It is nearly impossible to stop using palm oil because of its economic importance. The demand for Palm oil is high as it is used in the production of so many products used and consumed by people. Nigerians consume a great deal of palm oil due to their various delicacies, therefore, an investment in the business can never be worthless.
Josephine Akpan studied Microbiology, she is the CEO of Puroyals Plus Int’l, a company that supplies and exports edible Palm oil.
Although she has been earning from her custard and cornflakes production, she wasn’t comfortable with just one stream of income, therefore her desire to be versatile prompted her to venture into the palm oil business in 2017.
“Foodstuff business is very profitable and Palm oil is one of them,” says Josephine “There are two types of Palm oil; TPO, unprocessed, edible for consumption, and SPO, processed, for industries and manufacturers, but I concentrate mainly on the TPO. When you start gaining trust from your customers and when you start exporting, You will enjoy the business. Palm oil in Akwa Ibom state is ₦2000 in 4 litres but in some countries, it is sold at the rate of between 18-20 Euros, that’s over ₦9,000. Just package it well, Palm oil exportation business is a gold mine. I can teach those interested on how to do it right”.
Although palm oil business is very profitable, you don’t necessarily have to start with a huge sum, hence Josephine started her business with the sum of ₦5,500 only.
Exporting palm oil is Josephine’s high point in the business. According to her, “I started with just ₦5,500. I used to go to my village to buy the oil and come back to the city. I started selling to my neighbours, to my church members and then to market women and online buyers. I grew to packaging in rubbers and now in sachets. Lately last year precisely, October 19th, I had a call from +1(469)……. “Are you Puroyals?” And I said yes ( Lots of smiles) That’s how my oil business turned around”.
However, her low point is the inability to meet up the demands. The demand is high but the supply is low.
In the early stage of the business, Josephine had thought of giving up. In her words “yes, those days when I didn’t have much money to buy much When you finished selling, You discover that your transport to the village to go and buy it, has taken over your profit”.
Josephine does not run the company alone, the company has two marketers, an accountant and a record keeper. However, Puroyals is registered with the corporate affairs commission.
Josephine presents Mr Eno Akpan and Mrs Ani Jacobs as her business mentors.
Palm oil business is very profitable as the demand for it is very high, therefore Josephine wants investors to invest in her business. In her words “I desperately need a factory of my own, well equipped for less stress and quick delivery, so I can have my own NAFDAC registration number, right now, I share with my friend’s number from Abia state. I also need more funds to add to make more profits”
To entrepreneurs out there, this is what Josephine is saying: ”Just be trustworthy, have integrity at high esteem. Be focused. Be committed. Keep pushing. Don’t quit. Don’t ever think that you are too young, old, rich to make money, Even as a student, worker, clergy, always desire another stream of income, When you think progress, think Entrepreneurship”
Entrepreneurs create a lot of impact on the economy of a state by creating job opportunities for job seekers.
If you are looking for a profitable business to venture into, then this Josephine’s palm oil business is for you and just like Kufre, you will be motivated to go into the palm oil business.