of summits designed to educate brands on consumer expectations and legalities of entering a new market.
In February 2024 there will be a trade mission to Nigeria, run by DBT, British Embassy Lagos and accompanied by the DBT Retail and Ecommerce team. The five-day mission will allow for brands to explore commercial opportunities for trade and manufacturing in Nigeria, as well as provide opportunities for building networks and trade relations.
Taking place in the dynamic city of Lagos, attendees will be able to learn from the programme of presentations that offer guidance for Nigeria’s market, a retail tour of UK businesses already in Nigeria, introductions to retailers and buyers, as well as meeting manufacturers.
The trip will be a comprehensive guide for those curious about this market, and will assist in the secure navigation of new trade. It will also be a chance to immerse in a culturally rich city, discover new experiences, and understand the expectations of potential future consumers.
Those wishing to join the trade mission must be a registered UK beauty brand that is export ready, registered on Companies House, and that meets DBT’s requirements of being a potential success in Nigeria. Initial costs are £500, plus VAT, and delegates will be responsible for their own accommodation and flights. For those wishing to know more details, or are interested in registering, visit the Government’s website here.
