The Society of Cosmetic Scientists in Nigeria (NICOS) has said the country’s cosmetic industry has the capacity to generate 30 billion dollars annually if its opportunities are properly harnessed.
The Founding President of NICOS, Grace Abamba, said this on Tuesday in Abuja at the 2024 Cosmetics Connect workshop and Exhibition organised by the society.
The News Agency of Nigeria (NAN) quotes Abamba as saying that the current annual generation of 1.4 billion dollars is too small for a country with over 200 million population.
“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 home in Nigeria the market is valued at 1.4billion dollars 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 butters, and finished products from private local brands.
“So we want to show start-up businesses producing locally in Nigeria that there is room for expansion, and harnessing the sector’s potential will make a huge difference to Nigeria’s Gross Domestic Product (GDP),” she said.
According to Abamba, with the market worldwide valued at 502 billion dollars, Nigeria, with a population of 200 million, and with everybody using cosmetics, could and should generate more.
“We should be doubling the current annual figure. I can not tell you what we should make, but with that population we should be making at least 30 billion dollars annually,” she said, disclosing that the society is focused on empowering cosmetic manufacturers, raw material suppliers, and business owners to create products that meet international standards.
“Our vision is to delight consumers with high-quality, safe, and effective cosmetics.
“We are working from the grassroots, educating manufacturers about the science of cosmetics, safe ingredients, and proper formulation techniques to ensure that products are not only competitive locally but also globally,” she said.
Cosmetics Connect was born out of the identified need to continually improve the quality and efficacy of cosmetics, Abamba further disclosed, pointing out that it was meant to satisfy the underdeveloped potential of the Nigerian cosmetics market, while opening doors to the African Continental Free Trade Area (AfCFTA) and beyond.
Abamba called for collaboration between NICOS and government agencies to enable the country to tap from a projected $758bn cosmetics market globally.
Also speaking, NICOS Vice President. Olusola Ojo, said the two-day event was aimed at providing a platform for stakeholders to network.
“It is an opportunity for investors, suppliers, manufacturers, distributors, service providers, government bodies, and NGOs to come together and network.
“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,” she said.
Ojo emphasised the importance of quality enhancement, innovation and collaboration with stakeholders to grow the cosmetics industry in the country.
