I once wrote an article on how you can make money in palm oil business here in Nigeria. Well, i met an ENT reader, Erekata Teddy, recently who have been in this business and guess what, he was able to make 1,500,000 million naira in six months doing this palm oil business. When he was telling me this over the phone, I had to grab my pad and start writing. From the onset, I knew that this was going to be a huge business opportunity that you can engage in and establish yourself without any hassle at all.
I’m going to make this article as short as possible, not in the mood to bore you will so many details. The purpose of this article is to fish out all the important points you need to know in other to be successful in palm oil business. For a detailed business plan on this, see Palm Oil Guide.
While talking with Erekata Teddy on phone, he was so excited to share with me palm oil business secrets and as he was spurting them out, my hands where busy typing. I asked him numerous questions which I’m going to highlight on this page to make it more comprehensible. I don’t think you have an excuse while you can’t start this business. If you can start this business now, you’ll certainly come to this blog to give a testimony.
Here is how our session went. I was able to throw some questions and like expected, he did justice to them.
HOW TO START A PALM OIL BUSINESS IN NIGERIA
WHAT’S THE COST OF STARTING THIS OIL PALM BUSINESS?
Anyone can start this Palm Oil Business. It’s not like one of these businesses that requires millions to start. With at least, N50,000 and above, you’ll be able to start this business and make enormous amount of money. For example, a jerrycan of Oil is N5000 – N6000 during April in Osakan, Cross River State. With N50,000, you can purchase about 10 Jerrycan of it.
WHERE CAN ONE BUY THIS PALM OIL AT A CHEAP PRICE HERE IN NIGERIA?
I always advice prospective entrepreneurs to buy from interior areas in Cross River. I for example buy from a rural community called Osakan. Buying from them is very cheap and will make sure you realise 5 times your initial investment.
WHEN IS THE RIGHT TIME TO BUY THEM?
This is one major secret about this business. The time of purchase matters a lot if you must make money. It’s advisable you buy them in Osakan during February, March or April. That’s when palm oil is surplus and very cheap. When you buy them, store them in a warehouse. There’s also a right time to sell.
HOW PROFITABLE IS THIS PALM OIL BUSINESS?
When I started, I was able to buy a gallon at the price of N5000. That was during April and I had to store them in a warehouse. In this business, timing is everything if you must make money. Around August, September or October, a gallon of oil will be sold at over N20,000; even more. Imagine if you had started with about 10 gallons, you’ll be making not less than N200,000.
WHERE WILL INTERESTED INDIVIDUALS SALE OFF THEIR PRODUCT?
There’s a main market in Obubura Local Government Area, Cross River. This is a place where many people from Akwa Ibom, Port Harcourt etc come to buy oil. This is a huge market and selling off your product is guaranteed. Most people are usually scared of starting a business, simply because they don’t want to be stuck with the product. Presently, oil is scarce because people are hoarding it in other to make a better profit during the month of October. One good thing with this business is, buyers are always present and ready to buy.
The only difference this information will make in your life is when you take action. Yes! Action they say will always equal your result. One of the things people regret in life is not usually what they did. It’s the opportunity they failed to pursue.
If you have any question about this business, use the comment box and I will try as much as I can to offer an answer. Don’t forget to share this helpful post on Facebook, twitter etc.. Use the buttons below.