 Now, Nigeria's boom in hair industry is dominated by mostly Asian companies who supply synthetic and real human hair for everything from weak to women. However, in recent times, local players are also slowly catching up in this highly competitive market. Now, weeks and weeks have become the biggest money makers in Nigeria, in an industry dominated mostly by Asian-based companies. On the show today, we'll be focusing on how to position these emerging market to becoming the hub in Nigeria and indeed, Africa. Welcome to Business Insight and Class TV Africa. I am Justin Atadone. Now, the federal government has introduced digital tokens to replace the 11-digit NIN, also Nigeria and Ghana, have gotten trade dispute settlement committee. These were just some of the stories that wrapped up business in Nigeria for this week. We'll take a look at the highlight. The federal government has restated Emirates wing to flight, scheduled to Nigeria, following the offering of daily slots to Airpeace at the Dubai Airport DSB. This was contained in a letter to the Emirates country manager, Nigeria, signed by the Director-General NCAE, Captain Musa Nuhu, dated 21st December 2021. Last week, the federal government reduced Emirates Airlines entry into Nigeria to once a week through Abuja Airport and suspended from Lagos following the refusal of the Dubai CAA and Dubai Airport to grant Airpeace 3 slots it requested out of the 21 frequencies as agreed in the bilateral Air Services Agreement, BASA signed by both countries. The amount spent on subsidizing premium motor-spirit, popularly called petrol, rose to 1.6 trillion Naira between January and November this year. The latest data from the Landura National Petroleum Company limited show. The data also revealed that NNPC's remittance to the Federation Account Allocation Committee in the 11-month period dropped by 1.78 trillion Naira. In its report on funding performance between January and November 2021, which was obtained by our correspondent in Abuja on Wednesday, the oil firm said it had maintained petrol subsidy since the beginning of this year. The federal government plans to introduce digital token to replace the current 11-digit national identity number effective January 2022. It has been learned as such it plans to make illegal and punishable offends any company or agency found verifying the 11-digit national identity number. This was announced in a booklet by the National Identity Management Commission entitled Fact about NIN tokenization. The Ministry of Industry, Trade and Investment at any year, the bio has inaugurated an inter-ministerial committee for the implementation of the signed joint statements between Nigeria and Ghana. The joint statement and the inter-ministerial committee are the outcome of a high-leveled bilateral meeting between the Nigeria delegation led by the minister and representatives of Ghanaian government led by that country's minister of trade held between May 31 and June 2. And this was contained in a statement issued by the minister's special advisor and media Ifedayo Shia in Abuja. The National Assembly has transmitted the 2022 budget passed by both chambers to President Amadou Buhari for assent. Senate had passed the 2022 budget of 17.126 trillion Naira against 16.391 trillion Naira as presented by President Amadou Buhari. While passing the bill on Wednesday, it increased the benchmark price of crude from $57 to $62 per barrel from which a proposed increase in revenue is expected. Some of 3.83 trillion Naira is for debt sales, 6.93 trillion Naira recurrent non-debt expenditure while 5.4 trillion Naira is for capital expenditure. Welcome back, those were the stories that rounded up on Business Week in Nigeria for this week. Now the hair business is a strong developing area to sink money into not only in Nigeria, but globally. There is no doubt that doing business in human hair, hair salon and wholesale hair distribution is a giant industry that earns you a huge amount of money each year due to the fact that everyone in the world is in need of hair service. Now joining us now is Christian Love, he is the co-founder of the Confident Black Woman. Good evening to you Christian, my thanks for joining us on Business Insights. Good to see you, Justin. How are Nigerians such an opportunity to be here? Very interesting format. My background I just mentioned that this particular industry is actually a very emerging one and there is great potential, but just how much is there to really get from this industry in Nigeria? You have to look at the global perspective because we live in a global village and everything is interwoven, interconnected and we, in order to play, even in Nigeria, you need to see what's happening globally. For an 83 billion dollars was spent in 2020 in the beauty industry. Now 24 percent of this was from the hair industry. So if 24 percent of this was from the hair industry, what you need to ask yourself is what portion of that global reach is coming to Africa, what portion is coming to Nigeria. And so that rather than being fixated on oil and all the other source of income, this viable platform that can generate income, not just for government, but put millions of young people in employment need to be exploited and need to be fully maximized. So the opportunity is among us and we're taking we're taking the bull by the hand. We're not taking it easy, just like we is being dominated currently by China, by India and by all the developed world. I think 70 percent of that 483 billion dollars is between North America and Asia Pacific and Nigeria and Africa is not even recorded in the data that was that was gotten. So it's a it's a and we're playing big time. I mean, China is bringing in hell every day over because we have 200 million people in Nigeria alone in Africa. We have 1.3 billion people and almost 600 million of the 1.3 billion people in Africa, there are women and 75 percent of that they are young people that needs to make it and needs to look good. Because for every woman, the most important thing is how the look and how the look should make how the look eventually shows how they're going to feel. And and there's a huge economy that is tied to the look of the woman. And the here is the first thing that you see with a woman. No matter how beautiful she looks, the here is the most important thing. So it's a huge, huge opportunity for us to tap into. All right. Interestingly, Christian, you talked about the Asian countries and some Pacific American countries, you know, dominating about 70 percent of that particular amount that you mentioned. But there is a wide value chain in this industry, the weeks, the weekends, you know. But how come would not actually, you know, maximize that the value chain, even if it means that we cannot really do the main heads of I mean, there are other angles that we should actually, you know, have some bit of a competitive. Yes, you know, so in terms of sales in 2020, 48 percent were true online sales, about 5.6 percent for online channels, offline channels, meaning brick and mortar, it's not that commensurate. Just like you said, the value chain in the here industry includes the logistic company DHL makes a lot of money from logistic from here making, because you need to ship from China and ship to the US and export. So you import the raw materials, you export the finished product. So on both sides, logistic is making a lot of money. Then PayPal and all the online, yes, all the payment company, they are making a lot of money. So logistic, the finance company, they are making a lot of money. Of course, the manufacturers of machines, they are making a lot of money. So what is left is for what we're currently participating in as a nation is the finished product, which is not bad. We can start with that, but we need to be able to scale to participating in the entire value chain. And you know, the making of here is not just the making alone. There are a lot of people that are involved from procurement to finished product. A lot of people can be employed. And based on work with Instant Arrowhead United States, in the last four years, we have shipped more than 5,000 units to the US with 100% rating in terms of the quality of finished product. Working with more than five braided wheat companies in Nigeria, one in Abuja, three in Lagos, one in Ibadan, and I think one also in Paraco. Right, Christian. But in all of this, as wonderful as this particular news is, how Nigerians can actually explore, we find that that's one issue because I've had the opportunity to discuss with you and some other stakeholders. And one prevalent issue that was just resounding was that of standardization. What have we felt today? Because most times, for some people, you see, if you go along Allen Avenue, you can see people just in umbrellas, not even in the shops per se, but they are there doing weaves and braided their wigs and that. But they seem not to have a bit of standard. How do you ensure control in Nigeria? So one of the things that Instant Arrowhead will work with in the US is very critical about is standardization. So because quality control is what we sell, not air. So what we sell is really quality, not air. That's the way we speak within the air industry. So and we're working with NAPTEP to be able to ensure that there will be certification for every single person. So they need some sort of education? A lot of graduates are actually within the space. Yeah, I mean, I'm a lawyer. So what am I doing? A board member is a neurosurgeon, consultant, neurosurgeon, God's will, is an investment banker, Antela studies as strategy management. So the thought leadership within the industry is very sound people. And so you need to praise the resilient nature of those young people that are under umbrella because they are refusing to sit down at home. They are saying that we're going to do whatever it takes to put food on the tables of our family. And so what we need to do is just obscure them. And currently we acquired a space that can house 200 people at a go in terms of physical online, physical training and physical training. So we're going to be doing a lot of physical training with a lot of people. And we're also collaborating with NAPTEP to give certification. So within the next one year, you have to as a saloon owner, you have no choice than to be certified by NAPTEP. So that way we could actually ensure that if we are talking about short hair, there is standard size, colors and everything. Everything is going to be standardized. That's why when we did the 120... Hair challenge. 120 minute hair challenge. Yeah, 120 minute hair challenge. You saw the... I saw innovative styles. Yes. And the criteria, you know, you need to be able to do it fast. You need to do something that is soluble. You need to do something that is of quality. Finishing must be world-class. So the standardization is beyond edge, is beyond schooling, is the ability to translate your innate capacity into innovative hairstyle, but to now do it at scale, do it with speed and do it in a way that it can match the global standard. Okay, let's talk about business environment, specifically here in our country, Nigeria. That's what most industrialists complain about. They talked about the right environment for business to thrive. You know, what exactly are the main issues in this particular industry? What are the requisite challenges that need to be sorted out maybe by government, by public-private partnership in sort of a way that Nigeria can be a hub so other African countries can indeed come to us for standards and for qualitative hair products. Okay, so for me, I don't blame government for anything. You can't give what you don't have. And government is doing their best. When people compare us with the global economy, I always ask Nigerians, how much tax are you paying? I'm not saying that government should not create an enabling environment, that is their job, but the private sector is always driven by the economy. From the banking sector in the 80s to the creative industry, where our music is now permeating the entire atmosphere to the non-liberal industry, so we are also taking the bull by the on to drive the necessary process. That's why we're working with NAVTEP, it's the government agency. We're working with Center for Black and African Culture. We're going to be going to Atlanta to showcase some things of what Nigerians have the capacity to do. We're in IFA, Ibadon, Binay, throughout this year, just talking about hair making and how it's contributing to the economy. So we're already engaging government agency, and of course, most still needs to be done by government, by the minister of trade and investment. I just saw him speak now. There must be a policy that evolves that drives the creative economy. CBN has a lot of funding for the creative economy, but the ability to find the nexus rather than just throw it out there to the big players alone, there must be an enabling environment that guarantees that every single person was the talent, was the skill, and who is willing to do the needful. Because one of the things we've also discovered is the soft skill is even more important than the technical skill. The soft skill, the ability to be resilient, the ability to think through issues, the ability to follow instruction, the ability to, as a young person, to know that there is a standard that I need to follow before I will use my initiative because the standard has been proven with years of research. One of the challenges you have with creative is the despite size. One of the challenges you have with scientific people is they think creatives are just all over the place, but creatives and science, they have both two sides of the same coin. So you need to scientifically innovate as you create. So the standardization you are talking about has to do with what is the measurement. When we started with some breaded, breaded companies in Nigeria, we said, you go to U-scale. You must measure the weight of, they said, no, it's not possible. We said, no, it's not possible in your current reality, but it's possible. And before you know it, everything now is possible. And by working with some of these breaded, wheat companies in the recent data that came up, one of those companies became the biggest wheat-making country globally. It's not in Nigerian data, it's in American data. So it is possible to scale. It is possible to obscure the people. It is possible to upgrade the entire value chain. All right, value chain is really wide, like I had said earlier on, but let's talk about school leavers or entrepreneurs. As much as possible, try to give advice for people who may just want to be your own bosses. In terms of this particular industry, just in what aspect of the value chain can a fresh school leaver who may not have all the requisite funds, just where can he or she play, just in case he wants or she wants to be on their own? You know, number one, I have a different perspective of being your own boss. Nobody gives an amateur to solve skillful problem. If you have a heart surgery, you don't go to a general practitioner. So the first thing I would like to say to every person is get all the skills that is required. You know how our parents taught us very well. I know my mom, I even used to, my sister is possibly looking at me, Adiola, Kimballa, I've been in the UK now. I know I used to tie hair when I was growing up because everybody learns how to do that even as you're growing up in our traditional homes. So those little skills that you already learn, so you just need to go to the salon beside your house to continue the skill. What is more important is not what you earn, it's what you become. So keep drilling down on the skills that you require. You know the hair challenge that we had? One of them came one hour, 30 minutes late and yes, she came taught because she owned a skill, she knew the type of hair she needed to do and she knew what is going to sell. You know, so what our advice young people and parents ensure, not just air making, we're talking about air making today, ensure that with all the law, with all the medicine, with all the elect elect elect, with every skill that people are getting in the university, learn and work is called the Jewish Phenomena. And the reason why the Jews do it is because they have been, they've gone to slavery before and where degrees are not going to work but where people still require us to look good, people still require to do plumbing, people still require, so all the necessary skill that everybody needs to have, we must have it. I have an incredibly incredible ability to speak. You know, that's part of the gift God gives me. So on almost every subject of Eman and Devo, I own my skill so that when I come to the table, I have something to say. So everybody must look inward. You know, I like to travel back home. He said, We now done and chose our destiny. When we got to earth, we're now being driven in different directions. You know, a fish doesn't need to go to swimming school. A bird doesn't need to go to flying school. It's natural. So everybody needs to know what is intrinsic today. And they're now developing. Now for the air industry, I'm telling you the truth, in the next five years, more than one million homes will be directly and indirectly impacted, either by participating in the logistic, either by participating in selling it, either by online, you know, every process that needs to be in place, we're putting it in place. So that we're not going to be complaining about unemployment. Why it is critical for and work to be part of the global economy is because there is a trade deficit. When what we're importing is more than what we're exporting. And when we're not exporting, as much as we're importing, then the balance of trade is negative for us. So anytime you are saying dollar is increasing, what you are saying is we're not producing. Yes, we're not exporting. We're not exporting. So if we focus on production, we will see that the cost of food or goods that we're complaining about is going to balance out. So the vocational industry on the unworked industry is the way to go. All right, John, thank you so much, I'm Christian. We can actually just go on, you know, for four hours and discuss this particular issue because it is something that will blossom over time if we actually took our time to standardize and do all the needful. We must say a very big thank you to you for joining us to look at them, the hair industry in Nigeria and of course at the place of growth for the sector. Thank you, Justin. It's such a pleasure to be here. I hope to come over and over again. So that we can process together. All right, that's the size of the show for today. We must say a very big thank you to Christian Lofiisa, co-founder, confidant, Black Co-Mendan. He has joined us to look at all of the issues, all the prospects for the hair industry and how Nigeria can indeed be the hub for Africa and of course globally. We'll return again next week. Bye for now.