High quality cosmetics key to economic sustainability in Nigeria

High quality cosmetics key to economic sustainability in Nigeria

Ikpong Umoh, Chairman of Toiletries and Cosmetics Group (TC) has spoken of his desire to maintain economic sustainability in Nigeria through the production of high quality toiletries and cosmetics.

Speaking at the 2015 Annual General Meeting and End of Year Celebration of TC, Umoh looked back at the history of the industry and its potential to be vibrant and versatile, using the 1980s and 1990s as an example of its prosperity.

Talking during the conference, which had a theme of ‘Toiletries and Cosmetics: A Tool for National Economic Sustainability in the Era of Global Dwindling Oil Prices’, Umoh placed emphasis on the fact that it was an easy entry industry and could be established as a Micro Small Medium Enterprise (MSME). Meanwhile, the scope of the enterprise is said to be based on the resources of the owner, with it having the ability to start as a cottage industry in a rural area, or a big industry in the city.

Umoh said, “Toiletries and Cosmetics can be a tool for national economic growth. It has enormous potentials to create multiple streams of jobs, alleviate poverty, and light up the industrial landscape of our rural communities with the cottage industries. It can also contribute to the nation’s Gross Domestic Product (GDP) in the excess of the current paltry 4.7 percent (contribution to GDP by manufacturing sector in Nigeria).
 “It will also earn foreign exchange by way of genuine exports in a sustainable manner, if the challenges facing the sector are addressed, there should be a level playing field for all players in the sector, government should focus on the stimulation of Small Medium Scale Enterprise (SMEs).”

Indeed, Umoh stressed that the industry had the potential to lift the Nigerian economy, but would need help from the government in the way of single digit and long term loans to facilitate R&D initiatives.

During the conference Umoh was also re-elected for another tenure as Chairman of the group.