Abuja: Nigeria’s cosmetics industry is generating a substantial $1.4 billion in annual revenue, according to the Society of Cosmetic Scientists Nigeria (NICOS). Mrs. Grace Abamba, the Founding President of NICOS, highlighted the sector’s significant contribution to the nation’s Gross Domestic Product (GDP). She emphasized the essential role of cosmetics in promoting personal hygiene and well-being.
According to Voice of Nigeria, the global cosmetics market is valued at $502 billion and is projected to grow to $758 billion by 2025. The African Cosmetics Market accounts for just 8% of this total. In Nigeria, the market value stands at $1.4 billion in revenue, as reported by Statistica. The local market includes both multinationals and medium-sized to micro businesses, which produce cosmetic raw materials like shea and cocoa butters and finished products from private local brands.
Mrs. Abamba announced that NICOS is organizing a conference titled ‘Cosmetics Connect 2024’ from November 19 to November 20 in Abuj
a. The event aims to bring stakeholders together to strategize on advancing the sector. ‘Cosmetics Connect’ was initiated to improve the quality and efficacy of cosmetics, aiming to unlock the underdeveloped potential of Nigeria’s cosmetics market, thereby opening further opportunities through the African Continental Free Trade Area (AfCFTA) and beyond.
She further explained that the two-day event will serve as a major networking opportunity for investors, suppliers, manufacturers, distributors, service providers, government bodies, and NGOs. It will feature seminars and business accelerator workshops focused on sharing best practices and enhancing the development of quality cosmetics for improved trade. Notable speakers 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).
Cosmetics Connect also aims to tackle issues related to product formulation, registration, and the creatio
n of export-ready products. The conference will be held at the CSN Resource Centre in Garki, Abuja, and will be free for those who register before November 19. Participants will have the opportunity to enroll in business accelerator workshops that address key industry topics. Abamba described ‘Cosmetics Connect’ as a response to the urgent need for quality enhancement and innovation in Nigeria’s cosmetics market, with aspirations to expand its influence through AfCFTA and beyond.