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CANDLE STICK PRODUCTION CAN MAKE YOU RICH IN NIGERIA.
It is high time our graduates start to think of starting up there won business instead of waiting for white collar job which at the end of the day makes one dependent on a monthly source of revenue.
The present economic, social and political environment in Nigeria has created an enabling environment for the success of certain businesses in the country especially in the energy sector.
Nigeria currently generates about 3200 mega watts of electricity for her over 140 million citizens across the country. This is a far out cry from the 10,000 mega watts current electricity demand in the country and a projected 60,000 mega watts required in 2020 when the country is expected to be amongst the top 20 economies of the world according to the vision 20:2020 of the present administration.
This deficit in electricity generation, distribution and transmission in the country has lead to a situation whereby people now generate their own power through the use small generators otherwise known as “I pass my neighbour” and the consequent increase in the cost of fuel used to power these generators.
Our attention would not be on the investment opportunities available in the marketing and distribution of generators and diesel but on the opportunities available to savvy investors to take advantage of the lack of power to engage in the production of candle to the over 70% of over 140 million people living below poverty line and unable to afford a generating set.
The market for candle in Nigeria is large, expanding and sustainable and it is mainly dominated by foreign brands from China even though the product can be produced in the country.
Apart from home use which constitutes about 80% of the market share, candles are used in religious activities, decorations amongst other things. The market is not stratified, that is, it is used by all and sundry in respect of age, class or sex.
Not only those government policies of encouraging the development of small and medium scale enterprise a plus for the business also the increasing population of the country will continue to expand the market and give you more market share especially with the current state of the energy sector in Nigeria.
Though the machine can be sourced from abroad, the locally fabricated machine is equally good. The ideal location for the plant would be where the investor can easily source the raw material and market.
Depending on the scope of operation, the plant can be accommodated in a shop for small scale production and in a warehouse for large scale production.
The proposed candle production plant has a capacity of 100 molds and would take a estimated sum of N 725,000 to establish as stated below
Preliminary Investment N 75,000
Accommodation N 100,000
Plant & Machinery N 350, 000
Working Capital N 200,000
Total N 725,000
With a good business plan, the investor can approach any of the micro finance banks for financing.
The payback period is within 9 -12 months of operations.
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CANDLE STICK PRODUCTION CAN MAKE YOU RICH IN NIGERIA.
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