How To Start Earning Big From Palm Kernel Business In Nigeria
There are lots of businesses that you can venture into and make good money in Nigeria. Palm kernel enterprise is a very lucrative and profitable business that you can start in Nigeria. Gone are the day when you will depend on the government to provide you with jobs, you need to build your path to financial freedom. Palm kernel enterprise can be that missing link that will make you very wealthy in Nigeria.
Read: How to start palm oil plantation business in Nigeria
The focus of this article is to show you the numerous opportunities that lie in palm kernel business in Nigeria. In this article, you will also be provided with the needed guidance and information that will make you succeed in palm kernel business in Nigeria.
Why Palm Kernel Business In Nigeria
There is no doubt that the number one priority in every business venture is to make profit. Having said that, palm kernel enterprise is a profitable venture that can earn you millions of Naira in Nigeria. In fact, when you consider the palm kernel nut price per ton, you will agree to what I am telling you.
There are lots of products that you can get from palm kernel. Some of these products include the palm kernel sludge, palm kernel oil. You should know that the list of palm oil companies in Nigeria is numerous. This tells you that the profitability of palm kernel business is very high.
Also see: How to buy and sell palm oil in Nigeria
The palm kernel oil also known as PK oil is used for the production of cosmetics, confectionery, and pharmaceutical industries. Make no mistake; palm kernel business is a lucrative business world over with lots of export potential. You should know that the by-products of palm kernel increase the profit potential of the business.
Some of the palm kernel by-products include crude palm kernel oil (CPKO), palm kernel cake (PKC) and palm kernel shell (PKN). Palm kernel business is profitable both local and international. You can start this business with little amount of capital and before long, your investment will have maximized profit.
This palm kernel business can be in small, medium or large scale depending on your financial capacity.
Requirements For Starting Palm Kernel Business In Nigeria
Before starting your palm kernel business, there are essential requirements that will help you succeed in the business. These important criteria are listed below for you.
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Have your palm kernel business plan
Your palm kernel venture plan is an indispensable factor that will help improve your chances at success. The business plan will serve as a guide to you in the course of your palm kernel business in Nigeria. You need to know that without your business plan, there is a very little chance for success.
Aside from serving as your business guide, your palm kernel commercial enterprise plan will also aid you in accessing loans. With the current agricultural policy in Nigeria, you cannot access government agricultural loan without a business plan. Also, no private investor will consider your business if you can’t provide a business plan.
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Source for capital
This is a very important requirement for starting your palm kernel business in Nigeria. Startup capital is essential to starting any business. You can source for capital from family members, government establishment, private investors, or commercial banks. Aside from your family members, it will be very difficult or rather impossible to access loans with a business plan.
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Your palm kernel business category
There are four major categories of dealers in the palm kernel venture. You need to decide on the particular category to be dealing on. These four categories include producers, retailers, sub-distributors, and major distributors. The producers buy from retailers and package the palm kernel in bags.
See: 20 most profitable business ideas in Nigeria 2019 with small capital
These producers will then sale to wholesalers who then sales to factories or exporters. Your financial capacity will greatly determine the category of this business you can fit into.
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Have a good business strategy
It is not enough to just start palm kernel venture in Nigeria; you need to have a good business strategy. You have to decide how to procure and sale the palm kernel. If you want to be in the export business, then the necessary documents needs to be ready and complete.
Without good marketing strategy, your chances at success will be very much reduced and slim.
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