The Society of Cosmetic Scientists Nigeria says with proper coordination of the nation’s cosmetic market, the federal government could generate over $30 billion annually.
The Founding President, NICOS, Grace Abamba disclosed this at the 2024 Cosmetics Connect workshop and exhibition organised by the body in Abuja.
She said the current annual generation of $1.4 billion is not encouraging for a country like Nigeria with a population of over 200 million.
The NICOS President, while calling for collaboration with relevant government agencies to enable the country tap from a projected $758 billion cosmetics market globally, also expressed optimism that in no distance time cosmetic will become the nation’s goose that lays the golden eye.
Some key stakeholders also spoke on the benefit of the workshop to the economic growth and development of the country.
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 market, opening new frontier for the African Continental Free Trade Agreement among others.
The two-day event also hard exhibitors of diverse cosmetics showcasing and promoting made in Nigeria products.
