₦airaland Forum

kisszhira:
Bro,you are doing a nice job but it seems this days you don't seem to update us as usual. Please,just keep the good work,it helps us know the next move. This thread is actually one of the reasons i do visit nairaland.

my dear it's been a very busy period for me. sometimes I sleep, eat and live On the roads..... lol.
Am sorry bout the updates, I'd do that unfailingly every week starting from today.
am currently enroute Jigawa. once I arrive, I'd update d house

Durodu:
What's your current price now?

i'd do a compilation and update the house please

elections are over, price updates in a bit

Durodu:
Business mind. Thanks for putting us through this business. May GOD bless you abundantly.

Amen and you too.

Durodu:
With this Malaysia supply do u think we should still store palm oil?

id say a big yes.
quote this by November upwards.
most times only those who are ready to take the risk makes the difference.

price updates shortly. Just wanted the elections wahala to fizzle out.
The of us from South would understand

etiumo:
Malaysian oil supply is killing storage business. As long as PRESIDENT MUHAMMADU BUHARI continue to open borders to MALAYSIA, there won't be any period of scarcity, so for now, I don't advice anyone to store palm oil. This is political economic analysis.

the man has approved indigenization. let's keep fingers crossed

Uyaigee:
This is Uyaigee reporting in attendance for lectures on this thread. I hope to start this palm oil biz asap. I have been reading through this thread since yest and writing down notes. Kudos to Don Parosky, Memongo , Peeo and the rest of you here. I hope there is still space for me sha.
I stay in AkwaIbom.
We will not hustle in vain!

you are welcome.
God bless your hustles

let's hope and pray the policies of the next four years favours us the palm oil dealers.

iHart:
I think location also matters. I suspect Palm oil season don't start at the same time around the country. In my own side it starts April and peak in June. And I also suspect that the variety of palm tree also contributes to when the season start. In my area we have mostly the local type that grows very tall, not the "agric". You are right about the issue of water but the processing method also has a hand in the level of water. There are people who don't go the extra mile to boil out the water after pressing.

Anyway, I am not into palm oil business. I buy it as a raw material.

oh it's well.
The platform Is to share ideas. No one is a reservoir of wisdom. thanks for your contributions

RealityShot:
same...
hope biz is all good fa?

boss,we pushing. God is faithful

iHart:
Now the economy is highly dynamic and I won't advise anyone to go into storage. Just buy and resell and do turnover. I remember a woman I asked to supply me oil for 8k and she said she is waiting for the peak period to sell. During December, price for fresh oil dropped to 7k and that was what she bought. Now what she has is storage, they price dropped even worse. She ran at loss. Third week of January I met a dealer and asked him to sell to me at 8500, he insisted on selling at 9000. Seven days after I bought 6800. I will not advise anyone to go into storage. The economy is highly dynamic now! I for see the price dropping below 7000 by April and May.

the cheapest windows for storage is March to April.
however dynamic the market tends, those two months have always been the best sir. Apart from price, the oil from this two months have less moisture and long shelf life. oil stored around May upwards usually require dehydration to stay long and expensive too.
some people don't want to do the biz as full time stuff so they prefer storing and disposing at peak periods.
I agree with you that turnover is d deal and have always maintained that, however to those who understands the art of storage, profit is guaranteed.
on a final note, no one is perfect, I just use the chikini experience to advise, so we welcome senior colleagues to also advise.
thank you for your contributions.
God bless our hustles

iHart:
its not wise to start now. Wait a little to around April and May

storage, May / April.
please can u enlighten us more

those who intended doing storage should start now. don't wait for last minute rush. it's March already. my two cents

amarilo:
Ok thanks. How much do thinkthe price will be by November.

Is foreign veg/groundnut oil in one litre bottle good biz in nigeria?

am going to be as succinct and candid as I can. oil prices are determined by lots of factors and it's too early to predict. the logic is always to buy at cheapest months so u don't have to panic. with d current price, you sure of making 5k per keg by the peak season minimum.
anyone who predicts now isn't being sincere.
God bless our hustles

RealityShot:
but january i NOT the right time to store oil O...


please if you can, sell off that batch NOW.


Storage begins in late march & ends early May. So the pice might be lower than that you above price by then.


Good luck

chief....ling time boss.

sanod:
observing….

chief Biko start acting stop observing lols.
being a while

donparosky:
please tankers that can convey palm oil from Akwa Ibom to Lagos should contact me asap.

transporters in the house, mbok contact me.

amarilo:
When is the best time to sell, i have 100 kegs stored early last month in Imo State. Its my first time as somebody introduced it to me last xmas. They produced for me at 7500 with keg.

Pls guys let me know any other product that will make good profit when stored. Am ready to give it a try. Am not based in Nigeria so any little profit can buy me good time when ever i come in.
Thanks.

best time to sell is November to January. I don't know bout any other products u can store. palm oil is my niche. however each time I visit the north I notice people store grains too. I did know much but u can make enquiries. all d best

please tankers that can convey palm oil from Akwa Ibom to Lagos should contact me asap.

popoolaRofiat:
But New oil haven't been fully out .so why hiking of price after poll.At Edo oil is 7500 to 8000,ondo 7700 to 8000.That was the price I bought yesterday.

just an observation ma.
let's keep our fingers crossed.

Good morning everyone. sorry yesterday I had to take some day off and show love to some people.
una know say I too busy na lols.... OK back to price updates:
Akwa Ibom:7500-8k
Cross Rivers :8k
port Harcourt :9500k
Abia:9500
illorin:9k to 9500
Lagos :10k to 11k
Kaduna 10500-10800
kano : 10k to 10500
Jigawa :11k to 11500
jalingo:10800
Abuja :10500-11k
Jos: 10500
Ibadan : 10k
Enugu :9800
Ekiti:9k
Edo 8500 -9k
This are confirmed prices for first grade oil.
other grades should be lesser.
btw: This for me may be the least for the year. I foresee a gradual hike after polls.
God bless our hustles

oil price updates soon

Mimibeauty4real:
Pls I want 2 start palm oil buying and selling business this year..am in lagos.I want to know either going into it as full time business or buying and storing which is more profitable..

id always advice you go into full time except you are busy.
turnover makes more sense than taking the risk of storage.

I overheard people saying they are waiting for March April before buying oil, well I have noticed for the past two years the trend has changed.
rather than drop, it'd be increasing. this could possibly be the least price We'd get this year.
However, make your decisions and stay by what u believe.
God bless our hustles

please I want to reaffirm that I don't do any other grade than freshly milled oil(first grade). that's my niche and am known for that. I have few suppliers in the house who does other grades.
God bless our hustles

AKWA IBOM:
second grade: 7500
stored oil: 8000 to 9000
freshly milled oil 9500 to 10k
osun state: 8k to 8500
Kano 10k to 11k
Lagos 11kto 11500
Kaduna 11k
Jigawa 11500
illorin 10500
port Harcourt 10500
Enugu 10k to 10500
Abia 9800 to 10k
ekiti 10500
kogi 11500 igala oil
this is d few I can authenticate and confirm the price

iHart:
What's your price now, ?

what location are we sending them

price updates tomorrow morning.....
God bless our hustles

Lessons
1. inspect our delivery to satisfaction before payment. if possible, bring a professional. This is why we collect part payment. we are very confident on what we do.
2. do not store oil in poor conditions expecting to fall back on us. how many of us return items after confirmations and payment from stores....
3. out of love, we can replace your oil if not satisfied any day anytime just to encourage you but you have to take care of the transportation sending them back to us. we would only be responsible to produce another sets and pay transportation back to your location.
4. learn to be polite, no Nigerian is above the law. There's no need for threats.
God bless our hustles

Getting there, my boy told me nothing was wrong with the oil that I should not bother but in my usual way, I accepted changing the oil for peace to reign.
So I chatted him that I'd personally pick up those oil and replace them anytime we have delivery in Abuja. it was taking long and we had no other to Abuja so I asked him to send those 12 Kegs down that I'd take care of producing another sets of 12 kegs plus the transportation cost to send them back to Abuja. He Refused and I move on.
Today he started sending insults and threatening bream stones. I am very used to this for years but am sharing it here so all clients and producers should learn something.
God bless our hustles

So this morning I woke up to some funny messages from a client in Abuja. I don't bother about criticism and threats but I have to share it here so everyone can learn something.
The client made orders for 50 kegs of oil March Last year and made 60 percent down payment as usual. We agreed to receive balance after inspection. on arrival, his mum represented him and inspected the oil with another sibling which I don't know. we had 100 kegs and she chose preferred 50 for his son.
my boys waited patiently until all was sorted out before she called his son to send us balance. until date, we weren't given complete empty kegs but I told my boys to move on as we had other clients waiting in Zaria.
After about 4months, he called back that 12kegs out of 50were bad. I initially didn't want to believe him cos I know what we do but out of compassion sent my boy from to Abuja to verify things.