Funding for cosmetic business in Cameroon: The cosmetics sector in Sub-Saharan Africa is expected to grow over the next two years. Overall, the African beauty and personal care market was estimated at €6.93 billion in 2012 and it currently increases between 8% and 10% per year against a global market growth rate of close to 4%. It was expected to have reached €10 billion in 2017 when the continent’s total population, the fastest growing in the world, passed 1.2 billion inhabitants. The Nigerian beauty and personal care market is experiencing rapid and dynamic growth, providing lucrative opportunities for beauty businesses from around the region and beyond. The market is currently worth an estimated US$3 billion, according to Euromonitor International, and its value is likely to rise to keep pace, with an increasing number of working women with disposable income as well as sophisticated youth searching for new ways to care for and present themselves. (allafrica.com)
After losing her father in his early life, Mechi Amaah had to look after pigs and sell them under her mother’s supervision to provide for their necessities. Upon getting to the university, she did business selling various things to make ends meet and decided to settle on manufacturing and selling hair products solely.
How Mechi started with the cosmetic business idea
Mechi founded Black and Natural Cosmetics, a 100% organic cosmetic manufacturing company aimed to encourage the consumption of organic hair cosmetics, initially and subsequently, skin cosmetics. To join environmental protection and sustainable development, Black and Natural Cosmetics derives all its ingredients from plants, some of which are organically processed.
Mechi Amaah was about expanding his business when COVID-19 pandemic hit the world and everywhere was under lockdown. However, the seed capital she got from the foundation enabled her to diversify and employ 2 more workers, thereby saving her business from liquidation. Coupled with the training received on the programme on business management, she has been able to take her business to another level and created a high level of impact in her community.
“The training the program offered, helped me to keep tabs on my mission, vison and most importantly, my finances. Ever since the program, I can proudly say the books of my businesses are in order.”
Funding for Mechi’s cosmetic business idea
Since getting the grant, she has employed 4 more staff to help with her business and now has 7 employees working directly under her. Also, her annual revenue has increased by 70%, with her opening two other companies and awards to her name.
“To give back to my community, i have created jobs and am currently working on an accelerator program to train young girls with vocational training skills that can enable them gain employment or start up their own business. This will go a long way to reduce unemployment in my community and country.”
Being a graduate of accounting, she helps budding entrepreneurs set their accounts straight and helps them plan their business. Currently, she has built a community of about 30 entrepreneurs. These will go a long way to reducing unemployment in her community and country.
ABOUT THE TONY ELUMELU FOUNDATION
The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFconnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.
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