Economy
Guide on How to Establish Barbing Salon Business in Nigeria

By Ashemiriogwa Emmanuel
Amid economic instability and the high unemployment rate in Nigeria, one of the smartest ways you can stay financially independent is by venturing into an entrepreneurship business that requires vocational skills.
Even when operated as a side hustle, this can fetch more money than imagined, especially when it is an often-required product or service that is offered to people in your immediate community.
Barbing salon business is one of the most lucrative ideas one can think about, especially when it is properly managed. And interestingly, it does not cost an arm and leg to keep the business running. In fact, the business is not limited to males as women have become interested in this line of work.
However, as with other jobs, breaking into the venture here in Nigeria, especially from scratch, is not as easy as it seems. Whether one plans to operate on a small, medium, or large scale, the nitty-gritty of starting a barbing business must not be ignored.
Hence, Business Post conducted a survey, interviewing well-established barbershops owners in Lagos who are raking in impressive profits from the venture and how they scaled from scratch.
One of those was Mr Haruna Oladele Jimoh, owner of Ijoba Last Born Haircut in Alimosho Local Government Area in Lagos, as well as Son Of Mercy Haircut (SOM) CEO, Mr Sunday Akinosun who is the founder of the establishment.
Learning the Skill
If one is looking to start a profitable barbing salon business, it all begins with learning the craft hands-on. Barbing, in itself, is a delicate art that commands expertise from the practitioner if he wants to have customers return for another haircut.
Thankfully, with the internet, one can learn almost anything in this world. A look at YouTube can provide a basic guide to barbing practices, techniques, and maintenance.
However, speaking on this with Mr Jimoh, he noted that learning this special skill online is not as effective as acquiring the skill through training, and will reflect in the long run.
“For instance, while I teach my apprentice, they are not just learning the barbing aspect, I teach them the business aspect; how our customers are uniquely treated, how to maximize profits and pay required bills, and how to manage the business overall,” he explained.
In addition, learning the skills from an already established personnel will give you leverage on certification, qualification, and smooth referrals when you finally cut out.
From what was gathered from a cross-section of barbershops owners, it can take five months of training in hair cutting, hair styling, and hair treatment, and the cost for this can vary depending on the establishment you choose to learn in.
Location, Renting a Shop, & Home service
In the view of SOM Haircut’s CEO, Mr Akinosun, “The business is very competitive, every corner you go around here, you will see a barbershop. That is why it is good to know your work very well and have your set of customers that you can even deliver home service.”
Observing most of the barbing salons that are doing outstandingly well, it was noticed that their location strategically ticks the boxes of clean, accessible, commercialised, and serene environments which attract ideal customers.
The location will also influence how much it will cost you to rent/buy your first barbershop. Fortunately, you will not need to rent a huge shop as you are just starting. Mr Akinosun hinted that, depending on how big one intends to start, one can expect to pay anywhere from N200,000 to N2 million for this.
Basic Salon Kits & Equipment needed and their cost
What you will be able to buy at the early stage of the business depends on your budget. But since you are just starting, it is important to get hold of the necessary kits, tools, and equipment first, then you can get others as time goes on.
Most of the barbers interviewed for this publication roughly highlighted these necessary kits needed for a start below – along with the average price you can get them in the market (as at the time of writing):
Hair clippers: It is good to have two or three clippers for a start and the cost is influenced by the brand and type. A new and quality hair clipper in the market costs between N14,000 and N16,000.
Cover clothes: Professional Baber cape is necessary to cover the customer while you do your work to prevent hairs or debris from ruining their cloth look. Three or four will be enough for a start, and each can cost you N2,500 at most.
Sterilizing and Disinfectant Supplies: This is to ensure the safety of your barbing tools, especially sharp equipment to keep them sterilized. The machine can be quite pricey but expect to pay anywhere between N15,000 and N60,000 depending on the brand, type, and size.
Mirrors & Fans: A barbershop is not complete without a mirror. The cost of a single large wall mirror can range from N20,000 to N25,000, and there should be at least two mirrors for your barbing salon. Fans are also necessary, but over time, can be replaced with air conditioners.
Hair products and cosmetics: These include hair creams, hair sprays, dyes, powder, aftershave, relaxers, conditioners, and so on, and the prices will be determined by the quantity you buy for a start and N10,000 should be enough for these items.
Standby generator: Most importantly, you will need a durable, standby generator to power electricity, since the power supply cannot be relied upon at all times, especially here in Nigeria and you might need about N65,000 for a 1.3Kva or N100,000 for a 2.5Kva.
Other miscellaneous tools are combs, hairbrush, scissors, blades, and tissue papers, barbers duster brush, and neck strap.
Other important furnishing areas which can make your barbershop stand out and more appealing to your new customers are:
A very good and comfortable revolving chair (two is ideal for a start and the cost is between N30,000 and N60,000 each)
An ergonomic, waiting chair/couch for customers for N45,000
Paint the shop to create your own unique style. This should about N25,000
Paste barbing salon pictures & wallpapers, which should cost about N500 each
TV or music player to entertain customers. A new 32-inch television costs about N80,000
“[By and large], you should be putting aside between N350,000 to N500,000 (for accessories) to successfully establish your first barbing salon. Afterwards, you can get other necessary resources,” Mr Akinosun of SOM haircut pointed out.
Getting Registered, Licensed & Joining Association
As with other businesses, it is very important in Nigeria to get your barbing salon business registered. In addition to the certification from your trainer, you should also register with a government authority like the Corporate Affairs Commission (CAC). Sadly, not all barbershop owners pay attention to this, but the sooner you get it done, the better.
Also, you will need to know what license you need to get for your business as applied to your location to avoid unnecessary embarrassment from government or union officials in the long run.
“As a new player in the business, it is beneficial to make inquiries and join the association [Lagos State Berbers Association (LASBA)]. For instance, to join, you go to the head office, and will usually be required to pay about N15,000 as a registration fee to become a member,” Mr Jimoh told our correspondent.
Hiring Employees Vs Accepting Apprentice
If you have an investor mindset towards the barbing salon business, then you will consider employing barbers that are ready to deliver the best quality services to your customers. This is, however, only feasible when you have enough financial resources to back this up.
But if it is the other way, then you might consider accepting apprentices to train them, and see that they handle your business anytime you are not around.
It was learned that most barbers prefer to accept apprentices, especially at the early stage, not only because it brings in more money (apprentice will be paying [between N20,000 and N50,000 or above] for the training and exposure), but also because it gives the barbershop owners the medium to unlearn and relearn their skill when passing down the knowledge.
Keep in mind the challenges
Gathering the responses from the few barbershop owners interviewed, it was observed that a total income of N300,000 can be potentially realized within a month from the barbing salon business if well operated.
Now, this may sound rosy for a starter, but it is important to also keep in mind the potential challenges such as the really saturated market, the fact that most people already have a steady barber, coupled with unfaithful and fraudulent apprentice/employees.
In addition, according to Mr Jimoh, “Power supply is a major challenge. Not just because it is not stable, we are used to that already and that is why we have our generators, but also because the bills for power supply are always increasing, especially for us without the prepaid meter yet.”
Conclusion
Of truth, barbing salon business is still a lucrative venture in Nigeria, despite the high competition. Being a newbie in the business, keep in mind that the first impression matters a lot.
Once you are able to get these basic resources outlined above to begin your business, make sure that you give the best to your new customers within the first few weeks, then leave the publicity/awareness for your new, happy customers.
Over time, you will eventually see the need to invest in add-ons to plush up your salon with videos games, table tennis or snooker board, or even subtle selling of food and drinks.
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Economy
Oil Prices Jump as Trump Revokes Chevron’s Venezuela Licence

By Adedapo Adesanya
Oil prices rose more than 2 per cent on Thursday amid supply concerns after the US President, Mr Donald Trump, revoked a licence granted to US oil major, Chevron, to operate in Venezuela.
The news led Brent crude oil futures to spike by $1.53 or 2.1 per cent to $74.06 a barrel while the US West Texas Intermediate (WTI) crude oil futures increased by $1.64 or 2.4 per cent to $70.26.
The Chevron licence revocation means the company will no longer be able to export Venezuelan crude.
However, if Venezuelan state oil company, PDVSA, exports oil previously exported by Chevron, US refineries will be unable to buy it because of U.S. sanctions.
President Trump said this was due to the lack of electoral reform in the South American country alongside with insufficient action on migration.
Chevron has been exporting around 240,000 barrels of Venezuelan crude to the US daily after former US President Joe Biden granted them a waiver.
The amount constitutes around 25 per cent of the country’s total oil production and generates substantial revenues that stay in the Venezuelan economy.
Meanwhile, market analysts noted that the move could also lead to the negotiation of a fresh agreement between the Chevron and PDVSA to export crude to destinations other than the US.
This development could also impact the Organisation of the Petroleum Exporting Countries and its allies, OPEC+, to which Venezuela is a member.
Chevron’s exit could reduce Venezuela oil’s production, giving OPEC+ capacity to increase output.
However, investors were still keeping an eye on signs of a potential peace deal in Ukraine, which could result in higher Russian oil flows.
President Trump said Ukrainian President Volodymyr Zelenskiy will visit the US on Friday to sign an agreement on rare earth minerals.
However, the Ukrainian leader said the success of talks would hinge on continued US aid.
The market was pressured by news that US economic growth slowed in the fourth quarter amid cold weather and concerns that tariffs will hurt spending through higher prices.
Economy
NASD Exchange Closes Flat Despite Posting Six Price Movers

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, February 26 with the Unlisted Security Index (NSI) static at 3,268.81 points and the market capitalization unchanged at N1.851 trillion.
The alternative stock exchange closed flat at midweek despite recording six price movers, with two in the green region and four in the red territory.
On the gainers’ side Afriland Properties Plc and FrieslandCampina Wamco Nigeria Plc, with the former rising by N1.12 to N22.80 per unit from the preceding day’s N21.68 per unit and the latter expanding by 76 Kobo to settle at N39.86 per share compared with Tuesday’s closing price of N39.10 per share.
However, First Trust Microfinance Bank Plc lost 5 kobo to close at 47 Kobo per unit compared with the previous day’s 52 Kobo per unit, Geo Fluids dropped 34 Kobo to settle at N3.58 per share versus the preceding session’s N3.24 per share, UBN Property Plc went down by 10 Kobo to finish at N1.75 per unit, in contrast to Tuesday’s closing price of N1.85 per unit, and Central Securities Clearing System (CSCS) Plc declined by 14 Kobo to close at N22.01 per share versus N22.15 per share.
During yesterday’s session, the volume of securities transacted by investors jumped by 99.3 per cent to 1.2 million units from the 605,399 units transacted in the previous trading day.
However, the value of transactions slid by 28.5 per cent to N10.6 million from N14.8 million, while the number of deals went up by 58.3 per cent to 38 deals from 24 deals recorded on Tuesday.
At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 533.8 million units worth N520.9 million, followed by Afriland Properties Plc with 16.4 million units valued at 335.2 million, and FrieslandCampina Wamco Nigeria Plc with 8.3 million units valued at N329.2 million.
Industrial and General Insurance (IGI) Plc ended the most active stock by volume on a year-to-date basis with 69.7 million units worth N23.6 million, trailed by Geo-Fluids Plc with 10.9 million units sold for N51.9 million, and FrieslandCampina Wamco Nigeria Plc with 8.3 million units valued at N329.2 million.
Economy
Naira Remains Unchanged at N1,501/$1 at Official FX Market

By Adedapo Adesanya
The Naira closed flat on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, February 26 at N1,501.95/$1.
Also, the value of the local currency against the Pound Sterling and the Euro remained unchanged in the official market during the session at N1,894.72/£1 and N1,570.11/€1 apiece.
However, the Nigerian currency depreciated against the United States currency by N10 at midweek to quote at N1,500/$1, in contrast to the preceding day’s N1,490/$1.
The outcome of the local currency comes amid ease in the wider economy and recent moves like clearing backlogs, which have led to the country’s foreign reserves losing over $2 billion in the last month.
However, market analysts fear that the continued drop in the foreign reserves may only offer temporary respite to the Naira.
In the cryptocurrency market, most of the tokens fell on Wednesday after the US President, Mr Donald Trump, said he plans to impose a 25 per cent tariff on the European Union (EU) during his first cabinet meeting.
The price of Bitcoin (BTC) depreciated by more than 3 per cent in the last 24 hours to close at $85,878.47.
After the recent market selloff, there were calls that the drop might have been the bottom but Mr Trump’s EU tariff plans seem to have dampened market optimism.
The American President claimed that the 27-member union does not accept US cars and farm products while the US buys from the bloc.
On its part, the EU said it will react firmly and immediately against “unjustified barriers to free and fair trade”
Ethereum (ETH) slumped by 5.9 per cent to $2,341.69, Ripple (XRP) went down by 3.7 per cent to $2.20, Cardano (ADA) fell by 2.9 per cent to trade at $0.6625, Dogecoin (DOGE) depreciated by 1.3 per cent to $0.2076, Binance Coin (BNB) weakened by 1.2 per cent to $614.13, and Solana (SOL) declined by 1.0 per cent to $140.03.
But Litecoin (LTC) recorded a 6.9 per cent appreciation to quote at $126.46, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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