THE FACT THAT? Nigeria is stepping up efforts to boost local cosmetics manufacturing in response to its high import bill.
THE DETAILS With cosmetics imports exceeding $1.1 billion, policymakers are pushing for strategies to reduce dependence on foreign products, including a proposed 30% value-added framework to ensure raw materials are processed domestically. The Raw Materials Research and Development Council (RMRDC) is leading initiatives to strengthen local production, supported by a 10-year roadmap that aims to add up to 95% value-added across all sectors by 2034. Industry experts highlight a gap in locally adapted skincare, particularly for tropical conditions, presenting opportunities for national innovation and growth. Additional efforts include R&D partnerships, innovation challenges, and scaling up climate-specific formulations for industrial production.
THE WHY? The drive aims to reduce dependence on imports, retain economic value within the country, support job creation and build globally competitive manufacturing capabilities aligned with the needs of local consumers.
Fountain: Business Day
