Lagos — Nigeria has 57 per cent of the world's Shea Butter reserve which is highly underutilized, it has been observed.
According to experts, the Shea Butter Industry in Nigeria is worth over $2bn which if well harnessed could employ millions of people.
This revelation emanated during a Press Conference announcing the Beauty Business Week holding between 17th-19th May in Lagos organized by World PR in partnership with Mercedes Benz.
Shea Butter is an Ivory - coloured fat extracted from a Shea Tree which is used in homemade beauty products like lotions, lotion bars, among other skin care products.
The Chief Executive Officer of World PR, Mrs. Tayo Afolabi who addressed the press conference said the best beauty industry in the world makes use of Shea Butter which is in abundance in Nigeria but underutilized.
"The Shea Butter industry in Nigeria is estimated to be worth over $2bn. We have 57 per cent of the world Shea Butter", she said.
Also speaking, another beauty expert, Mr. Sola Oyebade lamented that Ghana and other West African countries come to Nigeria to take her Shea Butter having realized its economic impact, saying it is high time Nigeria got her acts together.
General Manager of Mercedes Benz, Mrs. Ebere Anenih said the beauty industry in Nigeria has a lot of potentials hence the company's decision to support the week.