Nigeria’s Cosmetics Industry Generates $1.4bn Annually

The Society of Cosmetic Scientists Nigeria (NICOS) says Nigeria’s cosmetics industry generates 1.4 billion dollars in revenue annually.

The Founding President of NICOS, Mrs Grace Abamba said this on Friday, that the sector contributed significantly to the nation’s Gross Domestic Product (GDP).

According to Abamba, cosmetics are essential to everyday living, used to promote personal hygiene and a strong sense of well-being.

“The global cosmetics market is valued at 502 billion dollars and projected to reach 758 billion dollars by 2025.

” The Africa Cosmetics Market is valued at just eight per cent of this and closer to home in Nigeria the market is valued at 1.4billion dollars in terms of revenue (Statistica).

“Apart from the multinationals, the local market is supplied by medium-sized to micro businesses producing cosmetic raw materials such as shea and cocoa butters and finished products from private local brands,” Abamba said.

The president said the association was organising a conference, “Cosmetics Connect 2024″ on Nov. 19 to Nov. 20, in Abuja,  that would bring stakeholders together to chat a way forward for the sector.

” Cosmetics Connect was born out of the identified need to continually improve the quality and efficacy of cosmetics.

” It aims to satisfy the underdeveloped potential of the Nigerian cosmetics market opening doors to the African Continental Free Trade Area (AfCFTA) and beyond.

“The event will bring together stakeholders who are committed to promoting the credibility of made in Nigeria cosmetics.

“At Cosmetics Connect, we aim to harness that potential by uniting stakeholders who are inspired to increase the credibility and sales of locally made cosmetics, in Nigeria, across Africa and beyond,” she stated.

According to  Abamba, the two-day event is also designed as a major networking opportunity for investors, suppliers, manufacturers, distributors, service providers, government bodies, and NGOs to come together.

“It will offer seminars and business accelerator workshops aimed at sharing best practices and enhancing the development of quality cosmetics for improved trade.

“Notable speakers at the event will include representatives from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Nigerian Export Promotion Council (NEPC), and the Bank of Industry (BOI).

Abamba said Cosmetics Connect also aimed to address the concerns of product formulation, registration, and the creation of export-ready products.

She said :” the venue for this pivotal gathering will be the CSN Resource Centre in Garki, Abuja and entry to the event is free for all stakeholders who register before Nov. 19. 

“Participants can also enroll in business accelerator workshops addressing key industry topics.

“Cosmetics Connect is not just an event; it is a response to the urgent need for quality enhancement and innovation within Nigeria’s cosmetics market, with plans to expand influence through AfCFTA and beyond,” she said 

NAN