Nigeria Business & Finance Updates

Polaris bank promotes SMEs

Polaris Bank has reaffirmed its commitment to the promotion of small and medium scale enterprises (SMEs), especially those operating in the beauty and wellness industry in Nigeria.

This position was emphasised by Polaris Bank Managing Director/CEO, Mr. Tokunbo Abiru while disclosing plans by the bank to support this year’s Beauty Souk – the niche fair for beauty enthusiasts and businesses convened by Eventful Limited, a pioneer and leading events management company.
The one-day business fair scheduled to hold from March 22nd, 2020, in Lagos, would provide a platform for over 100 SMEs in Nigeria’s beauty industry who will showcase their creativity and economic potential.

“The Nigerian beauty and personal care market is acknowledged to be experiencing rapid and dynamic growth, providing lucrative opportunities for beauty businesses from across Africa and beyond,” the statement added.

The market, according to Euromonitor International, is currently worth an estimated US$3 billion and its value is likely to rise to keep pace, with an increasing number of working women with disposable income; as well as sophisticated youth searching for new ways to care for and present themselves.

Shedding more light on Polaris Bank’s sponsorship, the Head Strategic Brand Management and Communication, Nduneche Ezurike noted that Nigeria’s beauty sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country.

According to him, ”Polaris Bank will be sponsoring one of the best and biggest beauty fairs in Nigeria. The fair is curated to facilitate exhibition, celebrity makeovers, and masterclass sessions for beautypreneurs; as well as promote sales of beauty essentials and accessories at discounted prices.”

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