About 26 million Nigerian women use attachments, wigs and weave-ons, ranging from N1,000 to N250,000 on the average, according to a new study conducted by a leading Nigerian business newspaper. These hair products are very popular among Nigerian women of all ages – the youthful and elderly – who prefer hair extensions to natural hair.
Foreign wigmakers are therefore turning to Africa, especially Nigeria, which is the fastest growing market for artificial hair. The Chinese companies have particularly taken the lead in supplying to Nigeria, and one of the major hair manufacturing companies in China, Xuchang, announced a turnover of $1billion in 2016. The same report shows that South Africa, Nigeria and Benin Republic are destinations for more than 80 percent of China’s total wig exports to Africa.
Nigeria is the most populous nation in Africa and it is not a surprise that Chinese and other foreign companies are achieving such high turnover from the in-demand hair business. Women make up 49.34 percent of the estimated 200 million Nigerians, according to the World Fact Book. The data estimates the population of women in the age category of 15 to 24 at 19.86 million while those in the age range of 0-14 are 42.28 million. Women above 65 are estimated at just 3.26 percent. This is a large pool of existing and potential consumers, which keeps increasing with the growing population.
The main gist is that Nigerian women see their hair as an essential part of looking good and putting up an attractive appearance, so they go all out to purchase hair products. Majority like Chinese hair because it is more affordable, although the wealthier ladies tend to prefer the more expensive Brazilian hair products, especially human hair.
There is a huge market for all kinds of hair products, and they are all fast-moving. Entrepreneurs can start by buying from more established wholesalers, then progress to dealership with leading manufacturers and importers. A note of warning though – the market is awash with many fake products cloned by both local and foreign players, so you need to have a good knowledge of the products. The women-folk are usually very sensitive about their appearance and if you sell fake products at the price of original ones, you will soon lose a lot of customers and earn a negative reputation which may eventually damage your business. While the prime target could be workers in various offices aged 16 to 64, there is really no age barrier to who can buy a wig, as even students and the unemployed want to look good. Similarly, parents and guardians buy wigs for their children and wards.
There are also some complementary, fast moving, hair products that entrepreneurs can sell alongside wigs and make good money. The typical Nigerian woman’s fashion is incomplete without lash extensions, and they love it for a complete make over. Lashes extension are fixed on eye lashes to increase attraction. Prices range from N400 to N20,000, with the natural or semi-permanent ones being more expensive.
Men are not left out in the hair business either. A recent report shows that the beard grooming industry is valued at $60 billion and should reach $76 billion in the next two to three years. Young men with well-groomed facial hair are a growing trend in Nigeria and there is enough market for entrepreneurs to play along with the big names in the market like Unilever, Procter and Gamble, and so on. Wearing a beard and moustache has become very fashionable and young men go to great lengths to grow and maintain such style. They believe that beards are attractive to ladies of this generation so they are ready to spend money on creams and oils that grow facial hair. Those who don’t have the patience, or know-how to grow their hair use fake beards to shape their personality. Selling these ranges of product offerings can enrich entrepreneurs who first of all do good research to identify the best products at the cheapest prizes. There are local and high-end foreign oils and false beards in the market and the easy way to know what to trade is get close to young men growing beards, ask questions about preferences of beard growth oil and why, and observe. Beard oil wax prizes could range from N1,000 to N10,000. There are also oils that reverse baldness.
Another important complementary business in the hair bouquet is dye, which helps to fight greying hair. The greying population is growing exponentially with young men and women in their 20’s and 30’s already noticing strands of greys. Some experts adduce that the hardship in the country is responsible for a situation where young men and women grow grey hair, but the fact is that the problem presents an opportunity for entrepreneurs. There are lots of dye products in the market, but local and foreign, but it is always safer to market dyes that are more permanent, although they tend to be more expensive than the local ones. People using dye do not appreciate products that wash off easily.
You can see that there is lots of money to be made from a wide range of hair extension products, and given that the barrier to entry in the industry is very low, discerning entrepreneurs can add any, or all, of the range of hair products to their normal business.
