Operator Urges Financing For Africa’s $66bn Beauty Market

Industry stakeholder and operator beauty and personal care market, Beatrice Nnadili Eneh, has called for increased financing and institutional support for Africa’s  estimated at $66 billion, saying greater investment in manufacturing, enterprise development and market access could unlock additional value across the sector.

Eneh, the founder of Beauty in the Motherland (BITML), said governments, financial institutions and development agencies should give the industry greater priority within Africa’s creative-economy and industrial-development agenda.

She argued that the sector’s contribution extends beyond retail and personal services to manufacturing, raw-material sourcing, packaging, distribution, research and export activity.

Nigeria accounts for approximately $10.3 billion of the estimated continental market, according to figures cited by Eneh.

She said improved access to capital, reliable industry data and supportive policies would help businesses scale production, create jobs and compete more effectively in regional and international markets.

Industry estimates cited by Eneh put Africa’s beauty and personal care market at about $66 billion, with an estimated annual growth rate of 9.6 per cent. In Nigeria, she estimated the sector at $10.3 billion, compared with $6.7 billion for apparel and fashion and $6.4 billion for film and audiovisual.

Published market research presents varying estimates because of differences in definitions, product categories, geographic coverage and methodology.

Credence Research valued Africa’s beauty and personal care market at approximately $62.5 billion in 2022 and projected growth to $103.46 billion by 2030, at a compound annual growth rate of 6.5 per cent.

For Nigeria, Euromonitor International reported 23 per cent retail value growth in beauty and personal care in 2025, supported by demand for skincare, bath and shower products, colour cosmetics and other personal-care categories. The figure measures retail value growth rather than the sector’s overall real economic growth rate.

Eneh said the central issue is the limited translation of market activity into structured financing, industrial investment and policy attention. She called for stronger engagement from institutions including the African Export-Import Bank, the Central Bank of Nigeria and the Bank of Industry.

She said beauty businesses are often classified narrowly as informal or service-based enterprises, which can limit their visibility in policy discussions and their ability to access formal credit. A value-chain approach, she argued, would give investors and policymakers a clearer view of the sector’s contribution to production, trade and employment.

Through BITML, established in 2023, Eneh is working to connect entrepreneurs, manufacturers, brands and investors. The platform’s fourth edition, held in Lagos in October 2026, featured exhibitions, networking and discussions on market access, innovation and local manufacturing.

Eneh also said she has expanded her entrepreneurial support programme from 24 to 72 entrepreneurs. She described the initiative as part of efforts to support businesses in sectors often regarded as small but capable of contributing to enterprise growth and employment.

She further disclosed plans for a three-year investment programme to develop a beauty and personal care manufacturing hub, beginning in Nigeria.

According to Eneh, expanding local manufacturing would help African businesses retain more value from raw materials, formulation, packaging and distribution.

She referenced South Korea and Turkey as examples of economies that have built competitive beauty brands, manufacturing capacity and export-oriented businesses. She said Africa could pursue a similar approach through improved financing, reliable data, supportive policies, skills development and investment in production.

Eneh’s stated goal is to help position Africa’s beauty economy to exceed $100 billion within five years. She said this would require stronger industry data, improved access to capital, favourable regulation, local manufacturing investment and broader recognition of the businesses and professionals across the value chain.

“Our growth remains unstoppable, but the storytelling and narrative must change to reflect the true story,” she said.