Nigeria stands as one of the focal points within the African beauty industry. The country, which is known to have a teeming population exceeding 200 million, has proven to be a substantial market for beauty products and products. The market, projected to reach $9.71 billion by the end of 2024, is characterized by a high demand for products that cater to the unique needs of Nigerian consumers, such as skincare products for melanin-rich skin, and haircare products for natural hair textures.
Despite the promising growth of the beauty industry, Nigeria continues to face considerable economic challenges. The country has been grappling with several issues, including high inflation rates, unemployment, and a depreciating currency. According to the National Bureau of Statistics, inflation rose to 29.90% in January 2024, from 28.92% in December 2023. This is the highest it has been in two decades.This economic downturn has led to reduced consumer spending in many sectors, impacting various industries across the country, including beauty. “Nigeria is one of our biggest markets in the continent, and hearing about its economic situation at the start of last year almost made us pessimistic a bit,” Sneha Mehta, co-founder of Uncover Skincare, says to BeautyMatter. The Kenyan beauty brand, which raised $1 million in 2022, recently raised another $1.2 million in hopes to expand across other markets across Africa, North America, and Europe.
Despite these economic difficulties, the spending power of Nigerians, particularly in the beauty sector, remains significant. According to Euromonitor International, retail sales of beauty and personal care products in Nigeria surged to the highest level in at least 15 years despite the country’s mounting economic headwinds. Beauty and personal care are seen as essential aspects of daily life for many Nigerians. The cultural emphasis on grooming and appearance sustains demand for beauty products, even in tough economic times. Euromonitor International also emphasized that “with [the] projected strong population growth, not least of urban young and female populations, beauty and personal care in Nigeria has plenty of scope for growth. Young adults are part of a fast-growing middle-class constituency in the country.”
This has led to several beauty brands launching into the Nigerian market in recent years, underscoring the country’s attractiveness in spite of its economic challenges. Notable examples include MAC Cosmetics, which officially launched in Nigeria in 2016, recognizing the country’s potential as a key market in Africa. Maybelline New York has also entered the Nigerian market, bringing a range of products specifically designed for diverse skin tones. Fenty Beauty became available in Nigeria in 2022, catering to the demand for products suited to melanin-rich skin. Topicals, which led an influencer expedition to Ghana in February 2024, also recently launched in Nigeria.
Several factors contribute to why beauty brands continue to bet on the country. “Firstly, with over 200 million people, Nigeria presents a vast market with a growing middle class that values beauty and personal care,” Sochima Mbadugha, VP of Strategy and Business Operations at Topicals, tells BeautyMatter. “Secondly, beauty and grooming are deeply ingrained in Nigerian culture, driving consistent demand for beauty products. And thirdly, Nigeria has one of the youngest populations globally, [with a median age of 17 years]. This demographic is highly engaged with beauty trends and products,” she continues. Additionally, the rise of male beauty influencers and digital platforms like TikTok has amplified the reach of beauty brands, making it easier to connect with Nigerian consumers. Finally, Nigerian consumers have shown resilience and adaptability, continuing to invest in beauty and personal care despite economic challenges.
“Nigeria is a unique market where beauty is not just about products; it’s about identity and self-expression. Despite economic challenges, Nigerians prioritize beauty and personal care, making it a resilient sector,” Mehta says. “The Nigerian market is incredibly dynamic. The youthful population is always on the lookout for the latest beauty trends, and social media has played a huge role in sustaining this interest. For us [at Topicals], Nigeria represents not just a market, but a vibrant community of beauty enthusiasts,” Mbadugha enjoins. Nigeria's economic struggles are real, but beauty brands are starting to see beyond the immediate challenges and recognize the long-term potential. The demand for quality beauty products continues to grow, driven by a young and fashion-forward population.
While Nigeria faces significant economic challenges, the beauty industry remains a bright spot, driven by a combination of cultural factors, a large and youthful population, and the influence of social media. Beauty brands continue to invest their efforts into Nigeria, recognizing its potential as a key market in Africa. The resilience and adaptability of Nigerian consumers ensure that beauty and personal care remain a priority, sustaining demand and attracting ongoing investment. As the country navigates its economic struggles, the beauty industry is standing as a stark exemplification of the promise and potential the Nigerian market has.
