There are many lucrative and profitable businesses in Nigeria. Among them is the foodstuff business. In fact, the foodstuff business is one of the most profitable businesses in Nigeria.
It is a kind of business that brings money into your pocket daily, weekly, and yearly, so you will hardly run out of cash.
If Aliko Dangote, who started his business career with a foodstuff, can become the richest man in Africa, nothing will stop you.
There are a lot of lucrative business ideas in Nigeria and the foodstuff business in Nigeria is one of them.
However, it is obvious that most people don’t know how to start a foodstuff business in Nigeria. Are you among them? If yes, then relax and read as we put through every step you need to start a successful foodstuffs business in Nigeria.
Not just that, by the end of this article, you will have a list of foodstuffs to sell in Nigeria, how profitable the business is, and the raw foodstuff business ideal.
Now let’s dive in.
List of foodstuffs to sell in Nigeria
Every part of Nigeria has some specific foodstuffs that sell the most, yet there are some raw foodstuffs that generally sell everywhere in Nigeria. If you have been looking for those foodstuffs, below is the list of foodstuffs to sell in Nigeria;
- Guinea corn
- Sweet potato
- Yam flour
- Irish potato
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How To Start Foodstuff Business In Nigeria (2023)
Many people have been planning to start a foodstuff business in Nigeria, but the problem is that they don’t know the steps to take. Are you among them? Don’t worry; below are simple steps on how to start foodstuff in Nigeria;
- Survey the market
When starting a foodstuff business in Nigeria, the first step is to survey the market. Although foodstuffs sell almost everywhere, it is crucial to check the purchasing power of your area or your town.
Approach those who have been into the business and ask them about the business. Ask about how much they make, their business challenges, and many other vital questions.
Although most of them will not like to answer you, so you will need to ask them indirectly or give them money. First, make sure you get enough details about the business, and Once you get the details you need, you can then move to the next step.
- Get capital
Now that you have surveyed the market, it is time to get capital for the business. Well, in case you don’t know, capital is the money used to start a business.
There is no specific amount to start a raw foodstuff business in Nigeria; you can budget your little money and begin the business with it.
However, it is recommended to have at least N300,000 to N1,000,000, as you know that the bigger the capital, the bigger your stock. Yet it does not mean you should not start the business if you don’t have much capital.
As much as the market is promising, starting with a small quantity is better than not starting at all.
- Get a shop
There are many factors to be considered when looking for a shop for raw foodstuff business. Perhaps, the most important factor is location. A shop in an open and busy environment tends to sell more than a shop in an opposite location.
Make your shop visible and easy to locate. This is because most potential buyers won’t ask for your shop; they will purchase from any available shop. And the best way to increase the availability of your shop to potential buyers is to get a perfect location for the shop.
- Purchase foodstuff in bulk
You have gotten capital and shop. Now it is time to fill the shop with foodstuff, and how will you do that? By purchasing the foodstuff, right?
You see, one needs to be very careful when buying foodstuffs. Unfortunately, many people make similar mistakes here. They buy the foodstuff they love to sell, not the ones that sell most.
Although you can’t sell all raw foodstuffs in the market, when buying, you should buy the ones that are easy to sell and in bulk.
For instance, you don’t know the foodstuffs that will sell well in your area. You can start with the small number of different foodstuffs you think will sell better. Then, once you start selling, you will know the ones that sell well and the ones that do not.
- Store the foodstuffs in your shop/warehouse
Foodstuffs spoil very quickly, especially if they are not being stored well. It is undoubtedly true that if you always want to sell your foodstuff in good condition, you must store them properly.
The purpose of getting a shop for the foodstuff business is not just for selling but for storing the products as well.
Proper storing of the products (foodstuffs) will increase the days they will take before getting spoiled. However, the major foodstuff practice is to make your shop dry enough, arrange the products properly and avoid putting them on the bare floor.
- Begin selling
Do you have customers down? I believe your answer is no. If that is so, you need to start with the closest people. Reach out to your family and friends and tell them about your business.
You can remember we made mention of a location earlier in this post. If your shop is located in a perfect place, you may begin to get sales immediately or some days after opening the shop.
However, you may need to lower the price of your products compared to what others are selling. This is to draw the attention of more customers, and once that is achieved, you can increase the price to the general market price.
How profitable is the foodstuff business in Nigeria?
It may seem incomplete if we talk about how to start a foodstuff business in Nigeria without telling you how profitable the business is.
You see, one of the underrated businesses in Nigeria is the foodstuff business. Many people don’t consider it a lucrative business despite the fact that it is very lucrative and profitable.
You may not believe it now but relax. We will show you how profitable the foodstuff business is in Nigeria.
For instance, a bag of beans is sold at the rate of N40,000, and each bag contains 60 rubbers which are sold at a rate of N1,000. That means you will make a sum of N20,000 for every bag.
Now let’s assume you sell just half a bag every day; that is N10,000 every day. Then let’s do the monthly calculation, 10000 * 30 = N300000. Automatically, you make not less than N300,000 a month. Is that not profitable? If it is, then what are you waiting for?
Raw Foodstuff business ideas in Nigeria
Below are some raw foodstuff business ideas that will bring more money;
- Grind foodstuffs
Foodstuffs like yam flour are good business ideas to make money. Instead of selling just yam tubers, you can turn some of them into flour and sell them to the customers. Not just yam, you can do that to all similar foodstuffs.
- Waste products of the foodstuffs
This may look funny, but it is really a good business idea. So many people are looking for those waste products, and instead of throwing them away, why don’t you sell them to them and make more money?
- Producing poultry feeds
Producing and selling poultry feeds is a perfect raw foodstuff business idea. People who are into the business are making cool cash from it; you can as well do the same.
All you need is to get a machine and space for the production of the feeds.
FAQs – Frequently asked questions.
How much can I use to start a foodstuff business?
The cost of starting a foodstuff business in Nigeria depends on the business scale. If your aim is to start a small foodstuff business scale, you should budget N300,000 to N1,000,000. And if starting a big scale is your aim, you should budget at least N1,000,000 or above.
How much can I make from the foodstuff business in Nigeria?
It is very difficult to say the actual amount a person will make from the business. Perhaps, you can make from N5,000 to N20,000 or more every day from the foodstuff business, depending on your market size.
Starting a foodstuff business in Nigeria is not as difficult as it may seem. With a small capital and proper planning, you are good to go. However, just like other businesses, there are challenges and risks in the foodstuff business.
It is crucial to be ready for the challenges and how to minimize the business risk involved.
Always, start small and go bigger as time progress.
We hope that our tips have helped you figure out how to start your own foodstuff business in Nigeria and given you some ideas on what you need to do to be successful.