Nigeria is the investment destination of choice for global cosmetics brands looking to break into the African market, according to a report published by CAJ News.
The Nigerian market is currently valued at US$3.4 billion and the country boasts one of the biggest populations in Sub-Saharan African, with 184 million people, making it an attractive option for those looking to gain a foothold in this rapidly growing market.
Overall, the Sub-Saharan African market accounts for 3 percent of global cosmetics sales, but its share is rising fast; it is predicted to grow at double the rate of the market, according to CAJ News.
US hair extensions brand Her Imports has recently set up shop in the country. “The decision to open the store in Lagos was data driven,” Patrick Terry, CEO explained to CAJ News. “We actually receive more hits on our Her Imports website from Lagos than we do in Atlanta.”
The company is hoping to achieve sales of US$10 million in the region by 2018, with further stores planned for Nigeria, Ghana and South Africa in September, and Kenya, Egypt in 2017.