 Experts say Nigerian's cosmetic industry is lagging in profiting from the global market as numerous challenges, especially limited export opportunities, hinder prospects. This was the position of indigenous manufacturers at an event held to aid Nigerian cosmetics to the front burner. Details in this report. The global cosmetics industry is projected to hit $463.5 billion by 2027 from $380.2 billion in 2019. Growing at a compound annual growth rate of 5.3 percent, which depicts the industry as a growing and profitable one. Nigerian's cosmetics industry has a lot of micro, small and medium enterprises whose prospects are constrained by limited access to finance, export constraints, which hinder the prospect of a larger market, among other challenges. These indigenous players share their thoughts on perception, prospects, including issues of standardization. The very first thing is our cosmetic raw materials. Most of them are actually very pricey and the middlemen that we have who are purchasing these raw materials for us always hike the price. So it's always difficult to have a stable price for a certain type of product. Our local manufacturers, the very first thing that they need to be able to accomplish is proper professional formulated products. There's no real regulatory body for cosmetic manufacturers and that would be a huge asset for us so that we know that we can rest assured that the products that we're buying are quality even the raw materials that we are using as well need to be certified and are quality and they can produce decent products for us. Kolaue explains that agencies such as Mintz aims to prepare and equip players in the beauty and cosmetic sector for the Afghans continental free trade agreement and cross-border trade. So what we're looking at is how do we aggregate these cosmetics producers together and support them in strategic intervention from production to packaging to labeling to sales. You should know that in a couple of years to come months to come the exchange rate is going higher and higher every day and the foreign product will become less attractive not because they are not good but because of funding so we should let them know that there's an alternative marketing in Nigeria's cosmetic space. As industry players lament rigorous standardization process the regulators assess the narrative age changes. I understand that and I also am aware that people are afraid of coming to NAVDAC but I want to categorically state that NAVDAC has some strategies or schemes that are welcoming micro-scale facilities if at in line with the payback mandate to make business easier to grow to start and to grow in Nigeria. To assuage the burden of financing the NitroXport import bank, NEXIM and the Expert Promotion Council, NEPC, emphasize on exploring the opportunities about in the cosmetics value chain. We in Nigeria's popular council usually insist that products that is focusing on outside world external markets must achieve the standard quality required in that market. The commodities to export raw people from other countries add value and send them back to us at several times the price of what we export. Now in addition to the fact that we're not also creating jobs we encourage our producers mostly SMEs also to add value to their products. Africa's middle class is tripled in size in the last 30 years and is driving the continent's demand for cosmetics. As a result indigenous cosmetic companies should race for market share. Justin Nakadoni plus the news leaguers. Hello hope you enjoyed the news please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.