Cosmetics: NICOS Targets Higher Standards, Growth In Nigeria’s $1.4bn Market

The Society of Cosmetic Scientists Nigeria (NICOS) is set to enhance local beauty industry standards and increase Nigeria’s $1.4 billion market share through its flagship event, COSMETICS CONNECT, set to take place in Abuja on November 19 and 20.

This two-day networking forum will bring together stakeholders from across Nigeria’s cosmetics sector, including investors, suppliers, manufacturers, distributors, government bodies, and NGOs, to connect, share best practices, and engage in seminars and business accelerator workshops. The initiative aims to build confidence in locally made cosmetic products, boost domestic and international sales, and unlock new market opportunities across Africa and beyond.

NICOS founding president, Grace Abamba, announced yesterday that COSMETICS CONNECT was created to address the critical need for continuous improvement in the quality and effectiveness of Nigerian-made cosmetics, fully capitalising on the country’s untapped market potential. This initiative aligns with Nigeria’s broader goal to expand its influence within the African Continental Free Trade Area (AfCFTA) and beyond.

“Nigeria’s cosmetics industry stands to benefit significantly from COSMETICS CONNECT by meeting international standards and building confidence in locally produced beauty products,” she stated.
Abamba emphasised that the initiative is essential for positioning Nigeria within the global cosmetics landscape, where the market is projected to grow from its current valuation of $502 billion to $758 billion by 2025. Despite this potential, Africa’s share remains modest at just 8 per cent, with Nigeria’s cosmetics market currently valued at approximately $1.4 billion.

“The Nigerian market is largely supplied by medium-sized to micro businesses, particularly those specializing in natural resources such as shea and cocoa butters,” Abamba noted. She further explained that COSMETICS CONNECT will feature prominent speakers from key agencies, including the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Nigeria Export Promotion Council (NEPC), and the Bank of Industry (BoI). This collaboration aims to unite a diverse range of stakeholders in the cosmetics sector, fostering essential dialogue and knowledge-sharing for industry growth.

Delegates will gain valuable insights through business accelerator workshops covering crucial topics such as product formulation, regulatory compliance, and export preparation.

Abamba described NICOS as a scientific hub for Nigerian cosmetic scientists worldwide and noted its affiliation with the International Federation of Societies of Cosmetic Chemists (IFSCC) with a

mission to advance science and technology in Nigeria’s cosmetics and personal care sectors by fostering collaboration with institutions, promoting scientific education, and hosting events that enhance industry knowledge.

NICOS is guided by a council of industry experts, including Vice President Olushola Ojo, Treasurer Othniel Myina, and Secretary Mabel Iwobi.