Is Rice business profitable in Nigeria?

Now, consider the following profit potential of the business. As a distributor or wholesaler, you can get a bag for N8,000, N8,100 or probably less from the importers. If you supply 50 bags of rice in a day at the rate of 8,200 naira, you will be making profit of 200 x 50= N10,000.

Is Rice Business lucrative in Nigeria?

Rice is the most consumed staple food in the world and in Nigeria it is a must eat in most families. Rice business is a very lucrative business to engage in. Many wholesale rice distributors are now making millions and smiling to the bank.

How do I start a rice wholesale business?

How to start a rice business in India

  1. To start a rice business in India, you will first need to apply for and obtain a business license. …
  2. You will then have to locate a large warehouse or storage room which is well-ventilated and hygienic. …
  3. Once you have the space set up, you will need to connect with farmers and wholesalers for your supply.
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17.11.2020

How much does it cost to start a rice business?

You have consumers who buy in great numbers and food establishments who order in bulk. Thus, becoming a rice dealer or retailer can net you good profits because of its daily demand. And with a low starting capital of about P80,000 to P120,000 — it’s also an affordable business to start as well.

How much is a trailer load of rice in Nigeria?

A trailer load of rice contains 600 bags of Rice with each bag valued at N16,000 which is the wholesale price.

How much do I need to start a rice business in Nigeria?

Depending on your financial strength, you can start this business with 5 million naira or less. Rice distribution business offers you a very good return on investment. For example, 50kg bag of regular seed of rice in retail price is sold for 8,200 naira, while the smaller seed is about 8,100.

How much is bag of rice in Nigeria?

Prices of Different Bag of Rice in Nigeria 2021

Mama Gold rice is available in different markets in the country, and it comes in various sizes. The size of the rice determines the price, and they are listed below: Mama Gold 50kg bag of Rice – ₦25,000 to ₦32,000. 25kg Mama Gold Rice – ₦15,500 to ₦17000.

What is the best business for beginners?

Top 20 Business Ideas for Beginners

  • Home Cleaning. Home cleaning is considered as one of the easy business ideas for the beginner. …
  • Blogging. Blogging is part time easy to implement low investment business idea for the beginner. …
  • Photography. …
  • Tuition Class. …
  • Freelancer. …
  • Child Care services. …
  • Errand Services. …
  • Hobby Class.
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What are the most successful small businesses?

Most Profitable Small Businesses

  • Personal Wellness. …
  • Courses in Other Hobbies. …
  • Bookkeeping and Accounting. …
  • Consulting. …
  • Graphic Design. …
  • Social Media Management. …
  • Marketing Copywriter. …
  • Virtual Assistant Services. Finally, last on our list of the most profitable small businesses: virtual assistant services.

7.01.2021

How do I start a wholesale business from home?

Before starting any wholesale business, it is necessary to determine the crowd to whom all these products would be sold. It is necessary to have a research done beforehand and get in touch with the retailers to understand the pricings. Market should be large to sell any product. But you can start from a small base too.

Is rice retailing a good business?

Rice Retailing is a profitable business because rice is the staple food in our country. There are many rice varieties that consumers can choose from at low cost The preferred varieties for daily meals are white, long grained, and aromatic.

Where can I trade rice?

You can trade Rice futures at Chicago Board of Trade (CBOT). CBOT Rough Rice futures prices are quoted in dollars and cents per bushel and are traded in lot sizes of 2000 hundredweights (91 metric tons).

How much is a Grainsmart franchise?

Franchise Fee: PHP 298,000. Investment Capital: PHP 500k – 1m.

Why is rice expensive in Nigeria?

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It involves changing harvested paddy into edible rice. Nigeria’s rice processing techniques are inefficient. This has resulted in processed rice that’s too expensive and of a lower quality than rice from other countries like China, Vietnam and India.

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How much is a bag of rice in Nigeria 2021?

Market insights

Items Brand MILE 12 (7/1/2021)
Bag of Rice Royal Stallion 24000
Bag of Rice Rice Master 4300
Bag of Rice Mama Gold 26000
Bag of Rice Caprice 25000

How many 50kg bags of rice are in a 20 foot container?

Rice is not always sold/transported in bulk in those standard 20′ containers but bagged first. E.g. in 25 kg bags about 860 bags fill 1 container = net 21500 kg of rice/20′ container.

Hai Afrika!