Friday, July 12, 2019 /
5.15PM / Bukola Akinyele for Proshare WebTV / Header Image Credit: @LSEGplc
At the second edition of the London Stock Exchange Group launch of the “Companies To Inspire Africa 2019 Report” in Lagos recently, it was disclosed that 22% of the 97 Nigerian companies that featured in the list were managed by women.
The increase in the number of women on the list marks a major improvement from the 12% recorded in the previous report.
Some of the companies led by women in Nigeria include Secure ID, Olori Cosmetics and Ladol.
The CEO of Nigeria Stock Exchange (NSE), Mr. Oscar Onyema, and representative of the Lagos State Governor both commended the 22% representation by women, describing it as remarkable but with room for more improvement.
Mr. Ope George, in his remarks, was optimistic that by the next edition, the gender representation would be 50%.
He also stressed that gender participation in the entrepreneurship drive in Nigeria is improving, which is commendable.
The representative of the Governor also stated that gender diversity is key to economic development in Nigeria.
Giving a presentation on the “Companies to Inspire Africa” one of the female CEOs who is the founder of Olori Cosmetics Toyin Odulate noted that the Beauty Industry is one of the most lucrative areas of continental and global enterprise.
She estimated that the beauty industry was now valued at $10bn globally with a projection to hit $12bn.
According to Olori Cosmetics CEO, the Fenty Beauty Company owned by global music star Rihanna made massive revenue sales of over 500million euros in its first year in 2018, while the same company made $100 million in sales in its first 40 days.
In markets like Nigeria, Odulate highlighted the challenges of a fragmented distribution channel and market ecosystem, for the industry, a problem requiring solution.
She informed stakeholders that the rising young female population in Africa were paying attention to international brands like “Fenty” “L’oreal” and “Kylie” brands because they want they want to trend with the latest beauty products.
Odulate also gave an illustration of Sundial Brands owned by Liberian billionaire which was acquired by Unilever to penetrate the African market, as strategic moves that have been made in the Industry.
The Olori Cosmetics CEO said the pivotal moment for her business was when the devaluation occurred in 2016, leading to several global beauty brands reducing their activities in the Nigerian market, giving “Olori” the opportunity to scale.
Looking at the recently signed Africa Continental Free Trade Area, AFCTA agreement Odulate believed it was an opportunity for Olori Cosmetics to deepen its activities in the African market.
“As Nigeria and other African economies move to diversify away from oil and other natural resources , Investors should also diversify their portfolio and investment allocations to the growing local manufacturing companies, who are sure to disrupt this space through lower pricing, comparative and competitive international brand who are already slowly losing market share to local brands in the beauty industry” she said.