Africa is not only a hotbed for growth and opportunity, but it is also emerging as a unique player in the economic and cultural spheres in the global setting. Looking at events that happened over the last year, this article will project what Africa and the world can expect from the continent in 10 spheres spanning from beauty to business. BEAUTY Hair is a lucrative industry in Africa, estimated to be worth $6 billion. African women, particularly those in Nigeria, South Africa and Cameroon, reportedly spent approximately $1.1 billion dollars on hair products such as shampoos and hair lotions in the 2013/2014 financial year. Africa’s dry hair market of weaves, extensions and wigs both from synthetic or human fibre is estimated to be worth $6 million and has attracted multinationals such as L’Oreal and Unilever. The hair-care sector is also one of the biggest sources of job creation for women in the informal sector as they open their own salons or create make-shift salons in the streets of urban areas. The demand for Indian and Brazilian hair extensions and wigs as well as synthetic hair continues to grow on the continent, with estimates of the market being worth $600 million…. Read full this story
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