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HOW TO START A FACE MASK SALE BUSINESS IN NIGERIA

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1 year ago

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HOW TO START A FACE MASK SALE BUSINESS IN NIGERIA 

In what has become a new normal, face masks have become incredibly important in how we go about our daily lives, especially for individuals who go out on a regular basis. Over the past few months or perhaps a year now, the world has been battling a deadly pandemic called COVID 19 or corona virus and as we all move to protect ourselves against the virus, face masks has been identified as one of the major precautionary measures that can be used. While a couple of businesses have packed up due to the pandemic, it has also opened new paths to making money, one of which is the face mask sale business. 

The business, just like the name implies, involves getting or sewing face masks and selling them for a price to customers. It is one of the newest businesses in the country and has high potentials of making a reasonable income for individuals who are willing to get started with the business. Like I’ve mentioned, the new normal includes putting on a face mask and in several parts of the country, it is even prohibited to walk around in a public place or simply go out without the face mask. It is simply a safe way to go about our day in recent times due to the outbreak of the corona virus. 

The business comes in different forms which can be explored by entrepreneurs who want to start the business. You can either decide to buy the face mask to resell or produce your own face masks. Both are totally different things but they help achieve the goal of having your products, which is the face masks, sold to customers willing to buy. By producing your own face masks, you can either decide to sew it yourself or get an expert or a good fashion designer to help you with the production aspect while you’ll deal in the sale of the masks and get it to the market where they’ll be sold. As one of the guidelines of even preventing the spread of the corona virus is even to stay at home, you don’t necessarily need a place for locating the business as you can do it from the comfort of your home. It can also be added as an extra product to be sold in a shop, for someone who already owns one. It can also be operated as a part time business depending on whichever way you want it. 

One of the main reasons why the business is such a really good option is that current demand for the products. Face masks are in very high demand as they’ve even been made compulsory in some parts of the country  The fact that it is compulsory definitely increases the demand and even people who already have can always get another one. The demand is pretty high and you might even get a contract to produce for big companies or organizations looking to get face masks in bulk. The good demand for the product makes it a reasonable business option that would bring in customers and also good amounts of profit. 

The business is also pretty easy to go about and you don’t really need to much to start up the business. It doesn’t require too much capital, even if you’ll be directly producing them though cost of materials used in doing this might differ. As you won’t be needing a location for the business, it eliminates the cost of getting a location which is always a part of many businesses who are just starting up. It’s a comfortable business and one that can be operated from the comfort of your home without having to do too much in the processes of going about the business.

Starting the business, like I’ve mentioned severally, is pretty easy and is more like the simple buying and selling business available in the country. You don’t neccesarily need any form of special training or skill to be able to go about the business, same for the educational qualifications and prior experience, though you’ll definitely need to be good at sewing if you’ll be producing the face masks yourself. But even if you don’t know how to go about it, you can always get someone who can help with this aspect or you can choose to learn how to go about sewing face masks, which is not really hard and is simpler as compared to when you’re seeing a cloth.

In the next sub heads, I’ll be discussing the steps involved in starting up the face mask sale business and also some useful things that might prove important during the course of the business to ensure that you’re doing the right things and also being successful at the business you’re starting. 

  1. RESEARCH 

No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.

The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on. 

There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business. 

  1. WRITE A BUSINESS PLAN 

A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans. 

The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business. 

  1. CREATE A BUDGET 

You’ll need a number of things for the face mask sale business especially if you’ll be producing it yourself and this is where the capital or money to be used for the business comes in. You’ll need to create a budget for all these things and use it to estimate your capital for the business. As the cost of starting is not even high, you don’t need a large amount of money to go about the business. If you’ll be buying to resell, your capital will mainly go into getting the face masks while if you’re producing, your capital will go into buying the materials, and also paying for the services of an expert who will help you with sewing the masks. 

  1. GETTING THE PRODUCTS

At this stage, the business is about to start and you’ll need to get the products, face masks, which will be used to go about the business. Irrespective of how you choose to operate the business, you’ll need to visit the market and get what you want. If it’s ready made face masks you want to be dealing with, get places or companies where they are sold and buy from them. And if it’s production of face mask you’re looking at, then you’ll need to go and get the materials to go about it. 

  1. MARKETING AND SALE

You can visit the market and advertise your products to people there or you can just make connections and find out companies who are buying bulk face masks and sell to them. You can also make use of social media to go about this aspect of the business. Word of mouth and referrals also play a major role in getting customers and making your money. 

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BUSINESS

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

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3 weeks ago

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Wisdom Kwati Smart City Ltd, a prominent property development firm based in Abuja, has launched a lawsuit against Adamawa Mortgage Bank Ltd, seeking ₦10 billion in damages. The legal action follows a breach in a joint venture agreement between the two parties for a 20.5-hectare property development in Sangere Village, Yola South, Adamawa State.

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

The joint venture was established to transform the Sangere property into a large-scale residential development, with work already underway and over 3.5 billion invested in the construction of over 200 housing units and on the estate’s infrastructures. However, tensions arose when Adamawa Mortgage Bank publicly withdrew from the agreement, and without appropriate notice or engagement with the firm, released a statement on The Cable newspaper on November 9, 2024. In its announcement, the bank warned prospective buyers, stating:

“This is to inform the general public that Adamawa Mortgage Bank Ltd is not selling its land at Sangere-Wisdom Kwati Smart City. Anyone buying land at the property does so at his own risk. Take further notice that the bank has withdrawn from the joint venture agreement with Wisdom Kwati Smart City. Thank you. Signed Management.”

Following this statement, Wisdom Kwati Smart City Ltd, led by Chairman Mr. Wisdom Kwati, filed for both an interlocutory and interim injunction. The lawsuit names both Adamawa Mortgage Bank Ltd and its Managing Director, Dr. Noris Giscard Stanley, as defendants, alleging breach of contract and reputational harm caused by the bank’s public renouncement.

On November 14, 2024, the High Court of Justice of Adamawa State issued an interim injunction, temporarily restraining the mortgage bank from further actions related to the property until a resolution is reached. The court has ordered the defendants to respond to the claims and appear before the court within 30 days of receiving the summons.

The implications of the contract dispute are significant, given the current stage of the project. According to representatives of Wisdom Kwati Smart City Ltd, the company has invested over ₦3.5 billion in construction and developmental costs on over 200 buildings currently under construction at the site, of which over 50 units are at the finishing level of construction, and infrastructural development that are well into the third phase of the company’s five-phase development plan.

Industry observers suggest that a swift resolution of the dispute would be in the best interests of both parties and their investors, who rely on the stability of the joint venture to secure their investments. The project, originally designed to develop 317 mixed housing units, is already well past its midpoint, making it highly unreasonable for a partner to withdraw at this stage.

Wisdom Kwati Smart City Ltd has expressed a commitment to seeing the project through to completion and ensuring that stakeholders are kept informed of any significant developments in the case. Despite the legal steps taken, the real estate company has reportedly made several attempts to resolve the matter through dialogue, but the bank has reportedly not been forthcoming.

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Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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2 months ago

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The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

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Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

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Meeting with JIBC

Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

The African Development Bank Group (www.AfDB.org) has celebrated the 30th anniversary of the Policy and Human Resource Development Grant (PHRDG), a bilateral trust fund created by Japan in 1994.The initiative has contributed significantly to the development of Africa’s human capital, supporting over 100 transformational projects across various sectors.

PRST at Keizai group

PRST at Keizai group

Presenting a commemorative publication on the trust fund at the Ministry of Finance in Tokyo on Wednesday, 16 October, Dr Akinwumi Adesina Adesina, African Development Bank Group President said the publication highlights three decades of successful collaboration and the impactful projects funded by the Policy and Human Resource Development Grant, as well as the critical role the grant has played in Africa’s socioeconomic development.

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024. In recent years, the trust fund has seen a notable increase in contributions, underscoring Japan’s renewed commitment to fostering a climate-smart, resilient, inclusive, and integrated Africa.

Japan’s Vice Minister of Finance for International Affairs, Atsushi Mimura, said he was pleased the country’s partnership with the African Development Bank Group was going well. He pledged continued support, particularly for the African Development Fund, the private sector, and Japanese and African start-ups

“We look forward to deepening Japan’s relationship with the African Development Bank,” he said.

Mimura described the African Development Bank Group’s partnership with the World Bank’s plan to bring electricity to 300 million Africans (Mission 300) as a powerful narrative that draws attention to the continent’s energy needs.

Adesina commended Japan for its strong support of the African Dev?

elopment Fund, noting that the Fund has delivered impressive results. He sought the country’s support on a wide range of issues, including the 17th general replenishment of the African Development Fund, Mission 300 (http://apo-opa.co/3YcTfy2), Special Drawing Rights, the private sector, and start-ups, among others.

“We thank the people of Japan for standing in solidarity with the people of Africa,” Adesina said.

Since its establishment, the PHRDG has been a vehicle for Japan to share its expertise and experience in human resource development, empowering Africans to lead the transformation of their societies and economies. The grant has supported a wide range of projects aligned with Japan and the African Development Bank Group’s shared objective of human capital development. Officials said the projects have laid the groundwork for accelerated economic growth in Africa.

In a foreword to the Policy and Human Resource Development Grant at 30 publication, Deputy Vice Minister of Finance for International Affairs Daiho Fujii, expressed Japan’s pride in celebrating the 30th anniversary of the PHRDG.

“Japan is leading the international community’s efforts to overcome global challenges, particularly those affecting vulnerable populations. Through the PHRDG, we provide technical cooperation to develop the human resources that will drive Africa’s socioeconomic transformation. Our partnership with the African Development Bank Group is key to realizing a more resilient and prosperous Africa.”

As the Policy and Human Resource Development Grant enters its fourth decade, the African Development Bank Group and Japan have expressed eagerness to expand their partnership. With six new projects in the 2024–2025 pipeline, including initiatives in higher education, debt management, and climate-smart agriculture, the trust fund remains a critical tool for delivering impact across Africa, officials said.

Both parties pledged to continue to work hand in hand to unlock the potential of Africa’s human capital, fostering innovation and economic development for generations to come.

Japan–Africa Dream Scholarship Program: Investing in the Future

Among the most impactful PHRDG-funded initiatives is the Japan-Africa Dream Scholarship Program (JADS), launched in 2017. This program aims to develop Africa’s human capital by offering scholarships to high-achieving African students for master’s studies in fields such as agriculture, development economics, energy, and public health. To date, the program has awarded scholarships to 23 students from 10 African countries, two-thirds of whom are women.

Graduates of the JADS program have gone on to make significant contributions to their home countries. Alumni include Mary Yeboah Asantewaa from Ghana, who now works at SORA Technology in Accra, leveraging drone technology to control infectious diseases, and Glory Sibale from Malawi, who joined Tokyo’s Taiyo-Yuka recycling company, focusing on sustainable agricultural project management.

As part of his mission to Japan, Adesina also met with Nobumitsu Hayashi, the Governor of the Japan Bank for International Cooperation, to expand collaboration in key areas, including agriculture, healthcare, energy access, support for youth entrepreneurs, critical minerals, and regional corridors.

Later Wednesday, Adesina met with the leadership of the Association of African Economic and Development Japan, where both parties discussed potential collaborations for impactful projects. He continued with meetings with Kanetsugu Mike, Chairman of Mitsubishi UFJ Financial Group, and Ken Shibuya, Co-Chairman of the Global South Africa Committee of Keizai Doyukai (Japan Association of Corporate Executives).

The African Development Bank president invited business leaders to the 2024 Africa Investment Forum to be held in Rabat in December. Adesina also hosted representatives of the African diplomatic corps, development partners, and the private and public sectors, where they discussed leveraging co-creative relationships with Japanese companies and institutions.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

 

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