The Society of Cosmetic Scientists Nigeria (NICOS) says Nigeria’s cosmetics industry generates $1.4 billion in revenue annually.
The Founding President of NICOS, Mrs Grace Abamba, on Friday said that the sector contributed significantly to the nation’s Gross Domestic Product (GDP).
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 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 to home in Nigeria the market is valued at 1.4billion dollars 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 said.
