The Society of Cosmetic Scientists Nigeria (NICOS) has deplored the country’s underperformance in the cosmetics market globally, noting that Nigeria can generate over $30 billion annually.

The Founding President of NICOS, Grace Abamba who made this observation on Tuesday in Abuja at the 2024 Cosmetics Connect workshop and exhibition organised by the body, noted that the current annual generation of $1.4 billion is too small for a country with over 200 million population.

Noting that, cosmetics are essential to everyday living and used to promote personal hygiene and a strong sense of well-being, Abamba called for collaboration between NICOS and government agencies to enable the country tap from a projected $758billion cosmetics market globally.

“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 percent of this and closer to home in Nigeria the market is valued at 1.4billion USD in terms of revenue.

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

“So therefore, we want to be able to show the businesses that are starting up and are growing, that are making local in Nigeria, that there is room for expansion, even if we want to please customers and consumers, the important thing is harnessing the sector’s potential is going to make a huge difference to the GDP of of Nigeria and Nigerian cosmetics.

“Worldwide the market is valued at $502billion. So should the country, with a population of 200 million, and everybody uses cosmetics not generate more. We should be doubling the current annual figure.

“I cannot tell you what we should make, but with that population we should be making at least $30 billion US dollars annually.”

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 exhibition 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.

On her part, NICOS Vice President, Olusola Ojo explained 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.

“Our goal with Cosmetics Connect is also to address the concerns of product formulation, registration, and the creation of export-ready products.

“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 the African Continental Free Trade Area (AfCFTA) and beyond.”