How I made N1.5M In Palm Oil Business In 6 Months

palm oil business in Nigeria 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, in Obubura LGA, Cross River. 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.

CONCLUSION

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.


WARNING ⚠! Do not call anyone parading himself on the comment section as a Palm Oil Supplier, to avoid falling prey to scammers.


NOTE: Prices might differ now. It’s your part to go on a market research since location have been specified above. I repeat, don’t call anyone. Thank You.


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.

79 Replies to “How I made N1.5M In Palm Oil Business In 6 Months”

  1. Okeme Emmanuel

    Thanks for this message. But which of this option is cheaper?
    Producing the palm oil yourself?
    Or buying and reselling?
    Thanks.




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    • Lim Ember

      Hello Idowu, you can also get good oil from Benue, Kogi, Ebonyi, Edo, Imo,,, but the key is finding a reputable supplier who wouldn’t supply you 2nd or 3rd grade oil…
      And the price of red oil actually crashed as of Sept of this year, a 25lit keg sold for 16k and dropped down to 13k and have refused to go up,,, I guess to many people stored this year…
      When buying palm old, also remember to factor in the price of kegs and the transportation cost of each individual keg,, and during storage make sure you first put a plank of wood on the floor or pour sand on the flour or your palm would change its taste…also make sure you cultivate a client base before venturing into it,,,, and remember that all businesses have risks
      Instead of long term storage, it is better you buy in March and resell as from July-August….but you can decide to do long term storage if you want and sell around Dec-January…
      I also supply quality palm oil, here is my number if you have further questions




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            • Nelly

              Hi Lim,
              You are very correct. Last year I bought 60 kegs at N14,000 around this time. Instead of the price to go up, it crashed to N8,500 by March/April this year. You can imagine how much I lost after storing them for almost 10 months with zero profit.

              I’m not doing long storage anymore. By the way, where can I buy Kogi, Ebonyi, Edo, and Imo? If possible gibe me the names of the mills or direct contact to the mills or suppliers pls.
              My contact 07012241881.
              Thanks




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    • Henry Ibeleme

      Of course there are oils that may not be too good. That’s why you need to taste them before buying.. Also get a trusted supplier, someone who you can trust.

      If the gallons of oil are stored, away from heat and light, it can stay up to two years without any issue.




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        • Henry Ibeleme

          As a newbie in the business, I would advice making sure you deal with a reputable supplier.. It helps a lot.. Determining a good oil from a bad one from taste alone can be hard, But it gets easier as you grow and learn.

          Before you buy, ask around and you’ll be directed to a good supplier. That’s what market research is all about..




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  2. winston Ezeh

    FIND A PALM OIL TRADER!
    You can advertise your palm oil products on line and connect with millions of buyers and sellers worldwide. Visit our website




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  3. FIDELIS

    Good evening sir, please sir the number you gave as your whatsapp number is not going, the number did not connect to whatsapp. please i need your contact.




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    • Lim Ember

      Hello Mathias, it cost between 1000-2000 to move a keg of oil depending on the location,
      you can also get good oil from Benue, Kogi, Ebonyi, Edo, Imo,,, but the key is finding a reputable supplier who wouldn’t supply you 2nd or 3rd grade oil…
      And the price of red oil actually crashed as of Sept of this year, a 25lit keg sold for 16k and dropped down to 13k and have refused to go up,,, I guess too many people stored this year…
      When buying palm old, also remember to factor in the price of kegs and the transportation cost of each individual keg,, and during storage make sure you first put a plank of wood on the floor or pour sand on the flour or your palm would change its taste…also make sure you cultivate a client base before venturing into it,,,, and remember that all businesses have risks
      Instead of long term storage, it is better you buy in March and resell as from July-August….but you can decide to do long term storage if you want and sell around Dec-January…
      I also supply quality palm oil, here is my number if you have further questions




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  4. Humphrey abraham

    Wait I want to get more information on current price by liter that is what I understand as I try to ask question how much will 50liter cost and how much will that sell in october




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  5. obianuju

    Greetings everyone, pls how do i get buyers for this product even after storing it sucessfully. do i take it to the market since i dont have a shop. pls i need advice.




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  6. Juwon

    Hello somebody, I just read dis educative article and am interested in the biz but currently am in Plateau state.
    Anyone who can guide me through,I will be very grateful. My number is 07069338718 or 08141992298. Thanks.




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  7. Mike

    There is a place in ondo state where u buy around dis time @ cheaper price, sell later @ higher price around October to December




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  8. KINGSLEY

    Thanks so much for this wonderful opportunity, kindly send me your phone number for more enquires, you can call or whatsapp me on 09055856036




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  9. Matthew Baker

    @Erekata Teddy: Thank you for the inspiration. What’s the possibility of getting a warehouse in Obubura to store the oil for six months? What’s also the possibility of getting buyers at the Obubura main market during the scarce season? Thank you.




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  10. Amuh Philip

    Pls I would like to know the current price of red oil per 25kg keg at cross river or at Imo state?
    Pls, Ibeleme and Teddy, whatsapp me on 08066762291 for further discussion
    Thanks




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  11. Thompson

    Please who can give me more information about where to buy directly from producer in Ondo Town. Please contact me here call and whatsapp 09095888335




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  12. IKENNA

    I want to know the current price for 25ltrs of palm oil from any of this location— Osakan, Ondo, Edo, Imo. Also, where it can be bought at a cheaper rate in any of these locations. Again, how much will it cost to transport it from any of this locations.

    Thanks.




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    • Odufa

      Hello Ikenna, am currently in Edo, akoko- Edo precisely, 25L now is #10,500. am into palm kernel business, if you need further information contact me on 07063584661




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  13. Tony

    Thanks for your great analysis and advice to intending palm oil dealers like my humble self. I’m based in Lagos and I would like to know where to get the product, availability, cost of Keg and transportation as I intend to commence immediately. Your prompt response will be highly appreciated. My no. 08088855222




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  14. Ken .O

    Plz for dose of us staying around Anambra, IMO, enugu ,d current price as of today for 25liters,is 9k, I bought 10gallons today from the oil mill, d price is going up now gradually, for more in around easterner watssap me on +2348061516985




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    • Nelly

      Where did you buy your oil from and how much per 25kg gallon? If your oil is good, I may buy from you or help you sell them at a commission. Contact me on 07012241881. Nelly




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  15. Benjamin

    I am a producer of a good Palm oil, I stay at Anambra, any interested person should get me in touch on +2347063270181




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  16. Fidelity

    Thanks bro, I base in Ibadan Oyo state I cn supply anybody that need palm oil within the South west at #9000 per 25lit.WhatsApp 08029987878




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  17. Christopher

    Good day sir I love your article am a palm oil dealer in Abia State I bu oil what I need is a good buyer that I can supply to, if you’re interested plz call me on 08102945873




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  18. Osaretin Ikhuiwu

    Okomu oil is one of the most quality oil in Nigeria, best for cooking Beans, Egusi soup and Ogbono Soup. No palm oil in Nigeria is comparable. Its more expensive though but a little drop makes a lot of effect in food. The Company producing it is based in Edo State. It comes in a sealed 4litres and 2litres containers. you won’t have issues with quality. for more information pls contact me: 08063751578




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  19. eneh Samuel

    Thank you for this information.bt I little question please.da 50k is transportation included.and how can transport me from Enugu to osakan in obubura.I really need ur contact my brother. I will very happy if u can flash me on this line. 07030875529 pls am very desperate for this business….




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  20. Kelani barakat olansile

    Hy my name is barakat , am a student and am very much interested in this business pls can I get someone to enlighten me more on how am gonna go about it , because I have just 50k for d capital and I live at Abeokuta ifo, I need to know when to buy and where to buy and how to sell, and where to get a quality and cheaper one, pls can someone enlighten me ?




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  21. Akinfolarin Sunday

    Thanks so much for the engagement article, God will continue to increase your wisdom. My question is where can I sell the palm oil in Lagos after buying them




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