The Society of Cosmetic Scientists Nigeria (NICOS) says Nigeria’s cosmetics industry generates $1.4 billion in revenue annually.
The Founding President of NICOS, Grace Abamba told the News Agency of Nigeria (NAN) recently 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 and projected to reach $758 billion 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 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”.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
