Palm Kernel Oil Business Plan & Proposal Pdf
- 1 Palm Kernel Oil Business Plan & Proposal Pdf
- 1.1 FAQS
- 1.2 How to Start Palm Kernel Oil Extraction Business In Nigeria
- 1.3 Capital Needed to begin A Palm Kernel Oil Extraction Business
- 1.4 Terminologies
- 1.5 Current Prices of Palm Kernel Products In Nigeria
- 1.6 Registration of Your Palm Kernel Oil Extraction Business
- 1.7 Production and Marketing
- 1.8 Other Amazing Business You Can venture Into Today
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Palm Kernel Oil Extraction business is ranked as one of the MOST underrated businesses in Nigeria, no thanks to ignorance for making people see this business as unprofitable, dirty and degrading. Allow me to burst your bubble by exposing the hidden profit potentials in this business and how possible it is to make millions of naira in merely few days even on a medium scale.
The oil that is extracted from palm kernel is used for cooking oil, soap making, cream making and so many other cosmetic products. Its health benefits are stunning, making it the number one choice as long as oil is concerned. The demand for this product is very high, making palm kernel oil extraction business one of the most profitable business prospective entrepreneurs can do in Nigeria.
In this article, I’m going to guide you on how you can easily start this business here in Nigeria and before that, let me use this section to answer most of the frequently asked questions asked by prospective business persons.
Q1. WHERE CAN I SOURCE FOR PALM KERNEL NUT IN NIGERIA?
You can easily find palm kernel nut in some part of Nigeria like Ondo, Abia, Delta, Eboyi, Enugu, Imo Anambra etc.
Q2. WHERE CAN I GET THE MACHINES FOR EXTRACTING THE OIL?
Details of that is made known in this article
Q3. WHAT IF I DON’T HAVE ANY EXPERIENCE?
You can gain experience by working under a palm kernel oil extraction factory anywhere in Nigeria.
How to Start Palm Kernel Oil Extraction Business In Nigeria
1. Conduct Your Research
This business is very lucrative, but why many people fail in this business is when they delve in without proper knowledge and management and in the end, they blame the business.
Your first step to success in palm kernel oil extraction business is making a thorough research that will also help you draw a detailed business plan that will serve as a blueprint for the business. Do this well and you’ll be building on a solid rock.
Your research will cover areas such as; where to source for your palm kernel nuts, who your target market is, cost of machines and how to successfully market your product to your potential customers.
2. Business Location
In palm kernel oil extraction business, the location of your business is of utmost important. It is advisable to situate your business close to where palm kernel nuts can be gotten in large quantities.
This is done to reduce the ridiculous amounts you will spend on transport if the business is located far away from your raw materials.
Aside you the owner, you need to hire competent individuals who understands the mission and vision of the business. Ranging from an assistant to store keeper, technicians, security staff etc.
They are the hub of your palm kernel oil extraction business and because of that, you need to make sure you hire the right people who are productive and ready to improvise in case of an issue.
4. Machines and Equipments
This business is a technical one and you’ll need some sophisticated machines to make extraction of oil very easy and fast. In other words, these machines accelerate the rate of production.
In palm kernel oil extraction business, the processes involve cleaning, breaking, flaking, steam condition, screw pressing, and filter pressing stages.
Below is a list of equipment which you’ll need to start operation.
- Oil Spiral Press Machine (5ton Capacity)
- Oil Filter
- Palm Kernel Cracker
- Sludge Presser
- Palm Kernel Roaster
- Oil Storage Tank (2000liters Capacity)
- Oil Dispatch Pump
- Weighing Machine
Lastly, you’ll need a locally fabricated palm oil kernel processing machine. This might be very costly, from 8 – 11 million naira. If this is too much for you, speak with the fabricator about price reduction.
5. Power Supply
Due to the epileptic power supply in Nigeria, it won’t be advisable to start this business without an alternate source of energy. That being said, get a standby generator of about 50KVA. This done to avoid power interruption or outage which is a norm in power supply in Nigeria.
Capital Needed to begin A Palm Kernel Oil Extraction Business
This business is capital-intensive, meaning you’ll need over N20,000,000 to start this business. From your business plan, you’ll be able to know how such an estimation is driven. Your financial capacity will also determine if the business will be small scale, medium or large scale. Do your thorough research before starting this lucrative business to avoid regrets.
- PK – PALM KERNEL
- PKN – PALM KERNEL NUT
- PKO – PALM KERNEL OIL
- PKC – PALM KERNEL CAKE
- PKS – PALM KERNEL SLOUGH
Current Prices of Palm Kernel Products In Nigeria
A ton of Palm Kernel Nuts = N 60,000
A ton of Palm Kernel Oil = N 230,000
A ton of Palm Kernel Cake = N 30,000
Registration of Your Palm Kernel Oil Extraction Business
This business is an entity and a profitable one at that and as thus, will require that you register the business with corporate affairs commission of Nigeria if you are going to operate within Nigeria.
Registering your business opens a world of new possibilities because you’ll be able to attract investors, grants and also request for bank loans without hurdle.
Production and Marketing
Once the business has commenced operation, the next step is creating awareness and seeking for marketing strategies that will help you penetrate into the market place. Your target market are restaurants, households, soap factories, cosmetic industries etc.
The demand for palm kernel oil is very high and entails playing your game well like an experienced entrepreneur.
Palm kernel oil extraction business is a booming business here in Nigeria because competition isn’t much. The only con is the capital-intensiveness, apart from that, this business is the type that yields millions of money on a daily basis.
That’s the much we can take on the topic “Palm Kernel Oil Business Plan & Proposal Pdf”.
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