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Tuesday, 24 January 2017

How to start palm oil business in Nigeria

How to start palm oil business in Nigeria
Are you interested in starting a palm oil business in Nigeria? Are you passionate about starting a palm oil business? Do you know that lot of people are making it big time with this palm oil business?
I know of a man in our community that build his house from the money he generated from palm oil business. If that is what you want, I assure you are at the right junction! Keep calm, grab your pen, sit comfortably as you digest this post.
Right from onset, many Nigerian entrepreneurs are too drifted into the business of technology, online business, oil and gas and lot of others without the critical gaze upon what palm oil business has in stock for them.
Apparently, Palm oil could be seen as viscid reddish liquid obtained from oil palm kernel appearing to be one of thriving business in Nigeria. With its base in Africa. Palm oil can be used in cooking as well as production of some materials by industries. Also recognized for its medicinal and curative importance.
Palm oil business in Nigeria is abruptly corrosive as many states that has palm trees knew not the value of such lucrativeness of the product. It is clearly visualized that, palm tree duly has its multi-usefulness compare to any other tree or plant around the globe, talk of the local brooms, palm mat, crafted hats, baskets even the liquid call palm wine is such a business to reckon with.
Out of all this product, palm oil has been the leading one since most people can't actually cook without it and that has changed any marketer or manufacturer's perception towards the agricultural sector.
Truly, there are many phases of this business as not everyone would wish to participate in all the specializations involve. These sectors of palm oil business include;

1. Palm Tree Plantation

A lucrative sector of palm oil business is by planting palm tree on commercial level and thereby harvesting it for sales as it goes directly to the milling industry for processing.
While the risk to run this business, you have to fathom the right variety as it is the main key to its success. Dura variety is a notable one in Africa which is feature with small pulp and thick shell. Just know them well!

2. Palm Oil Milling

This business entails your ability to use machines in extracting palm oil from its kernel with high rate of intelligence in the field.
You would have to purchase harvested palm kernel from local farmers and you would start marketing it extensively. Though it is capital intensive in terms of labour, machines and raw materials. But you would overlook the cost if you are really interested in the business.

3. Sales of Palm Oil in Bulk

At this phase, you are entitled to buy and sell processed palm oil at any quantity depending on your investment decisions. You could buy and sell continuously or buy and keep to sell when the price rises in the future. They all worth investing on.
Let us now see how you can start this palm oil business and make good profit from it in the long term.

4.Capital Investment

The first thing you need to venture into this business is capital. Though, there is no fixed amount of capital you must have, it all depends on how large or small you want to start.
You can start small with at least ₦50,000 depending on the sector you want to focus on. Have it in mind that this done after you have decided on the sector you want to venture into in the palm oil business.

5.Targeted Market

Your sector determines your target market. So, at this level, you must work towards a successful and practicable market research so as to weigh your market forces.
Instances where you wish to start any of this phase of business, you must be very careful by choosing either selling to international markets called exporting or locally in Nigeria. But I would recommend urban areas as your market target because this is where the product is highly needed and consume!

6.Effective Supplier

One of the ways you can become successful in this business is by having a reliable, trusted and steady suppliers that would help you in the distribution of raw materials.
Western and South-East Nigeria possesses good source of supplier and palm oil marketers. States like Ondo, Osun, Enugu, Anambra and Edo are good source you can consult.

7.Transportation

You must have a durable transportation system to be able to move your products from your location to where it will be needed. You wouldn't just start this business without a perfect means of transportation. Because most of your business transaction would revolve round it.

8.Storage

This is very important. If adequate storage facility is not put in place, it will possibly affect the quality of the products which will also affect the price.

Resourcefully, you should encode your palm oil business with some high rate of virtue. This includes; honesty, trustworthiness, customers friendly and lots of others. Hold on to them, they help too!

1 comment:

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