Nsikak Akpan is from Ikono LGA, of Akwa Ibom State, an HND Holder in MicroBiology at Federal Polytechnic Nekede, Owerri, Imo State. She is the founder of Splendent Oils. She produces pure coconut oil and other essential oils like Carrot oil, Tumeric oil, Neem oil, palm kernel oil, Onions oil, papaya and Avocado oil etc.
Coconut oil is the oil extracted from the meat of a mature coconut. There are two methods of extracting coconut oil, cold processing and hot processing. It is used in cooking, skincare, as herbicide and drinking. Coconut oil when taken orally helps boost the immune system, boost energy and lower inflammation. It also improves the balance of cholesterol level in the blood, as it is natural, stress on the pancreas is reduced.
Nsikak ventured into the Coconut oil business because she sees it as a lucrative business. It has created an employment opportunity for her as a fresh graduate. She started her production in January 2020.
Nsikak affirms that the economic benefit of the coconut oil business is huge. The coconut oil business engages youths and encourages creativity. It is a very lucrative business that one can venture into with a lesser amount of money and have huge returns.
Nsikak started her business with ₦700 which she used to purchase 5 coconuts.
She has had high points in the business. In her words, “It has connected me to many firms within Akwa Ibom State and its environs. I have the opportunity of meeting with great people in society through this business. I have had the opportunity to attain several seminars and conferences”. However she has had low points, she says, “I was really trapped starting the business in the rural area where it is not an essential commodity. I had low sales, most times I did not sell in two weeks so I had to relocate to the city of Uyo.
Nsikak admits she has thought about giving up in the face of challenges especially when male customers try to take undue advantage of her.
Her business is registered with it is registered with Small and Medium Enterprises (SMEDAN). She does the coconut oil production manually and also engages and pays people to assist her in grating since it is done manually.
Nsikak presents Utibe Akwa Ime, the Founder of Utytrends Enterprises as her business mentor.
Nsikak seeks engagements with policymakers and investors to scale her business. In her words, “Grating coconut manually has been one of the discouragements in my business because it consumes production time and it is very stressful. I need an industrial working machine for grinding and easy production of coconut oil. I also need packaging containers to produce in larger quantity and a site or warehouse for the production”.
To fellow and intending entrepreneurs, Nsikak advises, “Stick to your line of business and do it diligently. Do not wait for a huge amount of money before you can venture into any kind of business you desire. Before you go into the coconut oil business, all you need is pre-knowledge and the necessary training before you can start. Consistency is the key to a successful business venture.”
Entrepreneurs boost economic growth by introducing innovative technologies, products and services. They provide new job opportunities in the long and short term and also increased competition from other entrepreneurs, challenge existing firms to become more competitive.
Lastly, Nsikak says, “My Motivation to the society is that Entrepreneurs are equally, if not more, important when the economy is doing badly. When unemployment is high and the economy is contracting, dynamic entrepreneurship could help turn the economy around which could in turn create new job opportunities and reduce unemployment. So, if entrepreneurs are consistently encouraged, in bad economic times as well as good, then all businesses are kept on their toes, motivated to work continuously to improve and adapt. Entrepreneurs are the fresh blood that keeps economies healthy and flourishing even as some individual firms fail.
Let this story motivate you to start a coconut oil business today.