Cosmetics industry generates $1.4billion revenue annually – NICOS

From the Society of Cosmetic Scientists Nigeria (NICOS) came a revelation that the country’s cosmetics industry is generating an annual impressive $1.4 billion in revenue.

In a statement signed on Thursday, ahead of its forthcoming Cosmetics Connect 2024, scheduled for November 19 and 20, the Founding President of NICOS, Grace Abamba, NICOS highlighted the sector’s crucial role in the nation’s economy

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

“The global cosmetics market is valued at 502 billion USD and projected to reach 758 billion USD by 2025. The Africa Cosmetics Market is valued at just 8% of this and closer to home in Nigeria the market is valued at 1.4billion USD in terms of revenue (Statistica),” Abamba said.

“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.”

She added that Cosmetics Connect was born out of the identified need to continually improve the quality and efficacy of cosmetics to satisfy the underdeveloped potential of the Nigerian cosmetics market opening doors to the AfCFTA and beyond.

Abamba noted that the event will bring together stakeholders who are committed to promoting the credibility of made-in-Nigeria cosmetics.

“This is more than just a number; it is a monumental testament to the potential and resilience of Nigeria’s cosmetics industry. 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, not only in Nigeria but across Africa and beyond,” she stated.

She said that 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,” the President noted.

She emphasized the broad scope of the industry beyond mere makeup. “Our goal with Cosmetics Connect is also to address the concerns of product formulation, registration, and the creation of export-ready products.”