MINCE, others outline ways to boost Nigeria’s cosmetics industry

MINCE International Concept and experts in the Nigerian cosmetics industry have addressed several issues facing the sector and pointed out various ways to boost the industry and exportation of cosmetics.

Kola Awe, an expert in the export sector while speaking at the Beauty Products and Cosmetic Manufacturer’s event recently held in Lagos disclosed that MINCE is kicking off with the Nigerian cosmetic industry to pave the way for locally made commodities to thrive both in the local and international market.

Speaking on the theme “Breaking The Barriers of MSMEs in Cosmetics Industry for Enhanced Production Capacity, Sales and Export in AfCFTA and Beyond.”, experts disclosed that despite the high demand for made Nigeria cosmetics, Africa’s biggest economy still finds it difficult to export cosmetics to its African counterparts and globally.

“We are coming up with our interventions that will unlock a lot including finance, equipment, packaging materials, ensure standardization and quality of any products and business under the MINCE manufacturer’s forum,” Kola said

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According to him, MINCE will also ensure capacity building, open up new markets and accommodate manufacturers and dealers in the industry at little or no cost.

“We are looking at both the local and international market because if you are not valued at the local level it will be difficult to scale up international transactions and exports. So, we are going to promote your local production and then translate across borders. MINCE project will look at these challenges according to stages from raw materials, packaging, export, certification, and work with the business owners to address them accordingly,” he said

Kola stated that the MINCE cutting down the cost of production will enable businesses to compete globally.

“Mince strategy is to eliminate all the middlemen, local buying agents and marketers in the value chain of the raw materials. We will relate directly with the processors by providing the raw materials, thereby further eliminating third party traders which will enable the smallest micro company to have its raw materials at the best price despite the quantity.

“This model will be replicated for all imported raw materials and packaging materials in the cosmetics industry. It will ensure uniform quantity of raw materials and cost reduction but will be available to registered members,” Kola said.

Similarly, he explained that the project will establish a structure in Lekki to accommodate made in Nigerian products, sponsor contract manufacturing and others.