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‘Nigeria to reap benefits of non-oil export through value-addition’

A container vessel waiting to berth at the port.

Worried that many finished goods being imported into the country were from raw goods exported to other countries, one of the operators linking exporters to destination markets has emphasised the need for the country to harness its resources for value-addition and exploitation.

Indeed, the operator noted that Nigeria only gets paltry reward for its contribution to the $3billion beauty market in the West African region, as the volume of sales remains with the developed markets from which the goods are imported.

Specifically, the Chief Executive Officer of Compass Global Services, Tokunbo Chiedu, on Tuesday, said Nigeria remains an important destination market for many investors seeking opportunities in Africa.

She also expressed worry that the effect of Brexit may reflect in the fortunes of the country if the trade deal becomes operational, as London, a key hub for many exported items designed for Europe may face restrictions.

Preparatory to the ‘Annual Beauty West Africa Exhibition and Conference scheduled to hold in Lagos between November 21 and 23, Chiedu said the potential of Nigeria’s beauty economy was huge.

Chiedu said this was so considering the country’s abundant natural resources particularly the numerous natural ingredients used in the formulation of beauty products.

She said this was why her firm was partnering with United Kingdom (UK-based) B to B events to spotlight the sector’s huge potential.

She also noted that the firm has joined forces with London-based CaribDirect Multi-Media to deliver the second edition of the international Caribbean Food and Drink Exhibition and conference themed, African Caribbean Food and Beverage-Going Global.

According to the Compass CEO, the beauty exhibition and conference will focus on key issues around the development and growth of the beauty sector.

Explaining further her firm’s objective of partnering B to B Events, Chiedu said: “Our job is to promote the brand Nigeria. As a company in the international trade investment and export promotion space, our work provides a gateway into the Nigerian market.

“We are partnering with B to B Events towards sector development, working with key stakeholders within the cosmetic market, while fostering linkages between Nigerian and international brands on beauty West Africa exhibition platform.”

Source: G Business

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