Starting a Palm oil business is one of the best businesses to start and make a big profit with small or large-scale investments.
In this topic, we are going to teach you how to start and make money in a palm oil business, so if you are looking at a palm oil business plan, this will help.
Palm oil is the native oil used in Nigeria mainly for cooking. It is reddish in color and can be thickened if stored in a cool place for a long time.
Aside from using palm oil for cooking, there are medical advantages of it such as being used for the release of stomach pain and a potent source of vitamin A for eyesight.
Other uses of palm oil include drug production, Water treatment chemical, Production of dogs and other domestic animal food.
The palm oil business is very profitable if handled well. Since palm oil affects every part of our lives, old and young, rich and poor, the market for this essential commodity is booming. If you decide to go into the palm oil business, hardly will you regret it since the demand for it is not subsiding.
Palm oil is one of the commodities constantly in high demand in Nigeria. There is never a time it wouldn’t be a hot cake in the market and it is consumed at the same rate as rice and garri. Palm oil is currently sold in Lagos and other major cities across the country at N6,000 for 25 liters. You can make over 1 million naira this season storing and reselling red palm oil and I am going to show you exactly how to do it.
Steps to Start a palm oil business
- Secure a shop in a good location: you will need a shop or any safe place for storage. If you have your own house, that will be nice, just dedicate one room for storage. However, it will be better if you can rent a shop specifically for it preferably near the market.
- Look for a cheaper place or community to have it: In Nigeria, there are many places you can get palm oil very cheap and affordable in great quantity. It is available in bulk in various parts of River State, Ondo State, Imo State, Delta State, and Edo State but the king of original, high-quality palm oil is Ebonyi State.
- Transportation of your Goods: If you have your own truck or van, that will be fantastic but if not, you’d have to make do with hiring. Buy everything you want to buy, get a truck to transport it to your base, and store it in your shop.
- Sell your Goods: Wait until the price goes up then you open your shop and sell at a very good price. It is a perfect way to invest the money instead of keeping it in the bank with peanut paid as interest on a fixed deposit. It is like buying property and reselling it at higher prices later.
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