Cosmetics Connect 2024: Nigeria’s Cosmetics Industry generates $1.4billion revenue- NICOS President reveals

Cosmetics Connect 2024: Nigeria’s Cosmetics Industry generates $1.4billion revenue- NICOS President reveals

JOEL OLADELE, Abuja 

The Society of Cosmetic Scientists Nigeria (NICOS) has announced that Nigeria’s cosmetics industry generates an impressive $1.4 billion in revenue annually, stating the sector’s crucial role in the nation’s economy. 

This was disclosed by the Founding President of NICOS, Grace Abamba (Mrs.), in a statement signed on Thursday, as the official introduction of the forthcoming Cosmetics Connect 2024.

The event is set to take place in the heart of the Federal Capital Territory, Abuja, on November 19-20, 2024.

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 USD and projected to reach 758 billion USD by 2025. The Africa Cosmetics Market is valued at just 8% of this and closer to home in Nigeria the market is valued at 1.4billion USD 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 stated.

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, noting the event 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.

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,” the President noted.

Notable speakers at the event are expected to 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), along with NICOS members.

Abamba further stated that; “Cosmetics are essential to everyday living. They enhance personal hygiene and foster a sense of well-being.”

She emphasized the broad scope of the industry beyond mere makeup. “Our goal with Cosmetics Connect is also to address the concerns of product formulation, registration, and the creation of export-ready products.”

The venue for this pivotal gathering will be the CSN Resource Centre in Garki, Abuja. “Entry to the event is free for all stakeholders who register before November 19. Participants can also enroll in business accelerator workshops addressing key industry topics.

“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,” she said 

NICOS, a not-for-profit organization and member of the International Federation of Societies of Cosmetic Chemists (IFSCC), advocates the advancement of science and technology in the cosmetics industry while providing a platform for collaboration and knowledge sharing among experts and entrepreneurs.

The Society is currently headed by its founding President, Grace Abamba, while Olusola Ojo is the Vice President. Other members of the executive are Othniel Myina and Mabel Iwobi who are Treasurer and Secretary General respectively.

For sponsorship and exhibitor opportunities, NICOS invites interested parties to contact them at office@nicos-ng.org.