What will Peter Obi’s Presidential win on Saturday’s 2023 Nigerian elections mean for Nigerian hair vendors?
In 2018, I remember pricing 18 inch bone straight hair in Wuse market for N40,000.
Then in 2022 when I went back to my hair vendor I bought 14 inch bone straight human hair for N100,000.
Nigerian hair vendors are facing challenges with importing human hair extensions, wigs and bundles from their usual manufacturers overseas.
In previous years, the increasing demand for frontal closures and human hair bundles in Nigeria had made millions for many Nigerian hair vendors.
But nowadays the hair business is tough.
From hair care products to frontal closure wigs and bundles, importing these items has been a major challenge for businessmen and women.
Because Nigeria is currently a consumption state, many hair vendors in Nigeria import their hair goods and products from countries such as China, Vietnam, Cambodia and India.
But the current government’s trade and foreign exchange policies is making it hard for a lot of business owners including Nigerian hair vendors to thrive.
Some of the challenges hair vendors face in relation to importation include:
Imposed restrictions on foreign exchange transactions
Naira to Dollar currency exchange
Lack of access to form A for business owners
Corrupt custom officials
Lack of access to quality hair products and hair extensions.
Imposed tariffs and taxes on imported goods.
All of these issues are making it more difficult and expensive for Nigerian hair vendors to purchase foreign currency to pay for imports from China, Vietnam and various hair manufacturing countries.
During his tenure as governor of Anambra state, Peter Obi helped his state thrive economically.
Amongst the many things, he developed the state’s infrastructure, created jobs for the youths of Anambra state, and brought in foreign investments.
Should Peter Obi win this Saturday’s elections, there is likely to be many positive changes for Nigerian hair vendors.
Peter Obi’s government policies may make improvements in the following department
• Trade and foreign exchange policy
Most of our imports are foreign exchange dependent.
Peter Obi’s trade and foreign exchange policy includes
- ramping up production for local usage and export,
- regulating foreign exchange rates.
Improving these factors can potentially lead to a reduction in importation of hair. For example these factors will bring foreign exchange into the country, leading to a significant impact on the cost of importing hair bundles from China. Obi’s trade and foreign exchange policy may improve hair vendors’ balance of trade with other countries.