The Society of Cosmetic Scientists Nigeria (NICOS) has highlighted impressive growth projections for the global cosmetics industry, which is expected to increase from $502 billion to $758 billion by 2025. NICOS’ Founding President, Grace Abamba, noted that Nigeria’s cosmetics sector alone generates $1.4 billion annually, playing a pivotal role in the national economy.
Abamba emphasized that cosmetics are integral to daily life, catering to personal hygiene and well-being. She pointed out that Nigeria’s local market includes medium-sized to micro businesses producing shea and cocoa butters as well as private-label finished products.
NICOS also announced the upcoming Cosmetics Connect 2024 event scheduled for November 19-20 in Abuja. Designed to improve the quality and market reach of Nigerian-made cosmetics, the event will gather stakeholders committed to enhancing the credibility and expansion of local brands, with a focus on AfCFTA market access.
“This is more than just a number; it reflects the resilience of Nigeria’s cosmetics industry,” Abamba stated. “Cosmetics Connect will unite industry stakeholders to boost local and international market credibility for Nigerian brands.”
The event will feature a series of seminars and business accelerator workshops on best practices for product development, trade, and regulatory compliance. NICOS members, along with representatives from SMEDAN, NEPC, and BOI, will offer insights on achieving export readiness.
NICOS aims for Cosmetics Connect to address crucial industry challenges, including formulation, quality standards, and market expansion within Africa. Entry to the event is free for those who register before November 19, allowing participants to engage in workshops on core industry topics.
As a member of the International Federation of Societies of Cosmetic Chemists (IFSCC), NICOS continues to drive advancements in science and technology within Nigeria’s cosmetics sector, providing a collaborative platform for experts and entrepreneurs.
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