The Society of Cosmetic Scientists Nigeria (NICOS) has revealed that Nigeria has the capacity to generate over $30 billion annually if the sector’s opportunities are well harnessed.
Founding President of NICOS, Grace Abamba, at the 2024 Cosmetics Connect workshop and exhibition organised by the body in Abuja on Tuesday, noted that the current annual $1.4 billion is too small for a country with over 200 million population.
She said cosmetics are essential to everyday living, used to promote personal hygiene and a strong sense of well-being,and called for collaboration between NICOS and government agencies to enable the country tap from a projected $758billion cosmetics market globally.
She said, “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 butters and finished products from private local brands.
“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.”
Also, NICOS vice president, Olusola Ojo, explained that the two-day event was designed as a major networking opportunity for investors, suppliers, manufacturers, distributors, service providers, government bodies, and NGOs to come together.
…………