ENGINE OIL BUSINESS IN NIGERIA

SEMINAR RECAP ON THE TREASURED ENTREPRENEURS ASSOCIATION TEA HALL OF WEALTH MEMBERSHIP GENERAL ACTIVE GROUP PAGE

👉🏼Theme:

❤ ENGINE OIL BUSINESS IN NIGERIA

💚 HOW TO GET STARTED

🎤 FACILITATOR/DISCUSSANT

🗣 MR ASUNI ADESHOLA

TEA NATIONAL PROJECT DIRECTOR

Good evening ladies and gentlemen my fellow ENTREPRENEURS….

How has your day sir/ma???

Great I guess????

If so!! Glory be to God Almighty🙏🏻🙏🏻

This business I am going to Introduce to you tonight caught my attention when I visited one of igbo childhood friend recently

He sells engine oil

And when we were gisting during our conversation he told me he is going to be having his house warming any time soon

I screamed house warming ke 😳😳😳

Where did you build your house??

I ask him???

What kind of house is it??

I also inquire????

Chinedu was so magnanimous to drive me into his world

We fondly call him “Nedu”

He said the house is a 7 bedroom bungalow and a separate 2 bedroom apartment detached from the main building

Out of utter shock I ask “Nedu” is it that you do other business because I only know you to be selling engine oil..

He laughed😃😃😃 and said “Sholabo” that is how he fondly called me

“Look my friend” he said, I don’t do any other business

All I sell is “Engine oil”

He also said “Sholabo” I know you may also be thinking that I am into money rituals…

My Success is attributed to this Engine oil Business

He further said that you yorubas often think that there are businesses that are only meant for the ibos,so we the sharp ibo boys have taken advantage of those business to make cool money at the expense of you guys..

When he said all these things I was taken aback

And I decided to make research about this business through him and other sources

And I was able to come up with something tangible for us tonight

Engine oil has a myriad of uses in the Nigeria market

It has both domestic and industrial usage

Engine oil is a highly sought after customer products in automobile and industries

The level of Investment in this business increases by the day and there is no foreseeable loss rate yet

This is because of the fact that the product never or hardly gets spoilt irrespective of how long it stays

It has been reffered to in the market as a “Fast moving customer goods”(FMCG)

The name clearly explains the nature of the business

All you need to Succeed in this business is proper packaging and adverstisement

After that the business commences and profits begins to roll in

The typical target for engine oil business in Nigeria

*Vehicle cars

*Drivers

*Auto mechanics

*Industries

*Engine oil retailers

*Vehicle spare part dealers

*Generator users

And the entire public

Types of Engine oil you can sell in Nigeria

(1)Motor engine oil

Motor engine is one of the most common consumed oil or lubricant

There are different grades of motor engine oil

We have 5W 30 and 5W 40 grades respectively

This grading depends on the manufacturer of the oil and the components of the oil

The demand for motor engine oil depends on the vehicles available in a town or city

Since it is required for all vehicles and auto mechanics

There is a high level of competition in the sales of this oi

The fact that cars must change oil from time to time makes this business an evergreen business

You will always get patronage no matter where you operate from

(2) Automatic Transmission Fluid

This kind of oil is needed by cars with automatic gearing system DW (2F) Dexron and mercon are some of the specifications of automatic transmission fluid

These specs depends on the manufacturer

This oil just like the motor engine oil will be changed once it’s expired

According to the manufacturer specifications but this is not as frequent as that of motor engine oil

Break and clutch fluid

Another form of car lubricant is break and clutch fluid

It is similar manufacturer specifications for other oil

They usually come as DOT 3 and DOT 4 and are designed for vehicles which make use of manual gearing system

They have a high buying propensity just like other oils

(4) Diesel Engine oil

Diesel engine oil just like petrol engine oil are in high demand in Nigeria today

They find themselves not just in motor vehicle,but in heavy industrial machines as well

They come with 15W 40 specifications and are thicker in viscosity due to the heat produced by engine which use them…

business prospect and profitability

Engine oil business is a highly Profitable business to do in Nigeria

As a fast moving consumer goods

It has been estimated to have 20% profit capitalisation as returns on Investment R0I few months after startup

An Investment of #200 000 for example can yield about #40k as profit (minus Capital)

This figure is expected in tripple within months depending on the level of patronage

As you stay longer in this business and employ feasible marketing plan and strategy

You are bound to make more returns on your Investment

Finally…..

Let’s talk about the finance and budgeting

(1) An initial investment in stock #200,000

(2) Business name registration #40 000

(3) Cost of renting a store or warehouse(depending on location) #100 000

(4) Feasibility studies #60 000

(5) Miscellaneous. #50 000

Total: #500 000

This is where I will draw the curtain for tonight seminar

Thanks for your time….