How to Apply for N5m Grant as Female Beauty Entrepreneur in Nigeria, Deadline Nears
- A new opportunity has emerged for female beauty entrepreneurs to apply for a grant to grow their business
- The offer is coming from BeautyHutafrica in collaboration with Paystack, a Nigerian financial technology (fintech) company
- Aside from the funds available, selected business owners will get exclusive access to mentorship, workshops
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Beauty Hut Africa, in collaboration with Paystack, has launched an exciting opportunity for female entrepreneurs in the beauty business in Nigeria.
The two companies are want to support women-led beauty businesses with a grant of up to N5 million to grow their business.
Source: Getty Images
Beyond financial support, participants will gain access to exclusive workshops, personalised mentorship sessions, and the invaluable support of a community dedicated to fostering women's entrepreneurship in Nigeria.
This initiative represents an opportunity for women looking to scale their beauty ventures and make a lasting impact in the industry.
Beauty Hut, in a statement shared on its social media platform, reads:
"We’ve teamed up with @paystackhq to launch the Beauty Hut Grant an opportunity for female-led beauty businesses in Nigeria.
You could win up to N2,000,000 in grant funding to power your business, plus up to N5,000,000 in fee-free payment processing with Paystack!
And that’s just the beginning — exclusive workshops, dedicated mentorship, and a powerful community of women entrepreneurs are waiting for you. f you’re building something great in beauty, this is your moment."
Interested individuals who are into anything makeup, skincare, perfume, haircare are encouraged to apply before the application deadline on Saturday, May 31.
The application can be submitted using this link.
Source: Getty Images
Nigeria beauty market
According to a report by Euromonitor International, retail sales of beauty and personal care products in Nigeria surged to the highest level in at least 15 years in 2023 despite economic challenges,
The global market research firm noted that sales in the formal market rose by 23% to $1.64 billion in 2022 from $1.34 billion in 2021, BusinessDay reports.
It said the majority of larger, essential categories saw retail volume growth as bath and shower, oral care, skin care, and colour cosmetics products are viewed to be essential by many consumers, particularly females.
A breakdown of the report shows that skin care products contributed most to Nigeria’s beauty and personal care market with $382.7 million. Hair care recorded $270 million; deodorant, $242.1 million; and bath and shower, $229.4 million.
Access Bank’s $100 million loan for female entrepreneurs in Nigeria
Earlier, Legit.ng reported that Access Bank secured a $100 million facility from a global consortium to empower women-owned businesses in Nigeria.
The consortium is led by Germany’s DEG and includes FinDev Canada, ILX Netherlands, and DFI OeEB in Austria.
The group also includes FinDev Canada, ILX Netherlands, and DFI OeEB in Austria, indicating a strategic boost for Nigeria's MSME industry and women-led businesses.
The move is aimed at boosting women's enterprises in Nigeria, creating employment and reducing inequality.
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Source: Legit.ng
