Nigeria's Hair-preneurs: When Soaring Exchange Rates Can’t Quench Beauty Entrepreneurship

Nigeria’s Hair-preneurs: When Soaring Exchange Rates Can’t Quench Beauty Entrepreneurship

6 months ago
1 min read

In an exclusive interview with Prime Business Africa, hair vendors –  Austin Hair and Olysaint Hair, spoke on the dynamic world of Nigeria’s hair business. Despite the challenges posed by fluctuating exchange rates, these entrepreneurs shed light on the opportunities and resilience within the industry.

In Nigeria, the hair business is not just about beauty – it provides a flourishing opportunity for entrepreneurship, with countless individuals diving into the vibrant dealership on hair extensions and wigs. In a country where entrepreneurship is a driving force, the hair business has provided a unique opportunity for Nigerians to earn money for themselves without being hobbled by the drudgery of 9-5 jobs. The lure of owning a hair salon or creating a signature hair care product line is enticing, as it not only empowers individuals but fuels job creation and revenue generation as well.

Austin Hair, located in Ajao Estate, Abule Market, noted that the Dollar to Naira exchange rate has emerged as a pivotal factor in hair vendors’ business. When the Naira weakens against the Dollar, the cost of importing hair products escalates, inevitably leading to higher retail prices. Yet, vendors’ success lies in establishing reliable connections with suppliers who offer reasonable rates, allowing them to retain a loyal customer base.

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Price fluctuations have not only contracted sale volumes for the hair entrepreneur but have also triggered intriguing customer behavior. While some remained loyal despite soaring prices, others opted for more affordable alternatives, such as single drone hair instead of double drone. Indeed, these fluctuations have not deterred the enduring love that Nigerian women have for their hair.

Olysaint Hair, located in Molete, Ibadan shares these sentiments, highlighting the unique challenges and opportunities in the hair business in Nigeria. Both entrepreneurs recognize the need for a robust monetary policy that can stabilize exchange rates and support local manufacturing of wigs and hair extensions. This move would reduce dependency on imported variants and create a thriving ecosystem that benefits both business owners and customers.

Nigeria's Hair-preneurs: When Soaring Exchange Rates Can’t Quench Beauty Entrepreneurship
Hair

At the broader level, the place of the hair business in bridging the unemployment gap in Nigeria calls for more robust monetary policy measures that will stabilize the exchange rates and bolster local manufacturing of wigs and hair extensions, thereby reducing dependency on imported variants. The goal is to create an ecosystem that favors business owners and customers alike.

It goes without saying that the hair business in Nigeria is not just about aesthetics; it’s dynamic and has grown to the level where entrepreneurs succeed against all odds. The government just needs to give them the right support by implementing policies that will stabilize the foreign exchange rates in Nigeria. As Nigeria strives for economic growth, the hair industry should be factored in based on the burgeoning market for it.


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