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.
Starting and Managing a Profitable Catfish Farming Business in Nigeria
Economy
NASD Bourse Edges Up 0.23% as NSI Nears 3,970 Points
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
Economy
Naira Weakens to N1,353/$ at Official Market
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
Economy
NB Plc’s Strong Recovery, Improved Profitability Excite Shareholders
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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