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    Stakeholders Call for Reform of Single-Digit Loan Rules as Risk Premiums Hit 40 Million MSMEs

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Home»News»High Foreign Exchange Rates Threaten Growth of Local Fragrance and Skincare Business, Says Nigerian Entrepreneur.
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High Foreign Exchange Rates Threaten Growth of Local Fragrance and Skincare Business, Says Nigerian Entrepreneur.

Gift IfeanyiBy Gift IfeanyiApril 7, 202503 Mins Read
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Orume Oghenejode, founder and CEO of Essence by RJ, has expressed concerns over how Nigeria’s volatile foreign exchange rates are crippling the fragrance and skincare industry, especially businesses that rely on imported components.

Speaking during the Bi-monthly PR Tea Party organized by Hustle Africa in Ikeja, Lagos, Oghenejode shared the struggles her business has faced due to the rising costs of importing raw materials, particularly for fragrance products.

“As much as we try to use local resources, there are interconnected dependencies on imported materials. The high exchange rate affected our growth, especially in the first two years,” she said.

Despite these challenges, Essence by RJ has remained committed to its mission: turning everyday moments into extraordinary experiences through premium home fragrances and natural skincare products.

Selling Serenity Through Scents

Highlighting the emotional and therapeutic benefits of fragrances, Oghenejode explained how scented candles, reed diffusers, and room sprays help create a peaceful, relaxing environment—something she believes every Nigerian needs amid daily stress.

“Fragrance has the power to calm nerves and change your atmosphere. You don’t need a vacation to feel peace—you can experience that right at home with the right scent,” she added.

Her product line includes:

  • Reed diffusers & room sprays: Tobacco Oud, Orient Bliss, Orchid, Amber Bouquet
  • Candles & wax melts: Lemongrass, Sweet Wood, Lavender, and Sage

She particularly recommended lavender and sage for their calming properties, perfect for unwinding after a stressful day.

Affordability and Accessibility

Determined not to price herself out of reach, Oghenejode emphasized that her products are affordable and accessible to the average Nigerian. Her pricing strategy ensures that more people can enjoy self-care and luxury at home without breaking the bank.

“I didn’t go into this just for luxury; I wanted people to be able to afford what I offer. That’s why our prices are very reasonable compared to others in the market,” she noted.

Expanding Reach Through Online Sales

Launched during the pandemic in December 2020, Essence by RJ adopted a digital-first business model to connect with customers across all demographics—young, middle-aged, and older Nigerians alike.

“We chose to go online so we could reach more people, because everyone deserves a peaceful space and good skincare,” she explained.

A Growing Brand With a Purpose

Now in its fifth year, Essence by RJ continues to grow, fueled by a passion for wellness, self-care, and mental tranquility. Despite currency fluctuations and economic pressures, Oghenejode remains focused on delivering experiences that offer emotional relief and physical comfort—one scent at a time.

Essence by RJ is not just selling products. It’s promoting mental wellness, self-care, and affordable luxury for everyday Nigerians—reminding us that even in tough times, peace and beauty can still be found in the simplest things.

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Gift Ifeanyi

Gift Ifeanyi is a passionate and talented young web developer with a flair for storytelling and a keen interest in business and entrepreneurship. She brings a fresh perspective and a tech-savvy approach to delivering daily news and insights on the ever-evolving world of startups, innovation, and business trends. With a commitment to excellence and a drive to inspire the next generation of entrepreneurs, Gift is dedicated to creating engaging and informative content that empowers readers to thrive in the dynamic business landscape.

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