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HOW TO SET UP A MANUFACTURING COMPANY IN NIGERIA: REQUIREMENTS, COSTS AND TIMELINES

HOW TO SET UP A MANUFACTURING COMPANY IN NIGERIA: REQUIREMENTS, COSTS AND TIMELINES

manufacturing business plan in nigeria

The manufacturing industry in Nigeria is moderately regulated compared to western nations. There is no gainsaying, however, that some sectors are more regulated that the others. At the centre of the industry are the Manufacturers Association of Nigeria (“MAN”), the Consumer Protection Council (“CPC”) and the Standard Organisation of Nigeria (“SON”) as industry-wide regulators, in addition to other regulatory agencies whose scope of oversight functions depend on the specific nature of products.

We have reviewed the regulatory frameworks and highlighted below some of the requirements, costs and timelines for incorporation and other post-incorporation registrations and approvals. 

1. What are the requirements for incorporating a manufacturing company in Nigeria? 

The incorporation of a manufacturing company in Nigeria is done by the Corporate Affairs Commission (“CAC”). 

In order to register a manufacturing company with the CAC, the promoters must present the following requirements:

  • Two proposed names for the company : these names will be submitted to the CACS for name search, screening and approval. Upon approval, the promoters may thereafter proceed to register the manufacturing company with approved name; 
  • Proposed Registered Address, Email Address and Phone Number of the Company; 
  • Details of the  Shareholders ,  Director (s) and  Company Secretary  to include their Names, Contact/Home Addresses, Email address, Phone number, Date of birth, Occupation, a copy of Government-issued means of identification (e.g. Data page of International Passport), and Electronic signatures respectively. 
  • Objects of the Company: Please confirm that the proposed company is being registered for the sole purpose of engaging in manufacturing and exports business in Nigeria. 

2 .  What are the applicable costs of registering a manufacturing company in Nigeria?

The cost of registration of a company in Nigeria is dependent on the amount of share capital of the proposed company. There is no specified share capital for manufacturing companies under the extant Companies and Allied Matters Act, 2020 (“2020 CAMA”).

However, the minimum share capital for registering a private limited liability company in Nigeria is N100,000 (One Hundred Thousand Naira Only, while the minimum share capital for a public company is N2,000,000 (Two Million Naira Only). 

Please note that where a company is proposed to be registered with a foreign shareholder, the minimum share capital required by the 2020 CAMA is N10,000,000 (Ten Million Naira).

For instance, in order to incorporate a manufacturing company with share capital of N10,000,000 (Ten Million Naira), the total payable costs will be about N150,000 (One Hundred and Fifty Thousand Naira). The breakdown of the foregoing sum is as follows:

  • N55,000 (Fifty-Five Thousand Naira) is chargeable by the CAC as Incorporation Fee; and 
  • N75, 000 (Seventy-Five Thousand Naira) is chargeable by the Federal Inland Revenue Service (“FIRS”) as stamp duty on the N10 Million share capital (the formula for calculating this is: 0.75% of 10,000,000); 
  • N20,000 (Twenty Thousand Naira) is estimated for miscellaneous expenses.

 3. What are post-incorporation registrations and approvals does a manufacturing company require to operate in Nigeria?

A manufacturing company in Nigeria will be required to undertake some post-incorporation registrations and approvals with the following regulatory bodies:

Registration with  Standard Organisation of Nigeria (“SON”)

A manufacturing company is required to obtain registration approval of the SON before releasing its products, commodities, processes and services to the public. 

The mandate of the SON includes designation, establishment, preparation, approval and declaration of Standards relating products, measurements, materials, processes, commodities, structures, processes and services amongst others and their promotion at National, Regional and International levels; certification of products, assistance in the production of quality goods and services; improvement of measurement accuracies and circulation of information relating to standards in commerce and industry in Nigeria.

The procedure for product certification by SON commences with submission of Application Letter which may be approved by the Director General of SON after which there will be official inspection of the product and processes. Thereafter, SON will process the inspection result and then, if application succeeds, SON issues a Certificate of Conformity.

The applicable costs vary in accordance with the class of products in respect of which SON’s certification is required. For more information of the applicable charges of SON, please see  SON Charges .

Tax registration with the Federal Inland Revenue Service (“FIRS”)

Registration with the FIRS is mandatory for all registered companies in Nigeria. As a matter of fact, the CAC and the FIRS have synchronized their systems for automatic assignment of Tax Identification Number (“TIN”) to every company at the incorporation stage. 

We mentioned above that in order to register a new company, an amount is payable to FIRS as stamp duty using the  Remita  payment platform and it is at this stage that the necessary information about every company and the promoters is extracted by the FIRS for future use. Hence, the TIN is automatically assigned to the company for easy reference.

Please note that tax registration is free.

The requirements for tax registration with FIRS are as follows:

i. Application Letter on the company’s letterhead paper which contain a valid email, phone number and address of business;

ii. The Certificate and other incorporation documents of the company;

iii. Proof of a current bank account and address of bankers;

iv. Company seal; 

v. Date of commencement of business; and

vi. Bank Verification Number of the director or authorized signatory.

Registration with Manufacturers Association of Nigeria (“MAN”)

Every manufacturing company in Nigeria is required to complete a membership registration with MAN, the umbrella body of all manufacturers in Nigeria. 

In order to be eligible for registration with MAN, a prospective member of MAN is expected to have a functional or operational manufacturing plant in Nigeria, producing at least one product duly registered with appropriate regulatory body (SON, NAFDAC, etc.) and having a minimum sales turnover of N100 Million.

Also, the following requirements must be provided:

i. Certificate of incorporation and other incorporation documents of the Company;

ii. Copies of duly certified Audited Financial Statements of the Company for the Preceding two (2) years (for old company) or Business Plan (for new companies);

iii. A Cover Letter on the letter head of the applicant company applying to be registered as a member of MAN

iv. Proof of payments of Application Form Fee (N5,000), Registration Fee (N10,000), Annual Subscription, Special Development Levy, Land Use Charge Levy for Members in Lagos only (N20,000), Buy Made-in-Nigeria Products Advert Levy (N10,000), Legal Levy (N10,000) and AGM Levy (N10,000).

After confirmation of the above payments, an inspection visit will be scheduled by MAN delegates. Thereafter, membership of MAN will be confirmed.

4. Can the foreigners repatriate their investment funds and profits out of Nigeria?

There is no restriction policy on the movement of foreign funds out of Nigeria. Foreign investors are guaranteed unconditional and unrestricted repatriation of their capital, investments, and profits in any convertible currency out of Nigeria through any authorized dealer. 

However, it is advisable that a Certificate of Capital Importation (“CCI”) can be obtained upon incorporation of the company to enable seamless repatriation of funds, when necessary. The CCI validates the inflow of foreign capital into Nigeria. 

A CCI is free of charge (except out-of-pocket expenses, which should not exceed N25,000 (Twenty-Five Thousand Naira) Only.

5. What is the timeline for processing the post-incorporation registrations and licenses for a manufacturing company in Nigeria?

Obtaining licenses for a manufacturing company on an average takes about 4 weeks.

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INVESTING IN THE NIGERIAN GAMING INDUSTRY

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manufacturing business plan in nigeria

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Manufacturing Business Plan PDF Example

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  • May 7, 2024
  • Business Plan

the business plan template for a manufacturing business

Creating a comprehensive business plan is crucial for launching and running a successful manufacturing business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your manufacturing business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a manufacturing business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the manufacturing industry, this guide, complete with a business plan example, lays the groundwork for turning your manufacturing business concept into reality. Let’s dive in!

Our manufacturing business plan covers all essential aspects necessary for a comprehensive strategy. It details operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

  • Executive Summary : Provides an overview of the manufacturing company’s business concept, market analysis , management, and financial strategy.
  • Facilities & Equipment: Describes the facility’s capabilities, machinery, and technological advancements.
  • Operations & Supply: Outlines the production processes, supply chain logistics, and inventory management.
  • Key Stats: Offers data on industry size , growth trends, and market positioning.
  • Key Trends: Highlights significant trends impacting the industry, such as automation and localization.
  • Key Competitors : Analyzes primary competitors and differentiates the company from these rivals.
  • SWOT: Analyzes strengths, weaknesses, opportunities, and threats.
  • Marketing Plan : Outlines tactics for attracting new contracts and maintaining client relationships.
  • Timeline : Sets out key milestones from inception through the first year of operations.
  • Management: Information on the management team and their roles within the company.
  • Financial Plan: Projects the company’s financial performance over the next five years, detailing revenue, profits, and anticipated expenses.

the business plan template for a manufacturing business

Manufacturing Business Plan

manufacturing business plan in nigeria

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your manufacturing business plan, offering a concise overview of your manufacturing facility and its products. It should detail your market positioning, the range of products manufactured, the production process, its location, size, and an outline of day-to-day operations.

This section should also explore how your manufacturing business will integrate into the local and broader markets, including the number of direct competitors within the area, identifying who they are, along with your business’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Manufacturing Business Plan exec summary1

Dive deeper into Executive Summary

Business Overview

Facilities & equipment.

Describe your manufacturing facility. Highlight its design, capacity, and technology. Mention the location, emphasizing accessibility to transport routes. Discuss advantages for efficiency and cost management. Detail essential equipment and its capabilities.

Operations & Supply Chain

Detail product range. Outline your operations strategy for efficiency and scalability. Discuss supply chain management. Highlight sourcing of materials, inventory control, and logistics. Emphasize strong partnerships with suppliers and distributors.

Make sure to cover here _ Facilities & Equipment _ Operations & Supplies

manufacturing business plan in nigeria

Market Overview

Industry size & growth.

Start by examining the size of the manufacturing industry relevant to your products and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing demand for sustainable manufacturing processes, automation, and advanced materials. For example, highlight the demand for products that utilize eco-friendly materials or energy-efficient production techniques, alongside the rising popularity of smart manufacturing.

Key Competitors

Then, consider the competitive landscape, which includes a range of manufacturers from large-scale enterprises to niche firms. For example, emphasize what makes your business distinctive, whether it’s through advanced technology, superior product quality, or specialization in certain manufacturing niches. This section will help articulate the demand for your products, the competitive environment, and how your business is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

manufacturing business plan in nigeria

Dive deeper into Key competitors

First, conduct a SWOT analysis for your manufacturing business. Highlight Strengths such as advanced production technology and a skilled workforce. Address Weaknesses, including potential supply chain vulnerabilities or high production costs. Identify Opportunities like emerging markets for your products or potential for innovation in production processes. Consider Threats such as global competition or economic downturns that may impact demand for your products.

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, trade shows, digital marketing, and strategic partnerships. Emphasize the importance of showcasing product quality and technological advantages to differentiate your business in the market.

Finally, create a detailed timeline that outlines critical milestones for your manufacturing business’s launch, marketing initiatives, customer acquisition, and expansion goals. Ensure the business progresses with clear direction and purpose, setting specific dates for achieving key operational and sales targets.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Manufacturing Business Plan strategy

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the manufacturing business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the manufacturing business toward its financial and operational goals.

For your manufacturing business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Manufacturing Business Plan management

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your manufacturing business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your manufacturing business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Manufacturing Business Plan financial plan

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35+ Lucrative Small-Scale Manufacturing Business Ideas In Nigeria Or Africa

35+ Lucrative Small-Scale Manufacturing Business Ideas In Nigeria Or Africa

The manufacturing industry in Nigeria, Africa and many other places around the world is currently underexplored. With a GDP contribution of below 10% in Nigeria, there is much to hope for in the Nigerian manufacturing industry. At the moment, the three main areas where Nigeria experiences manufacturing progress are food & beverages, textiles and cement. However, there is still plenty of room for improvement in other parts of the industry.

While a major hindrance to the rise of manufacturing has always been accessing capital, there are a lot of cost-effective manufacturing business opportunities that anyone can start. If you’re looking for low-cost manufacturing businesses to start, here are 35+ lucrative small-scale manufacturing business ideas you can start in Nigeria, Africa or in many places around the world.

See Also: How To Start A Lucrative Cosmetics Production Business In Nigeria: The Complete Guide

1). Garri Processing Business:

Garri is one of the most available staple foods in Nigeria and other parts of Africa. Made from cassava, garri is a good business commodity, thanks to the high patronage it enjoys all over the country.

If you have a cassava farm, you can consider processing the harvested cassava into garri. Similarly, those who do not have a cassava farm can network with cassava farmers for regular supply. The best part about garri business is that you don’t need an extensive marketing strategy as it sells itself.

2). Bead Making Business:

Beads are great fashion and decorative items increasingly gaining attention across Nigeria, Africa and many other places around the world. They are used for traditional events and festivals.

With the growing attention towards beads as fashion statements, a smart entrepreneur can build a large business out of making and selling beads. All you need to do is, brand your business and create a digital presence to expand your reach.

3). Liquid Soap Production Business:

Liquid soap is often preferred to other soap types because they are relatively cheaper and easier on the skin. Most users also choose liquid soap for basic cleaning such as dishwashing and mopping, amongst others.

Manufacturing liquid soap requires little capital. You can produce it right from your home and distribute to vendors, supermarkets and local shops around.

See Also: How To Start A Lucrative Cocoa Cake Production Business In Nigeria: The Complete Guide

4). Basket Weaving Business:

This craft is one of the most inexpensive small-scale business ideas anyone can start in Nigeria or Africa. Basket weaving has been around for a while and is one of the most underrated businesses in the region.

The market for weaved baskets includes supermarkets, market traders and foodstuff distributors. Baskets are also used for decorative purposes, especially at traditional festivals in Nigeria, Africa and many other places around the world.

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5). tie and dye business:.

Tie and dye are fast gaining resurgent acceptance in the fashion industry. Locally known as adire in most parts of Nigeria, tie and dye are not just used for wrapper production. It is also used to make beautiful designs on shirts, trousers and cardigans.

You can employ the services of trained tie and dye makers or learn the craft and produce the designs yourself.

6). Shoe Making Business :

Shoemakers are making a lot of money in the fashion sector of the manufacturing industry. Granted that this is one of the small-scale business ideas that require training, you’ll have to learn the craft.

Once you’ve sorted that, you can start your shoemaking business with very little capital.

See Also: How To Start A Lucrative Toothpaste Production Business In Nigeria: The Complete Guide

7). Hibiscus Drink Production Business :

Hibiscus drink is commonly known as zobo in Nigeria. Producing hibiscus drink requires very little capital. As a matter of fact, this is a manufacturing business idea open to virtually everyone irrespective of available funds. Your capital requirement depends on your intended scope of production.

You can start small and see your business grow quickly within a short period.

8). Tiger Nuts Drink Production Business:

Like zobo, tiger nuts drink is a traditional drink common in Nigeria and some other parts of Africa. It is made from the seeds of the tiger nuts plant and is preferred chilled. With the right production factors in place, you can generate as much income as possible from the tiger nuts drink business.

You can also distribute to restaurants, small shops, schools and so on.

9). Pure Water Production Business:

Pure water has been classified as one of the most lucrative small-scale business ideas in Nigeria. Sales of sachet and bottled water are a signature business in Nigeria and neighbouring countries. Thousands of people are in a job, thanks to this business.

Although it requires manufacturing equipment and proper licensing, drinkable water production enjoys massive patronage in Nigeria, Africa and many other places around the world.

See Also : How To Start A Lucrative Pure Water Production Business In Nigeria: The Complete Guide

10). Palm Oil Production Business:

As of 2021, Nigeria is the 5th largest producer of palm oil with over one million metric tonnes per annum. The best part is there is still enough room for improvement in Nigeria’s oil palm sector.

Private investors and entrepreneurs can also contribute more to Nigeria’s production and export of palm oil. Starting palm oil production requires a lot of trained manpower. Once this is sorted, there is a ready market for your product.

11). Furniture Production Business:

Furniture is another craft-related small-scale business available to every interested individual. Furniture production enjoys patronage from virtually every sector of society, so there’s little fear of running out of demand.

However, to get started, you need to put some time into learning the craft and embark on trial projects to boost your experience and confidence.

12). Bread Bakery Business:

The hot daily demand for bread makes bread production one of the most lucrative small-scale manufacturing business ideas in Nigeria, Africa and many other places around the world. Already, the bread production business is saturated. However, your ability to channel creative tastes to the right market will earn you a steady clientele.

See Also: How To Start A Lucrative Sesame Oil Production Business In Nigeria: The Complete Guide

13). Orange Juice Production Business:

In the food and confectionary manufacturing industry, orange juice remains in high demand in hotels, restaurants, supermarkets, local stores, and much more in Nigeria, Africa and many other places around the world.

With such teeming market demand, you can never be wrong about the orange juice production business. However, for branding purposes, you need to get the proper licenses and approval for your products.

14). Yam Flour Production Business:

Yam flour is a local food product made from dried yam tubers. It is used to make African dishes such as amala and can be added to other recipes. Although amala is a southwestern Nigerian meal, yam flour production is a business you can start anywhere in the country.

For longer shelf life and to aid nationwide distribution, you can brand and package your yam flour products and sell them in Nigeria, Africa and many other places around the world.

15). Wig Making Business:

Wigs are now common fashion items and they are useful in different industries. For most women, wigs are the solution to spending a lot of time making their hair. The wig production company has evolved so much that there are now wigs that look almost 100% like natural hair.

The options are endless. As a wig maker, it helps to be creative with ideas and strategic with your marketing efforts.

See Also: How To Start A Lucrative Ice Cream Production Business In Nigeria: The Complete Guide

16). Fertilizer Production Business:

Fertilizers are made from a series of combinations of several chemicals in the right proportions. The agricultural sector depends heavily on fertilizer production for massive farm yields. Hence, there is bound to be a continuous demand.

For starters, you could focus on producing a particular type of fertilizer to maximize your resources. Over time, you could expand your scope to cater to more demands.

17). Sweets And Candy Production Business:

Sweets and candies are some of the best confectioneries in terms of market demand. In Nigeria where they are handed to people as change, especially in supermarkets and small stores, the demand has soared.

Besides supermarkets, schools, malls and local shops are also hot spots for sale of sweets and candies in Nigeria, Africa and many other places around the world.

18). Cake Production Business:

Cake bakers smile to the bank, thanks to the continuous growth of consumer taste and demand for the product. Cakes are important edible items in wedding events, birthdays and other celebrations. But now, the business incorporates more creativity and innovative ideas.

Once you’ve learned basic cake-making skills, you can make and distribute creative cakes and also bake them on a contract basis.

See Also: How To Start A Lucrative Ginger Cake Production Business In Nigeria: The Complete Guide

19). Snacks Production Business:

Common snacks such as chin-chin, puff puff, egg buns, meat pies and others are in high demand across Nigeria. They are consumed by both adults and kids on a daily basis. To start a snacks production business, it is important to be properly trained. The best part is that it doesn’t take much learning effort to make snacks.

20). Chalk Production Business:

Chalk production is one of the simplest small-scale manufacturing business ideas anyone can engage in Nigeria, Africa and many other places around the world. The materials for chalk production are easy to source and it doesn’t require much startup capital.

What’s more, the market for chalk is still high, with schools, academies and tailoring institutions, topping the list.

21). Ice Block Production Business:

Local beer pubs, small stores and restaurants augment the erratic supply of ice blocks rather than using generators. This is understandable because ice blocks are cheaper. By extension, the regular use of ice blocks in the food and drinks industry creates a market for ice block producers.

Although ice block production requires some capital, it is still affordable to most entreprneurs and investors.

See Also: How To Start A Lucrative Shea Oil Production Business In Nigeria: The Complete Guide

22). Milk Processing Business:

The milk processing business is open to all entrepreneurs in Nigeria, Africa and many other places around the world. However, it is relatively easier for those in the northern region of Nigeria because of the high concentration of cattle rearers.

Milk processing involves extracting milk from cattle and further processing it into edible dairy products that are sold to consumers.

23). Building Block Production Business:

The growing industrialization of Nigeria and other parts of Africa has made block production one of the most lucrative small-scale manufacturing business ideas at the moment. Starting a building block production business puts you in a good position to benefit from industrial growth.

One of the best strategies in this business is to site your business in a busy part of town and invest in creating awareness.

24). Match Sticks Production Business:

Match stick production is perhaps one of the most underrated small-scale manufacturing business ideas in Nigeria, Africa and many other places around the world. Made from wood or paper, matches are relatively easy to produce and require fewer production efforts.

With so much global population still using stoves, firewood and basic cylinders, the match sticks business continues to enjoy constant patronage all year round.

See Also: How To Start A Lucrative Orange Juice Production Business In Nigeria: The Complete Guide

25). Smoothie Production Business:

Smoothie production is a lucrative snack business to start in a students community or city. As more people continue to realize the health benefits of fruits, the market for this business is bound to rise steadily.

With proper branding and effective distribution strategies, you can make a lot of money from this manufacturing business.

26). Honey Processing Business:

The multiple uses of honey in various industries ranging from food production to skincare have significantly increased the market demand for this product in recent times. To start this business, you need to learn how to keep and handle bees.

You also need to invest in labour, especially if you intend to go large-scale, as well as beekeeping kits to protect the staff from bee attacks.

27). Ice Cream Production Business:

Ice cream production has been around for decades, but the continuous evolution of the sector has created room for new producers and investors. Producing new and tasty flavours puts you at an advantage in the ice cream production business.

More so, you can distribute to prime targets like eateries, supermarkets, schools, malls, and much more.

See Also: How To Start A Lucrative Ice Block Production Business In Nigeria: The Complete Guide

28). Salt Production Business:

Iodized salt remains one of the most consumed food flavours. The market is tremendously large in Nigeria, Africa and many other places around the world. To get maximum yield, it is important to invest in equipment. The salt production industry in Nigeria is dominated by a few companies at the moment.

With an effective strategy in place, you can make your mark on the market in no time.

29). Handbag Production Business:

Although most of the fashion items used in Nigeria and other African countries are imported, there is a growing market for locally-made bags. To start this small-scale manufacturing business, you need to acquire the right skills and produce world-class standard bags.

You can also employ the services of other experienced handbag makers to boost your production.

30). Face Mask Production Business:

The outbreak of COVID-19 shifted the attention of the world towards the health risks involved in having dirty hands and going about with an unprotected face. Despite the discovery of vaccines, there is still a strong need for people to wear face masks and this has continually kept face mask producers in the market.

Irrespective of the type of face mask you choose to produce, there is a large waiting market.

See Also: How To Start A Lucrative Salt Production Business In Nigeria: The Complete Guide

31). Potato Chips Production Business:

Potato chips are one of the most commonly consumed snacks in Nigeria and other parts of Africa. Thanks to its health benefits and crunchy taste, most vacationers, students as well as adults prefer potato chips to other snacks.

For massive production yield, brand your business and distribute to supermarkets, marts, restaurants and other high-demand areas.

32). Food Processing Business:

The food processing industry is related to manufacturing. There are a lot of manufacturing business ideas that involve food processing to production, ranging from snacks to drinks production. The list is endless.

Depending on available capital and other production factors, select and focus on one food processing idea and distribute it to the right targets.

33). Popcorn Production Business:

Like other snacks, popcorn enjoys massive patronage among kids, students and adults on special occasions. Popcorn is easy to make and requires very little production effort. You can produce and distribute daily to supermarkets and malls.

On the other hand, you can get contracts to produce popcorn for birthday occasions, get-togethers, and much more.

See Also: How To Start A Lucrative Building Blocks Business In Nigeria: The Complete Guide

34). Coconut Oil Production Business:

Coconut oil production is equally one of the most underrated small-scale manufacturing ideas in Nigeria, Africa and many other places around the worlds. Coconut oil serves multiple uses, including hair and skincare.

Among other uses, it avoids skin cracks and hair breakages. You can start a coconut oil production business right from your home. The success of this business relies heavily on your ability to distribute to the right market.

35). Notebook Production Business:

Notebooks are essential materials for students and non-students. If you can produce and distribute to bookstores, student communities, campuses and schools, you stand a good chance of building a successful business in the sector.

36). Insecticides Production Business:

Insecticides can be locally produced and they are as effective as imported products. More so, locally-made insecticides are pretty affordable and available in all local markets and supermarkets.

Insecticide production enjoys continuous demand all year round because there is always a need to combat pets and insect attacks both in residential apartments and on farmlands.

See Also: How To Start A Lucrative Insecticides And Pesticides Production Business In Nigeria: The Complete Guide

To Sum It Up

While the rate of manufacturing in Nigeria and other African countries fails to meet the local annual demand, there has been significant progress over the years. Starting a manufacturing business does not always require heavy capital. If you want to start your own low-cost manufacturing business in Nigeria, Africa and many other places around the world, you can start with any of the 35+ lucrative small-scale manufacturing business ideas mentioned in this article and grow from there.

Trying To Secure A Business Loan? Finance? Or Investment? You can now greatly increase your chances of getting the loan/investment you need with our bank and investor ready professional MBA standard business plan writing service. Writing a bank and investor ready professional business plan can be challenging. If you need a professional and affordable business plan service, StartupTipsDaily’s MBA standard professional business plan writing service is perfect for your small business. All you have to do is request an understanding of your proposed business model, and you’d have a professional MBA standard businesses plan ready for you anywhere within 5 to 14 days. You can click here to get started with using StartupTipsDaily’s professional business plan writing service to create the perfect business plan that’d get accepted anywhere.

What are your thoughts on these 35+ lucrative small-scale manufacturing business ideas in Nigeria, Africa and many other places around the world? Let me know by leaving a comment below.

Stan Edom

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SWOT Analysis for Airline Business Plan in Nigeria

Complete Block Industry Business Plan in Nigeria

  • Post author: Ane
  • Post published: January 11, 2020
  • Post category: BUSINESS-PLAN-AND-FEASIBILITY-STUDY / C.A.C. INCORPORATION
  • Post comments: 0 Comments

Complete Block Industry Business Plan is all you need to set up your block moulding business. It’s a comprehensive business plan for concrete block industry in Nigeria. Therefore, this business plan is relevant for businesses involved in the manufacturing of building concrete, bricks and blocks for masonry. In fact, builders’ association, housing consultant, development agencies, construction workers etc. demand for this.

Introduction:

Table of Contents

The concrete used to make concrete blocks is a mixture of cement, water and sand. However, some special moulds include gravel. This produces a light grey. In fact, the block comes up with a fine surface texture and a high compressive strength. Typically, a concrete block weighs 38-43 lb (17.2-19.5 kg).

Furthermore, Complete Block Industry makes blocks of uniform quality. We sell them at a price reasonable enough to cover costs and make some profit. In fact, our cement concrete blocks are suitable as modern construction materials and as such are used in all the construction works. These include residential, commercial, and industrial building construction.

Executive-Summary-Complete -Block-Industry-Business-Plan-in-Nigeria.

As a matter of fact, this business plan is for Complete Block Industry. The business is owned by Ngozika Dike. She has over 10 years’ industry experience in Block making and construction works industry.

Furthermore, the estimated cost of setting up the business with relevant machines is N6,000,000 (six million Naira). Our feasibility analysis shows that the project is very profitable. In fact, with aggressive marketing strategies and  good management the payback period will be 3 years. Again, the return on investment is very encouraging at 15 per cent net profit margin.

Futhermore,

As a matter of fact, the business will generate  25% gross margin and a modest net margin of about 15% in the first and second year and 25 -30% margin after  the third year.

In fact, leveraging on the aggressive marketing strategies to be employed, we forecasted a 40% market share in our immediate market environment. Therefore, we have started planning for expansion to other locations within the next nearby town.

Our Vision is:

 To be among the top 5 Block Making company in Abuja by 2025

Our Objective

  • Constant 20% growth in sales yearly.
  • High customer satisfaction. This is to generate at least 60% customer base as repeat business.
  • In addition, to provide quality product at reasonable prices
  • To be a one stop-shop for block as building material in Abuja
  • To continue to be a going-concern as a profitable enterprise.

Our Mission

To meet customers’ expectations in every sense.

Product /services

In foremost, is the manufacturing of building concrete, bricks and blocks for masonry work. Such building materials that are suitable for builders’ association, housing consultant, development agencies, and construction workers.

Therefore, we produce –

  • Cement- Interlocking
  • Cast concrete pipes etc.

Complete Block Industry Business Plan – Management Team:

Mrs. ngozika dike.

The enterprise will be managed by the owner/manager Mrs. Ngozika Dike who has over 10 years’ experience in block making business. She has bachelor of Technology (Civil Engineering) from Obafemi Awolowo University Ile-Ife) with focus on Soil Sciences.

Therefore, she is the CEO of the company. She oversees the day to day activities of the business.

Abba Kassim

Abba Kassim (B.Sc. Management) has over 15 years’ experience in the industry. He has first degree in business administration with specialization project management. Professionally, he is a project management professional. Therefore, he is the business development strategist.

Adams Adam.

The third person in the order of hierarchy is Adams Adam. Mr. Adam has over 10 years’ experience in the civil engineering business. Therefore, he is in charge of our production unit.

 Other staff are those in charge of our packaging and delivery unit.

Complete Block Industry Business Plan

The Business @ Complete Block Industry Business Plan:

 The business benefits from Large Scale production. It also offers training opportunities for young entrepreneurs.

On the other hand, we manage the business to generate cash-flow for profitability and expansion. In fact, our experience in the industry brings competence and credibility. Therefore, my staff and I will bring operational, processing, packaging, and marketing skills to the business. In fact, our customer service is going to be one of the best in this industry.

Financial Plan and Projections :

Furthermore, our financial projections are as shown below. In summary, however, Investment costs 6million to take off. The promoters of this business requires an amount of 6million equity capital from private investors. Therefor, the money will be use to procure capital equipment and operational cost. However, the analysis is in the cash flow and the income statements shown below.

  • Business Opportunities in Jega
  • Investment ideas in Birnin Kebbi
  • Sample Proposal for Bank Loan
  • Groundnut Oil Marketing BPlan
  • Groundnut Oil Production Business Plan

Complete Block Industry Business Plan

CALL FOR COMPLETE PACKAGE:

As a matter of fact, this is an overview of Complete Block Industry Business Plan. The complete package is actually more than this. Depending on the scope of your operation, 20 to 30 page of Complete Block Industry Business Plan will do. Therefore, if you need the complete part of the business plan contact us. In fact, call +234 8034347851 or mail to [email protected].

In conclusion, I know you enjoyed this post. If that’s true, please help share it to reach others. Follow us on any of our social media for your updates. Thanks for reading through. Now, ensure you always visit http://completefmc.com

Completefmc.com author

Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.

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Aluminum Doors and Windows Business

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Aluminum Doors and Windows

TABLE OF CONTENT of Aluminium Door & Window Manufacturing Business

1.0 EXECUTIVE SUMMARY

==>CLICK HERE TO CHAT US ON WHATSAPP FOR BUSINESS PLANS & GET A DISCOUNT<==

2.0 BACKGROUND

2.1 Introduction

2.2 Vision and Mission

2.3 Ownership of the Enterprises

2.4 Location and Facilities

2.5 Services

2.6 Business Strategy

2.7 Key Success factors

2.8 Revenue base

3.0 MARKETING AND CLIENTS

3.1 Nature and Size

3.2 Target Industry

3.3 Key Competitors and players

3.4 Service Delivery

3.5 Quality Assurance

3.6 Demand/Supply Analysis

3.7 Technology

3.8 Competitive Edge

4.0 MARKETING PLANS

4.1 Marketing Plans

4.2 Promotion and Distribution Strategy

4.3 Alliances

4.4 Market Positioning

4.5 Service Delivery Strategy

4.6 SWOT Analysis

5.0 Organization and management

5.1 Organizational Structure

5.2 Shareholders and Directors

5.3 Management Team

5.4 External Support

5.5 Personnel Plan

5.6 Values and Norms of the Company

6.0 LEGAL, REGULATORY SOCIAL AND ENVIRONMENTAL ISSUES

6.1 Regulatory Issue

6.2 Social Issue

6.3 Environmental Issue

EXECUTIVE SUMMARY of Aluminum Door & Window Manufacturing Business Plan

The purpose of this business plan to support a request for a N500,000, five-year bank loan to purchase equipment and inventory as part of the financing for a start-up sole proprietorship, Nigeria Aluminum Enterprise. The business will be owned by Mr. Ugwu Celestine Chibuike and will be located in rented space at 20 New Anglican Rd, Abakaliki to Nsukka, Enugu State. The owner will provide a minimum of N140,000 as initial equity.

The business will produce Aluminum steel doors, windows, showcases, counters, tables, gates, cupboards and other products for households and business establishments. Based on the financial and competitive analysis presented in this plan, Nigeria Aluminum Enterprise Will be successful. The cash flow projection, Exhibit 1, one-year cash flow projection, indicates positive cash flow.

It is anticipated that, Nigeria Aluminum Enterprise. Will become the lead in market share for Nsukka and the surrounding communities within two years and will begin to develop a regional presence within five years. Aluminum

Enterprise’s vision trigger, “Quality Service, Our Goal” will assist the company in distancing itself from its competitors.

The owner, Ugwu Celestine C. had extensive experience in the Aluminum fabrication industry. He is also a 3rd year student of Accountancy in University of Nigeria Enugu Campus.

This business plan is aimed at supporting a request for N400,000 five year ban loan to purchase equipment and inventory as part of the financing for a start up sole proprietorship Nigeria Aluminum enterprise. The business will be owned by Mr. Ugwu Celestine C and will be located in rented a space at Aku road Nsukka Enugu State. The owner will provide a minimum of 130,000 as it’s initial capital contribution.

THE BUSINESS DESCRIPTION

Nigeria Aluminum Enterprise will be located at 20 New Anglican Rd. Nsukka Enugu State. Nsukka is a small, urban community with warehouse space at affordable prices. The

estimated opening of the fabrication site is schedules for July 2, 2017.

Ugwu Celestine Chibuike will own the business as a sole proprietorship. Ugwu Celestine has had 6 years of experience in the aluminum business, 2 years as the general manager of a family owned aluminum fabrication business. During this time span, the company increased ite profits by at least 5% every year.

Nigeria Aluminum Enterprise. Will fabricate aluminum windows,. Doors, gates, and other household items. A variety of other markets will be targeted, hospitals and educational institutions; however, Nigeria Aluminum Enterprise will focus its marketing on the building industry. The aluminum used for production will be supplied through regional firms. All elements of the fabrication process will be completed in shop thus eliminating the need to subcontract.

Nigeria Aluminum Enterprise will be successful because its plan is based on the experience of its founder; Ugwu Celestine Chibuike has proven his ability to succeed in this

industry for 6 years. The building industry is growing which creates a need for the kind of products that Nigeria Aluminum Enterprise produces. The other market areas (households, offices, hospitals, educational facilities, etc) are growing as well.

MARKET ANALYSIS

Market analysis is favourable toward the Aluminum and steel products fabrication business in Nigeria, especially in Nsukka Enugu state which is developing building infrastructure at a rapid rate.

A major factor for this favourable status is the fact that Enugu state as a young is trying to grow and meet other developed state in Nigeria. The choice of Nsukka is because that is where all the government infrastructural development is situated. It is the centre of development of Enugu State individuals as well are developing building both residential and business at a very fast rate and the demand for these aluminum windows and doors are outgrowing the supply of the same.

Not only is the building industry expected to grow in the future, but so arte Nigeria Aluminum Enterprise’s other target markets: hospitals, educational facilities and businesses requiring aluminum products. This is due, in large part, to the increase in the nation’s population. Nsukka and its surrounding communities are experiencing the highest level of growth compared to any other areas= in Enugu State.

All of the factors mentioned above will prove beneficial to the success of Nigeria Aluminum Enterprise in the future.

VISION STATEMENT

In five years, Nigeria Aluminum Enterprise will become the premier aluminum fabricating business in Nsukka and throughout its surrounding area. Nigeria Aluminum Enterprise. Will also establish its name as a national presence in the industry.

VISION TRIGGER

The main vision trigger will be the slogan: quality service, our goal “the vision trigger will emphasize the premium

quality, the utility, and the competitive pricing of the products sold to customers.

MISSION STATEMENT

Nigeria Aluminum Enterprise mission is presented below:

We, the employees and management of Nigeria Aluminum enterprise make this pledge to you, our valued customers.

We pledge that we will serve your aluminum needs in a prompt and friendly manner.

We pledge that we will provide quality aluminum windows and doors.

We pledge that we will be good community citizens, respectful of the environment, and friendly neighbors to the surrounding businesses.

We pledge that we will always present a positive public image

We pledge that we will be responsive to your suggestions and concerns.

BUSINESS OBJECTIVES of Aluminum Door & Window Manufacturing Business Plan

Nigeria Aluminum Enterprise will have these business objectives during its first three years of operation:

1) Owner’s draw of N120,000 by the end of years 1.

2) Cash break-even by the end of year 1

3) Owner’s draw of N200,000 by the end of years 2

BUSINESS OPERATIONS

The operations of Nigeria Aluminum Enterprise will be described using the main functions of the business: marketing, competitive analysis, legal structure, management expertise, support personnel; and financial information.

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Palm oil production and processing business plan in Nigeria

What We Covered In This Article

Overview of Palm Oil Production in Nigeria

Palm oil production is one of the major sources of income for Nigerians. In 2021, it was estimated that 1,280 thousand metric tonnes of palm oil were produced in Nigeria. This shows the immensity of the production of palm oil in the nation. Infact, Nigeria is one of the five nations, leading in the production of palm oil in the world. 

Palm oil production has to do with the extraction of edible oil from the mesocarp of the palm fruit, which is suitable for human consumption and is used in making various kinds of products and things.

Palm oil was one of the major sources of income for the Nigerian government in times past, before the discovery of crude oil. However, it is being focused on again, as the government is now investing a lot to revive that sector of the economy. 

Overview of Palm Oil Processing

The Palm tree is important, as many things can be derived from it, to be used by humans. To start with, palm fruits can be used to get palm oil, the stems can be made into woods for building, palm wine can also be tapped from palm trees as a form of refreshment, etc.

Now, Palm oil is gotten from palm fruits and there is an extraction process that takes place before the oil is gotten from the mesocarp of the palm fruit. The Palm fruits seedlings are planted, and after they have been harvested, the bunches of the palm fruit are threshed and sterilized, to get the palm fruits from them. 

Afterwards, the palm fruits are crushed, to extract the crude palm oil. This crude palm oil is then purified and dried before it can be put to use at home, in industries, etc. It can also be exported to other nations for exchange in international trades. 

Uses Of Palm Oil

Palm oil is used for various things and in various industries. It is used in the home, industries, etc. Palm oil is used in preparing meals, cosmetics, soap, animal feed, etc. The following expounds more on the uses of palm oil.

  • Cooking: 

Palm oil is one of the important ingredients used in cooking meals of different kinds, ranging from soup, stew, sauce, etc. Different tribes use it for various meals, and it is a key part of the food industry. Palm oil is used to cook Egusi soup, Banga soup, oha soup, vegetable soup, beans, etc 

Palm oil is also used to fry food such as plantain, pepper, etc. It can also be used in making food items, such as pancake, cereal, chocolates, etc

  • Drugs: 

Palm oil is also used in making drugs in the pharmaceutical industry. Due to the properties of palm oil, it is also very useful and effective in enhancing the bioavailability and solubility of drugs. And this helps drugs last longer by extending their shelf lifespan.

  • Manufacturing:

Another important thing palm oil is used for is in manufacturing different things, ranging from cosmetics, snacks, margarine, stock cubes, detergents, candles, deodorants, shampoo, toothpaste, etc.

  • Exportation:

Palm oil is also one of the important products used in trading between nations of the world. Nations like Indonesia, Malaysia, etc have palm oil as a major export product, which yields a lot of income for their economies.

  • Feed production:

Palm oil is also used in the production of feed for animals and livestock, due to its heat-resistant and edible nature.

It is used in making feed for animals, ranging from dogs, cats, pigs, etc. Also, since it is good as preservatives, it helps to prolong the lifespan of feed, to help it stay longer on the shelf, before expiration.

  • Preservation:

Palm oil is used as a preservative in many food items, ranging from human food to feed for animals. It is used in preserving food items to ensure that they don’t get spoiled on time. 

Requirements Needed To Start Palm Oil Business

In starting a palm oil business, there are many things required to be acquired to attain success. Some of them are as follows;

  • Capital: 

Capital refers to the money used in starting the palm oil business, which would be used in purchasing the facilities needed to kickstart. 

Firstly, you need to purchase the land where you would plant palm oil seedlings. This could range from many acres to some hectares. It is important to get a large portion of land, to help you plant as many trees as possible.

You would also need capital to hire workers to work on the land, from the planting stage to the harvesting and transportation stage.

Some equipment and materials such as tractors, fertilizer, etc also need to be purchased to aid the planting process.

  • Land: 

After securing the capital for the business, the next thing is to make the purchase of the land for the palm oil plantation. When buying the land for the plantation, it is important that the quality of the soil is examined, to ascertain that it would be suitable to grow palm trees. 

Now, If you are unable to determine the fertility of the soil by yourself, you can hire experts to do this for you. This is important, to ensure growth for the palm trees after planting.

Another key thing to consider when purchasing the land for your palm oil plantation is the closeness of the land to your buyers. This would make it easy to transport your palm fruits to customers, as at the due, without hassle.

Another requirement for your palm oil business is the labour that would be needed in planting, harvesting, and transporting the produce of the farmland.

You would need to employ extra hands to assist you in the work, and you would have to pay them.

  • Storage: 

Another requirement for the palm oil business is the storage facilities needed to store and keep the palm fruits and palm oil, after being extracted and purified.

Storage facilities are very important for the palm oil business, to preserve the palm oil got, from the extraction mill. This is also important to protect them from getting spoiled before they get to their buyers.

  • Transportation:

Another requirement for a palm oil business is the transportation facilities needed to transport your equipment, palm fruits, palm oil, etc to and from your palm oil plantation.

You could get trucks to help you transport things to and fro the plantation.

  • Suppliers/Retailers:

Getting reliable suppliers to supply you with the needed equipment, palm fruit seedlings, and other things is also a key requirement to consider when starting your palm oil business.

Getting retailers who would buy directly from you to supply to consumers is also important, to ensure the smooth transfer of palm oil from your plantation to customers, in exchange for money.

Production season of palm oil:

The production season of palm oil differs from nation to nation. However, in Nigeria, the best time to plant palm fruit is during the rainy season, which is usually around June-September.

This is recommended so that the roots of the trees would have been well-rooted in the ground before the dry season comes in.

Now, an oil palm starts to produce about 3 to 4 years after it has been planted. So, patience is required as a palm oil businessman or woman. It is also important to not relent during this waiting period, as one would be required to tend the plant from time to. time, by removing weeds, and doing other things to enhance growth.

Where to get palm seedling for planting:

Just like for every other tree, to grow palm nuts, you need to first get the seedlings to plant. And this is the cheapest way because palm trees are rarely grown through cutting, layering, and other asexual means.

You can either get them from the seed pods of flowering palms or buy them. And these palm seeds differ in size. While some are small and bright red, some others are very large. 

Now, if you would like to get your seeds from your tree, it is advisable to get them immediately when they fall from the tree; showing that they are ripe. It is also important to use these seeds on time. This is because the lifespan of some of them is not long, however, for some, they can last for up to a year.

Now, you must test your palm seeds before planting them. This would help determine whether it would germinate or not. To test, simply put the seed in a container of warm water. Now, if the seed floats in water, it is not good for use. But if it sinks in the water, then it is good for planting.

Is the palm oil business profitable?:

The palm oil business is highly profitable, due to the many uses of palm oil, domestically and even industrially.

As a palm oil businessman or woman, there is always a huge demand for your product, as it is needed in high quantity and quality in nations, industries, families, etc. And although it is a capital-intensive business, its rewards and profits are far-reaching.

How much does it cost to start a palm oil business?

Starting a palm oil business depends on the type you want to venture into. To start a palm oil plantation business, you would need to purchase or rent some acres of land, and this would cost a lot. You would also need to buy palm fruit seedlings, and this would also require a lot of money, hiring manpower, machinery, etc also costs a lot.

On the other hand, if you were to start a palm oil extraction mill or sell palm oil directly, you would not spend as much as if you wanted to start a palm oil plantation.

Popular palm oil producing states

  • Delta State
  • Akwa-Ibom State
  • Cross-River State
  • Bayelsa State
  • Rivers State

Types of palm oil business

There are three types of the palm oil business that one can venture into, as a palm oil business man or woman. They shall be discussed as follows:

  • Palm Tree Plantation:

The first type of palm oil business is the palm tree plantation business, where you would be involved in planting and harvesting palm fruits. Here, you would be required to purchase or rent hectares of land to use in planting and harvesting palm fruits.

The palm tree plantation business is one of the intensive types of the palm oil business, which requires you to buy palm fruit seedlings, clear and make ready the land for planting, plant, monitor growth, and harvest at the end of a season.

It is quite capital intensive. However, its benefits are mind-blowing.

  • Set Up A Palm Oil Extraction Mill:

Asides from setting up a palm tree plantation, you can decide to set up a palm oil extraction mill, where you would specialize in crushing palm fruits, to extract the palm oil from them.

This is also capital intensive as you would have to purchase machines for the crushing process, as well as hire manpower to make the work faster. Setting up a palm oil extraction mill is another type of palm oil business, which has huge benefits to be enjoyed.

  • Sales Of Palm Oil:

Another type of the palm oil business is the direct sales of palm oil. This could be either large-scale or small-scale. When operating on a large scale, it is advisable to purchase directly from dealers who own extraction mills.

And if it is on a small scale, one can easily purchase from large-scale dealers or wholesalers.

How To Start a Palm Oil Business In Nigeria

To start your palm oil business, you need to sketch a plan to follow through, to ensure success in the business. The following steps can be taken to start the palm oil business in Nigeria:

  • Choose The Palm Oil Business You Want To Invest In:

Having learned earlier that there are different types of the palm oil business that one can engage in, it is then important that you decide which of them you would be venturing into.

You could decide to set up a palm oil plantation, where you would plant palm trees and harvest for others to get palm fruits from. You could also decide to have an extraction mill, where palm fruits are crushed to extract the oil from them. Or rather, be involved in the direct sale of palm oil.

Whatever choice you make, you need to consider your capital, skill, interest, etc.

  • Draft a business plan:

After deciding on the kind of palm oil business you would be venturing into, you should move forward to draft a business plan. 

Your business plan would include the kind of palm oil you intend to start with, the amount of capital needed, how the capital would be sourced, mode of operation, etc.

  • Register Your Palm Oil Business With CAC:

CAC is the corporate body in charge of registering businesses in Nigeria. To make your business legally recognized by the law, you need to register the business under the business name you have chosen for it.

Registering your palm oil business with CAC also gives you access to some loan facilities, grants, and other national recognition.

  • Set up your production factory or store:

Now, you can go ahead to set up your production factory or store, depending on the type of palm oil business you would be venturing into.

If you would be going into the direct sale of palm oil, you would not need a factory. But for an extraction mill, you would need a production factory, as well as storage facilities to store the palm oil, before you sell them.

  • Secure suppliers:

Securing reliable suppliers is also important. As a palm tree plantation owner, you need to secure suppliers to supply you with palm fruit seedlings and other equipment.

Also, as a palm oil mill extraction business man or woman, you are to secure suppliers who own palm tree plantations, who would give you a steady supply of palm fruits to extract palm oil from.

  • Plan for logistics and transportation:

Next up, you need to plan for logistics and transportation to enable you transport the palm oil and palm fruits out of your farmland and extraction mill respectively to people who need them

Transportation is an important aid to trade which is not to be trivialized. A smooth medium of transportation would ensure that your product leaves your factory on time, and gets to the consumers who need them.

  • Market your products:

Now, after securing your transportation details, you are to market your product to prospective wholesalers and retailers who are in the palm oil business.

This is important to facilitate sales and get profits.

In preparing a business plan for your palm oil business, the following items must be included, featuring important details to help you attain success as a businessman or woman. 

The following elements shall be considered, to help you come up with a business plan for your palm oil business:

  • Executive Summary:

The executive summary appears first in the business plan. However, it may be the last thing to be written, because it summarises all the details about the whole business plan.

The executive summary contains the amount of capital needed, work plan, estimated income over a period, estimate of labour required, etc.

  • Company Description:

The company description contains information about the kind of business the palm oil establishment is. It talks about whether it would be a palm oil plantation business, a palm oil extraction mill, etc.

It also contains information about whether it is a one-man business (sole proprietorship), partnership, etc.

This segment of the business plan contains information about the individuals involved in the business. 

Here, their names and roles are spelt out, to aid comprehension.

Team members could include the Managing director, farmers, secretary, warehouse manager, etc.

  • SWOT Analysis:

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

This is a very important analysis to be done, which helps you identify your areas of strengths to capitalize on, weaknesses to work on, opportunities to explore, and threats to eliminate. 

Strength has to do with the areas where you have a better advantage, as a palm oil business owner. This is to enable you to capitalize on these strengths to get more profit. 

Analyzing your weaknesses helps you to know the areas you need to work more on, to get better results. Your weaknesses are also the areas that your competitors may want to take advantage of. So, you need to pay attention to them.

Opportunities refer to new areas or aspects of the palm oil business that you can take advantage of, to increase revenue and expand your network.

Threats refer to things that could pose danger to your business. It could be bad weather conditions, pests, etc. 

  • Market Analysis:

Market analysis has to do with examining the market, to know what is in demand per time.

The market analysis would help you understand what consumers need, what kind of packaging appeals to them, how to market to them and how to get them to make purchases.

  • Financial Analysis:

The financial analysis for your palm oil business carries details about how much would be needed to start and run the business.

Capital required to purchase land, machinery, palm fruit seedlings, storage facilities, labourer’s wage, salaries for other staff members, etc.

  • Marketing Strategies:

This involves details about how you intend to market your product and move fully into the market, to sell.

Marketing can be done either through the traditional ways of connecting with retailers who deal in the palm oil business. It could also be through online marketing strategies, using social media, SEO, etc to market your products.

  • Competitive Analysis:

There would always be competition in the palm oil industry. Hence, it is important to carry out a competitor analysis, to check your competitor’s weaknesses, to take advantage of it. 

You could also examine the strategies being applied by your competitor, which yields a lot for them and apply those strategies too, to get better in your business.

The appendix of your palm oil business plan includes additional documents that are not included in the body of the business plan. It could include charts, tables, graphs, and some other important elements, which are not yet included in the main body of the business plan. 

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Paint Manufacturing Business in Nigeria Nigeria

02 Oct 2022

How to start a paint manufacturing business in nigeria..

Introduction

In Nigeria, paint manufacturing companies have been in existence since the early sixties, though most of them existed as subsidiaries of foreign companies until the indigestion decree that saw many of them being partly or wholly bought over by local investors.

Paint is any pigmented liquid, liquefiable, or mastic composition that, after application to a substrate in a thin layer, is converted to a solid film and it is most commonly used to protect, colour, or provide texture to objects.

The Nigerian paint market has witnessed the emergence of new, small-scale brands battling for market share with the ‘big elephants’ in the industry, some of which are listed on the Nigerian Stock Exchange.

Brands in the market.

The paint industry in Nigeria is a very competitive one. Numerous companies, both big and small, continuously push the boundaries through innovation in order to churn out the finest paints.

The paints variants can be classified into the decorative paints segment and industrial paints segment. While decorative paints are used for interior and exterior house paintings, industrial paints are used for industrial paintings.

Variants in the decorative paint segment include emulsion, gloss, and silk/satin, while the variants of industrial paints include auto paints, marine paints, wood, road markings, bright aluminium, bituminous, etc.

Notable brands in the Nigerian market include Berger Paints, Dulux, Caplux, Finecoat, President, Prestige, and Eagle, just to mention a few.

A 2016 Data from the Standards Organization of Nigeria (SON) reveals that there are 68 registered paint producers in Nigeria that meet SON requirements.

Big Players in the Paint Manufacturing Business in Nigeria

These are manufacturers that laid the foundation of indigenous paint manufacturing in Nigeria and have continued to remain on top by refusing to compromise the quality of their products. They control the market and have been in existence for decades, starting as importers of paint products but moving to local production as demand increases.

Chemical and Allied Products (CAP) PLC, a subsidiary of UAC of Nigeria (UACN) Plc, is in the paint and coat production business. The company was established originally Imperial Chemical Industries, but later became ICI Nigeria Limited in 1965. It has grown over the years to become one of Nigeria’s leading paint manufacturers. It has a wide range of paint variants that have continued to meet the various painting needs of Nigerians. Its major brand includes the popular Dulux and Caplux brands.

Berger Paints

Berger Paints has brands in different segments, ranging from the Luxol Emulsion, Fire Resistant Texcote, and Luxol Gloss.

The company was formerly known as British Paints (W.A.) Limited. It is the first paint manufacturing company to be quoted on the floor of the Nigerian Stock Exchange (1973).

Meyer Plc currently has brands doing well in the Decorative, Auto Refinishes, Industrial and Wood Finishes.

Meyer Plc is an offshoot of former Hagemeyer Nigeria Limited, the manufacturer of Sigma Paints and Cosmetics. In 1994, Hagemeyer was bought over by Dunlop Nigeria Plc, which led to the change of both the corporate and brand names to DN Meyer Plc and Meyer Paints respectively.

In July 2003, Dunlop Nigeria Plc divested its controlling shares from DN Meyer Plc to ACIMS Limited and DN Meyer Plc ceased to be a subsidiary of Dunlop Nigeria Plc.

Chemstar Industry Nigeria Limited

Chemstar Industry Nigeria Limited, makers of Finecoat and Shield Paints, has grown from a small beginning in 1995 to a huge player in the market.

There are other local and small brands that continue to play on the fringes in the Paint market space.

Starting a Paint Manufacturing Business requires Readiness of the Entrepreneur in Nigeria

SELF-APPRAISAL FOR THE BUSINESS/READINESS FOR ENTREPRENEURSHIP

A profound review of the literature on entrepreneurship reveals that it does not exist a specific information tool to measure the individuals’ readiness for entrepreneurship. The purpose of this research has been building such kind of instrument to estimate the individuals’ readiness for entrepreneurship. Its design takes in consideration the inclusion of the main variables identified by the literature as those most associated with entrepreneurial profiles. These variables have been grouped into three categories: sociological, psychological and managerial-entrepreneurial. Each group provides batteries of items which are evaluated thanks to a specific scoring system. The final objective is to provide a system to calculate individual scores of readiness for entrepreneurship and, at the same time, partial scores on concrete aspects of it. The information tool is presented at this paper and will be tested and refined in the near

The disadvantage of owing a  Paint Manufacturing Company

As with any other business, there are definitely some dangers associated with starting your own painting business. But that’s why you are reading here, to learn how to avoid mistakes and become successful.

First, you can lose money.

There is always a very real possibility that you could lose money. The bigger you try to grow, the more risk you will take on. More employees mean more overhead (risk) but also means more potential reward.

The best way to minimize your risk is to grow slowly. Make sure you are profitable as a one-man company, then move to two and make a profit, then three and so on.

You may also find yourself working long hours. While being your own boss means setting your own hours, every entrepreneur knows that in reality, it is often your client and deadlines that set your hours. At the end of the day, you are the one responsible to make sure a job gets done and you get a paycheck. On numerous occasions I found myself working late into the night to hit a deadline, usually because of poor planning on my part.

Finally, you may not like parts of the job. It’s ok to not like everything about running your own painting business. Personally, I really don’t like bookkeeping and dealing with difficult clients. I love to market, train and do good old-fashioned hard work. Find the stuff you love to do and are good at, and once you can afford it, hire out the parts that you don’t care for.

ADVANTAGES OF PAINT MANUFACTURING BUSINESS : “When I first started my company, I started out making $25 / hr and I thought this was pretty good. Eventually, I got better at painting, bidding, selling and marketing and my pay rose as my skill set rose. I was making $50 an hour, then $75, $100 and eventually I was consistently making $150 an hour.

I was able to do this because I had a high demand for my service, delivered the best quality possible and found a niche that was willing to pay well. It was during this time when I ran the small business I had run, just me and one helper. I averaged $150 an hour while my helper was able to pull in $75 an hour (I paid him $20 / hr and ended up making $205 an hour on my jobs).

Second, you get to decide your own hours. I don’t like rushing out the door in the morning and fighting traffic, so I would start my jobs typically at 9 am (unless a client had special needs). I would usually work until 4 and wrap up my day. If business was going good and I wanted a long weekend (assuming my jobs were complete), I would take one. Same with vacations.”

Another reward is that you are building an asset.

It may not always feel like it, but you are building an asset that has value as you build your painting company. Your database of all of your past clients along with your website and lead generation will be a sellable asset if you ever choose to get out of the business.

Self-motivation skill: is an important skill. Self-motivation drives people to keep going even in the face of set-backs, to take up opportunities, and to show commitment to what they want to achieve.

Customer services skill :

  • Persuasive Speaking Skills. Think of the most persuasive speaker in your organization. …
  • Ability to Use Positive Language. …
  • Clear Communication Skills. …
  • Self-Control. …
  • Taking Responsibility. …

Business survey skill: this simply entails the technical know-how of the particular establishment.

PERSONNEL REQUIRE IN START PAINT MANUFACTURE: To function as a paint maker, you’ll need to ensure you have the correct paint manufacturing equipment.  Production is a detailed process that involves infusing water with a number of ingredients. The manufacturing process also requires the final product to be filled into the correct packaging, which could be a packet or bottle and it operation require ten (10). To twenty (20) staff for a start.

TECHNOLOGY REQUIRE IN MANUFACTURING PAINTS ARE

Web Converting Systems

Laminators, Embossers, and Calenders

Web Handling Equipment

Roll Handling Equipment

Drive & Control Systems

Cleanroom Equipment

Dryers & Apparatus Units

Equipment Brochures.

BRANDING NEED FOR PAINT MANUFACTURING BUSINESS IN NIGERIA

THE ULTIMATE GUIDE TO BUILDING YOUR BRAND

Use our step-by-step workbook with tips, templates, and guidance to help build a brand for your business! Define your target audience, research competitors, develop a voice…and more

What is a brand?

Simply put, your brand is defined by a  customer’s overall perception of your business.

Your brand is your reputation!

In today’s market, a successful brand has to be  consistent in communication and experience , across many applications:

  • Environment (storefront or office)
  • Print collateral, signage, packaging
  • Website & online advertising
  • Content publishing
  • Sales & customer service
  • Internal (with employees)

Now, brand building being simple? The truth is: branding doesn’t happen overnight… or even in a few months.

Building a brand is definitely a process and requires a strategy. However, the ongoing effort will result in establishing long-term relationships with your customers.

This can lead to a steady increase in leads and sales, word-of-mouth referrals, and advocacy for your products or services.

What is brand building?

The definition of brand building is to generate awareness about your business using strategies and campaigns with the goal of creating a unique and lasting image in the marketplace.

Positive image + standing out = brand success.

Branding can be broken down into three high-level phases:

  • Brand Strategy
  • Brand Identity
  • Brand Marketing

Brand Strategy  will map out how you are different, trustworthy, memorable, and likeable to your ideal customer. It will convey your purpose, promises, and how you solve problems for people.

The first step you need to take when creating a brand from the ground up (whether you are just starting or already established).

You wouldn’t build a home without a blueprint or plans, right?

It’s the same with your brand.

You can think of brand strategy as the blueprint for how you want the world to see your business.

An effective and comprehensive   brand strategy  should include the following components as part of the process:

  • Brand discovery
  • Competitor research
  • Target audience
  • Brand voice
  • Brand message & story

Brand strategy is a critical and foundational piece for building a successful brand. It’s one of the areas that most businesses overlook because they jump right into the design and marketing.

Brand Identity  is the way that you convey this to the public with visuals, messaging, and experience. Your brand strategy will influence how you present your identity and align it with your purpose for the most impact.

Your elements of brand identity should be applied across all channels consistently. It’s the way that your business becomes recognizable.

This includes your:

  • Colours and fonts
  • Patterns and icons
  • Website design
  • Content and messaging
  • Advertising
  • Print or packaging

Brand Marketing  is the way that businesses or organizations highlight and bring awareness to products or services by connecting values and voice to the right audience through strategic communication.

In 2020, the amplification of your brand image can be done effectively through various digital marketing activities:

  • User Experience (i.e. your website)
  • SEO & Content Marketing
  • Social Media Marketing
  • Email Marketing
  • Paid Advertising (PPC)

Brand Strategy  will map out how you are different, trustworthy, memorable, and likable by your ideal customer. It will convey your purpose, promises, and how you solve problems for people.

This is the first step you need to take when creating a brand from the ground up (whether you are just starting or already established).

An effective and comprehensive  brand building  should include the following components as part of the process:

Paint is generally custom-made to fit the needs of industrial customers. For example, one might be especially interested in a fast-drying paint, while another might desire a paint that supplies good coverage over a long lifetime. Paint intended for the consumer can also be custom-made. Paint manufacturers provide such a wide range of colours that it is impossible to keep large quantities of each on hand. To meet a request for “aquamarine,” “canary yellow,” or “maroon,” the manufacturer will select a base that is appropriate for the deepness of colour required. (Pastel paint bases will have high amounts of titanium dioxide, the white pigment, while darker tones will have less.) Then, according to a predetermined formula, the manufacturer can introduce various pigments from calibrated cylinders to obtain the proper colour.

The Manufacturing Process

Making the paste

  • 1 Pigment manufacturers send bags of fine grain pigments to paint plants. There, the pigment is premixed with resin (a wetting agent that assists in moistening the pigment), one or more solvents, and additives to form a paste.

Dispersing the pigment

  • 2 The paste mixture for most industrial and some consumer paints is now routed into a sand mill, a large cylinder that agitates tiny particles of sand or silica to grind the pigment particles, making them smaller and dispersing them throughout the mixture. The mixture is then filtered to remove the sand particles.
  • 3 Instead of being processed in sand mills, up to 90 percent of the water-based latex paints designed for use by individual homeowners are instead processed in a high-speed dispersion tank. There, the premixed paste is subjected to high-speed agitation by a circular, toothed blade attached to a rotating shaft. This process blends the pigment into the solvent.

Thinning the paste

  • 4 Whether created by a sand mill or a dispersion tank, the paste must now be thinned to produce the final product. Transferred to large kettles, it is agitated with the proper amount of solvent for the type of paint desired.

Canning the paint

  • 5 The finished paint product is then pumped into the canning room. For the standard 8 pint (3.78 litter) paint can available to consumers, empty cans are first rolled horizontally onto labels, then set upright so that the paint can be pumped into them. A machine places lids onto the filled cans, and a second machine presses on the lids to seal them. From wire that is fed into it from coils, a bail meter cuts and shapes the handles before hooking them into holes pre-cut in the cans. A certain number of cans (usually four) are then boxed and stacked before being sent to the warehouse.

Quality Control

Paint manufacturers utilize an extensive array of quality control measures. The ingredients and the manufacturing process undergo stringent tests, and the finished product is checked to insure that it is of high quality. A finished paint is inspected for its density, fineness of grind, dispersion, and viscosity. Paint is then applied to a surface and studied for bleed resistance, rate of drying, and texture.

In terms of the paint’s aesthetic components, colour is checked by an experienced observer and by spectral analysis to see if it matches a standard desired colour. Resistance of the colour to fading caused by the elements is determined by exposing a portion of a painted surface to an arc light and comparing the amount of fading to a painted surface that was not so exposed. The paint’s hiding power is measured by painting it over a black surface and a white surface. The ratio of coverage on the black surface to coverage on the white surface is then determined, with .98 being high-quality paint. Gloss is measured by determining the amount of reflected light given off a painted surface.

Tests to measure the paint’s more functional qualities include one for mar resistance, which entails scratching or abrading a dried coat of paint. Adhesion is tested by making a crosshatch, calibrated to .07 inch (2 millimetres), on a dried paint surface. A piece of tape is applied to the crosshatch, then pulled off; good paint will remain on the surface. Scrub ability is tested by a machine that rubs a soapy brush over the paint’s surface. A system also exists to rate settling. An excellent paint can sit for six months with no settling and rate a ten. Poor paint, however, will settle into an immiscible lump of pigment on the bottom of the can and rate a zero. Weathering is tested by exposing the paint to outdoor conditions. Artificial weathering exposes a painted surface to sun, water, extreme temperature, humidity, or sulfuric gases. Fire retardancy is checked by burning the paint and determining its weight loss. If the amount lost is more than 10 percent, the paint is not considered fire-resistant.

By-products /Waste

A recent regulation (California Rule 66) concerning the emission of volatile organic compounds (VOCs) affects the paint industry, especially manufacturers of industrial oil-based paints. It is estimated that all coatings, including stains and varnishes, are responsible for 1.8 percent of the 2.3 million metric tons of VOCs released per year. The new regulation permits each litter of paint to contain no more than 250 grams (8.75 ounces) of solvent. Paint manufacturers can replace the solvents with pigment, fillers, or other solids inherent to the basic paint formula. This method produces thicker paints that are harder to apply, and it is not yet known if such paints are long lasting. Other solutions include using paint powder coatings that use no solvents, applying paint in closed systems from which VOCs can be retrieved, using water as a solvent, or using acrylics that dry under ultraviolet light or heat. A consumer with some unused paint on hand can return it to the point of purchase for proper treatment.

A large paint manufacturer will have an in-house wastewater treatment facility that treats all liquids generated on-site, even storm water run-off. The facility is monitored 24 hours a day, and the Environmental Protection Agency (EPA) does a periodic records and systems check of all paint facilities. The liquid portion of the waste is treated on-site to the standards of the local publicly owned wastewater treatment facility; it can be used to make low-quality paint. Latex sludge can be retrieved and used as fillers in other industrial products. Waste solvents can be recovered and used as fuels for other industries. A clean paint container can be reused or sent to the local landfill.

AGENCIES FOR LEGISLATION AND REGULATORY BODIES IN SOFT DRINK AND BEVERAGE COMPANY IN NIGERIA.

Manufacturing in Nigeria increased 3.40 percent in March of 2018 over the same month in the previous year

This statistics highlights the growing concern and prospects in local manufacturing businesses in Nigeria.  However, in terms of the legal regulatory regime, the regulatory requirements differ according to the industry even though there are some generally applicable regulations.  It is therefore important to point out, as a preliminary point, that inquiry into the specific industry regulations for your chosen production or manufacturing business is always an essential first step. This article, we will however consider the general laws, compliances and procedures while leaving out the specifics for consultation.

General Legislations regulating manufacturing in Nigeria

In establishing a manufacturing out-fit in Nigeria, some of the legislations which would generally apply are:

Companies and Allied Matters Act

  • Companies Regulations 2012
  • National Environmental Standards Regulations Enforcement Agency (Establishment) Act;
  • Environmental Impact Assessment Act
  • National Agency for Food and Drug Administration and Control Act;
  • Factories Act;
  • Standards Organization of Nigeria Act;

Nigerian Investment Promotion Commission Act

  • Investment and Securities Act
  • Companies Income Tax Act
  • Value Added Tax Act
  • Local Content Act
  • Nigeria Export Processing Zones Authority (Act No.63 of 1992)
  • Free Trade Zone Regulations; etc.

The Companies and Allied Matters Act (CAMA) Cap C20 LFN 2004 is the most significant legislation in Nigeria which regulates the incorporation and registration of companies. The Act establishes the Corporate Affairs Commission (CAC) and empowers the body to regulate the incorporation of companies in Nigeria.  The CAC is also empowered by the Act to set regulations for companies and pursuant to these powers the Companies Regulation 2012 was passed.

The CAMA, CAC Act and Companies Regulations are all effective in the incorporation and registration of companies.  It is however noteworthy that for some industries, it may be required that you obtain agency pre-approval or licences before incorporating your manufacturing out-fit as a company.

In summary, to incorporate a manufacturing company with the CAC in Nigeria you are required to:

  • Check for availability of your proposed company name and send an application to reserve the name with the CAC.
  • Complete a pre-registration form (Form CAC) Pay filing fees to the CAC  and  Stamp duty fees
  • Prepare and submit the incorporation documents which would include Form CAC1.1, the Memorandum and Article of Association (MEMART) of the Company, Recognized form of identification for Director(s)/Subscriber(s) and Secretary, Evidence of payment to CAC.
  • Once the incorporation is completed you would be issued a certificate of incorporation which gives your company all the legal benefit and burdens of a corporate entity.

National Environmental Standards Regulations Enforcement Agency (Establishment) Act

The National Environmental Standards Regulations Enforcement Agency (Establishment) Act establishes the National Environmental Standards Regulations Enforcement Agency (NESREA) which is the agency having responsibility for the protection and development of the environment and responsible for the enforcement of environmental standards, regulations, rules, laws, policies and guidelines in Nigeria.

A NESREA issues and regulates the issuance of Environmental permit(s) to enable businesses and industrial facilities whose operations may have potential impact on the environment to be environment-friendly in their operations and to also comply effectively with the relevant environmental standards and regulations. The permits are categorized into the following five (5) main groups.

  • Air Quality Permit relating to issues on Atmospheric Emissions, Vehicular Emissions, Open Burning, Refrigeration and Air Conditioning equipment (RAC), and Noise;
  • Waste and Toxic Substances Permit relating to issues on Waste Generation, Restricted Chemicals, Sludge Disposal and Effluent Discharge;
  • Used Electrical and Electronic Equipment (UEEE) Permit relating handling, import and export of UEEE; and
  • Biodiversity Conservation Permit relating to issues on Assess to Genetic Resources.
  • Eco-Guard Certification

NESREA also enforces compliance with the Environmental Impact Assessment Act and requires National Evidence of Environmental Impact Statement (EIS) – Environmental Management Plan (EMP); Environmental Audit Report (EAR) and a Monthly Monitoring Report (where applicable) before granting permit for the operation of a manufacturing outfit.

See also How to start a Haulage Business in Nigeria

National Agency for Food and Drug Administration and Control Act

The National Agency for Food and Drug Administration and Control Act Cap N1 LFN 2004, establishes the National Agency for Food and Drug Administration and Control (NAFDAC) which designates, establishes and approves quality specifications in respect of food, drugs, cosmetics, medical devices, bottled water and chemicals, necessary for their certification and issues relevant guidelines and measures for quality control in these industries. Manufacturing in any of these areas require an approval from NAFDAC which is usually only granted after proper inspection of the manufacturing plant by the officials of the Agency.

In summary to obtain a NAFDAC permit requires:

  • Proper preparation and submission of required registration documents and application letter in accordance with the issued guidelines of NAFDAC for such industry.
  • Provision of information and description of the facility for inspection.
  • Provision of samples of the products to be registered when notified by NAFDAC for laboratory analysis.
  • Payments of statutory fees.
  • Ensure all documents are complete and with the appropriate description to prevent unnecessary delays.

Note that: A client is mandated to comply with the NAFDAC Compliance Directive (CD) within 7 days of issuance and failure to do so may be basis for cancellation of the application

Factories Act

The Factories Act Cap F1 LFN 2004, provides for the registration and regulation of factories and other legal requirements for the operation of factories. The law is principally administered by the Federal Ministry of Labour and Employment which issues guidelines for the operations of factories and manufacturing industries in Nigeria.

The Factories Act authorizes the Factories Inspectors Department of the Federal Ministry of Labour and Employment to register all factories located in Nigeria and further provides for basic safety and health measures that must be put in place on the premises. Some of these safety and health measures required are.

  • Every factory must be kept in a clean state, and free from effluvia arising from any drain, sanitary convenience or nuisance.
  • The factory shall not be overcrowded while work is being carried on, in order to avoid risk or injury to the health of employees.
  • Effective and suitable provision shall be made for the circulation of fresh air into each workroom, that is, adequate ventilation must be ensured.
  • Maintenance of sufficient and suitable lighting.
  • Adequate provision for drainage of wet floors.

In addition to the foregoing, the

National Policy on Occupational Safety and Health also imposes a duty on manufacturers who design, manufacture or import an equipment, article or substance for the use at work to ensure the product is safe for use without health risks when properly used, and to ensure that adequate information is available in connection with the safe operation of machines and use of products.

Standards Organization of Nigeria (SON) Act

The Standards Organization of Nigeria Act, Cap S9 LFN 2004 establishes the Standard Organization of Nigeria (SON) which is empowered to establish a mandatory conformity assessment programme for locally manufactured products in Nigeria. A SON issued Mandatory Conformity Assessment Programme (MANCAP) Certificate must be sought and obtained before distribution of the manufactured products can be had in Nigeria.

Obtaining the MANCAP certification requires:

  • Inspection of the production processes.
  • Sampling and testing of the products against the relevant Nigerian Industrial Standards (NIS) to confirm compliance through conformity assessment processes.
  • Report of inspections and test results are compiled by State Offices and forwarded to the Product Certification Directorate for evaluation and recommendation for SON Management’s approval for certification.
  • If the product meets the requirement of the relevant Nigerian Industrial Standard, MANCAP certificate and the MANCAP logo which bears a unique number for that product is issued for the product upon payment of the applicable administrative charges.

Every issued MANCAP certificate is valid for 3 (three) years after which the product must undergo recertification.

The Nigerian Investment Promotion Commission (NIPC) Act No. 16 of 1995, establishes the Nigerian Investment Promotion Commission and with its establishment repealed series of hitherto laws that imposed strict control on foreign investment, established the legal foundation for a very liberal and open investment framework, encouraged inflow of foreign investments in all sectors of the economy including manufacturing, allows foreigners to invest and participate in the operation of any Nigerian enterprise without any restriction, allows 100% foreign ownership of manufacturing agencies (however, in the oil and gas sector, investment stays limited to joint ventures or production-sharing agreements), and guarantees 100% repatriation of profits/dividends to home country in any convertible currency.

The NIPC generally creates certain incentives for manufacturing and industries in Nigeria as a means of encouraging foreign investment in local industries. Some of the legal protection and incentives include under the Act are applicable to manufacturing in Nigeria includes

Tax Incentives for certain manufacture industries, including pioneer industries.

Other Important legislations:

  • Investment and Securities Act : This Act establishes the Securities and Exchange Commission (SEC) which is the agency that regulates shares and investment in Nigerian companies. SEC also grants approval for manufacturing companies intending to make sales of its shares open to the members of the public through the Nigerian Stock Exchange.
  • Companies Income Tax Act : This Act makes provision for the taxation of company income in Nigeria. Under the Act Companies are required to file their tax returns with the Federal Inland Revenue Service (FIRS). Companies are also required to file personal income taxes as pay as you earn (PAYE) for all their employees. The Act sets the period within which company income taxes are payable.
  • Value Added Tax Act : This is also another tax legislation which imposes the Value Added Tax (VAT) which makes provision for taxes on goods and services that are transacted in by the manufacturers. Finished products are usually subject to VAT.
  • Other significant regulations: Local Content Act: Nigeria Export Processing Zones Authority (Act No.63 of 1992), Free Trade Zone Regulations; etc.
  • Manufacturers Associations : There are various industry specific manufacturing association in Nigeria which seek to protect the collective interests o of members and investors in those sectors. For manufacturing the Manufacturers Association of Nigeria (MAN) is the umbrella body and is a company limited by guarantee whose main objective is promoting the interest of manufacturers in the country. Membership of MAN in voluntary and MAN offers certain benefits to its members such as business linkage, credibility as a manufacturer, access to up-to-date business information etc.

THE FULL ITEMS THAT A GOOD PAINTING MANUFACTURER BUSINESS PLAN MUST BE CONTAINED ARE:   

            Executive Summary

The executive summary is the summary of the entire business plan. It can only be compiled when the business plan is finished. It provides a short overview of the basic contents of the plan. The most important details should be easily comprehensible.

  • Founder (team) and business leadership

An important component of the business plan is the introduction of the founder.  It is important to point out why this person should lead the business to success. You should make a distinction between professional qualifications and entrepreneurial ones, meaning between education and job experience, and leadership experience and the ability to work as part of a team.

  • Product or Service

The product (or the service) is the heart of any company. Characteristics and stages of development should be listed in the business plan. What makes the product one-of-a-kind, what is its so-called unique selling proposition? The product description should be easily understandable, even for laypersons. The question of what you want to accomplish should be answered. This includes short-term and long-term goals and how you want the product to develop. Should you be producing complex products, the individual stages of production need to be listed Is the product new or unusual, the functionality should be described in detail.

  • Market and sector

A competent business founder should have a keen sense of the market and the competition. If you only see as far as your own nose, you will not get far. A market analysis is indispensable. Not only should you be aware of your competitors, you should also know your potential buyer very well. The easiest method of getting to know your potential customers is a survey or the questioning of other businesses of the sector. For almost every sector, there are current analyses. In most cases, you can attain the results from banks or view the corresponding theses at universities. The business plan should show how you expect your business to develop in comparison to other businesses in the sector

  • . Distribution and marketing

This is one of the most important points of the business plan. You can therefore divide distribution and marketing into offer strategy, price strategy, distribution strategy, and marketing strategy.

  • The product offer is critical and presents an opportunity to set yourself apart from your competitors. The business plan should stress the difference between you and your competition and what makes your product special. Your strategy for further development should not be missing here.
  • The chosen price strategy is also important. Did you desire for high or low prices, or even a threshold price strategy? Your business plan should demonstrate how your price strategy secures cost recovery and at the same time sets you apart from your competitors. You should therefore list the prices of your competitors for comparison. The price needs to be competitive, which should be visible in the business plan. You should also elaborate on the composition of your price, how high your profit margin is, and the minimum price of the product. The distribution concept should be visible as an entity. Publicity is needed for making your product known. Which strategy is to be pursued and why is also part of the business plan for paint manufacturing company.

Some products and services can gain a high profile with the help of clever PR strategies. This should not be underestimated.

. Co-workers and business coordination

Your business plan should outline your overall orientation regarding organisation: is there a strict hierarchy or do you prefer project teams? Where lie the responsibilities? The choice of co-workers and the suitable job description needs to follow accordingly. It may be better to employ part-time workers or consult external experts for individual projects. The business plan should also show the planned development of the employee situation. With the growth of the company, the number of employees may also need to be increased. You may, however, plan not to hire employees and rather commission external service providers for individual projects. This is useful in the area of bookkeeping

  • . Legal form

A good business plan should also contain explanations about the chosen legal form of the company. Which person or other corporation holds a part of the company? Why is the current legal form the suiting the best? Are there any changes planned when growth is coming? This is part of the business plan.

  • Chances and risks

The risks, but also the chances are the most interesting parts of the business plan for investors, loan creditors, and bankers. Risks are naturally a delicate topic. However, if you are honest and mature about them (and they are listed in your business plan), they should not present a problem. Worst-case scenarios and best-case scenarios can be helpful to make your point. The appropriate numbers should be listed as well.

  • . Capital requirement

The seed capital has to come from somewhere. No one founds a business without any resources. In most cases, the equity capital is not enough. The business plan should therefore show, which capital goes where and for what it is used. The reserve capital is also of importance. Self-employed people or freelancers have to budget for their personal needs. Current as well as prospective loans should not be forgotten.

  • Finance plan

The financial plan is likely the most complex component of the business plan, because it is not easy to show where the money comes from, where it goes, and for what it is used.

  • The equity capital is one component of the finance plan. The amount you contribute should be noted in the business plan, as banks appreciate it when personal resources support new-business loans.
  • External funds and their amount and distribution are an important part of the finance plan. Often the funding occurs through capital providers, such as investors or banks as loan providers. (Public) subsidies are also external funds. Should you plan to claim such funds you should include it in your business plan.

The so-called liquidity projection demonstrates financial solvency over a planned period. There are benchmarks for every sector, which can help you orientate yourself. Here, you should also mention the break-even point, meaning the point in time when you move from the red into the black. Your business plan should also point out how you intend to get by until then.

  • The profitability statement or earnings forecast demonstrates, which proceeds a customer generates with which product (should there be more than one). Of course, these are only estimations but they can be well founded. The profit and loss statement shows how the capital and value is expected to increase. The turnovers are contrasted with the expenses.
  • Further documents

You should complete your business plan with other relevant documents, such as a CV, surveys, or drawings.

  • The right measure

Many business plans are too extensive, as the authors (the business founders) believe they need to describe every small detail extensively. You should not lose yourself in flowery phrases, but make precise statements. It is helpful to let friends, who are strangers to your line of business, read your business plan. If they can understand everything, the plan is comprehensible. You should be able to recount your business plan by heart and know the numbers in your sleep. This ensures that a presentation, or a visit with the bank or other investors will go smoothly

BUSINESS STRUCTURE ;

There are three (3) major types of business method of operation:

  • Partnership : this is the type of business whereby two or more persons come together financially to run business, and the profit and losses are equally base on capital contribution formula.
  • Sole proprietorship : this types of business is also called one man business that means he or she is solely responsible for the profit and liability of the business. His provide all the resources in day to day activities of what the business requires
  • Limited Liability Company : Is a type of business in which the owners are called members, the business entity is separate from the members so only the entity may be held liable if the company is sued or fails to pay its debts. An LLC contains elements of a sole proprietorship, a partnership, and a corporation

ORGANISATIONAL STRUCTURE TERMS

  • Hiring process: Hiring process refers to the process of finding, selecting and hiring new employees into a company.
  • HR Process :  refer to the fundamental strategies that HR leaders implement to ensure successful employee lifecycles and work experiences. The HR processes include: Human resource planning. Recruitment. Selection.
  • Getting the staffing : to be or provide the people who work for an organization.
  • Obtain a tax identification number : Individuals can apply on the JTB website with NIN or BVN (Bank Verification Number) or visit your nearest Federal Inland Revenue Service (FIRS) with Utility Bill, Valid ID (Government Approved) and a Passport Photograph.
  • Implementation process : Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals.

  MISTAKES TO AVOID IN THE PAINT INDUSTRY

  • Not Using Painter’s Tape.
  • Not Cleaning the Walls.
  • Not Buying Enough Paint.
  • Using the Wrong Paintbrush.
  • Ignoring the Weather.
  • Using the Wrong Paint.

Big Players in the paint market

  • Berger Paints.
  • Chemstar Industry Nigeria Limited

BUSINESS NAME OFFER AND DOMIN ARE

Sparking paint ltd

  • The sub-sector that paint manufacturers target are:

HOW FUNDS CAN BE RAISED FOR A BUSINESS ARE AS FOLLOWS.

  • Personal funds
  • Personal equities
  • Cash gift from family and friends
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Business Plan

Aluminum Doors and Windows Production Business Plan in Nigeria

by BusinessPlan Leave a Comment

In this day and age, the use of wooden doors and windows is fast fading and paving way for more durable, secure and conventional doors and windows. People these days do not want those old wooden doors and windows hanging around their homes. People crave for better looking, cleaner and more protected homes, shops, schools, offices etc., and Nigerians are not left out of this craving.

Also Read: Building Materials Business Plan in Nigeria

The  business of aluminum doors and windows production also known as fabrication is very remunerative, profitable and reliable, because it deals with an all-important component in every building construction. Houses are seen as incomplete if the windows and doors have not been fitted with aluminum made products. Some reasons for the popularity of aluminum doors and windows include:

  • Aluminum doors and windows are safe from destruction caused by termite infestation, which is impossible to avoid with wooden made windows and doors.
  • Aluminum doors and windows lasts longer and certainly adds aesthetic beauty to buildings.
  • Aluminum can be fabricated to produce a variety of beautiful designs.

You may be wandering how aluminum fabrication to produce doors and windows is done. Well, it is not rocket science. Below, is how aluminum fabrication for door and widow production is done.

  • Measure length and width of the window or door.
  • Cut the glass to make the window or door according to specifications.
  • Cut the aluminum frame rails to fit the cut glass.
  • The glass is rapped in rubber gaskets.
  • The aluminum rails are attached to the rubber gaskets.
  • Nuts are then screwed at the corners to attach the rails.

If there is a demand for aluminum doors and windows and you see the continuous availability of the market, then why not be your own boss and start aluminum doors and windows business. In setting up an aluminum door and window business in Nigeria, there are certain basic criteria that needs to be met or given due consideration.

  • Get trained: There is a popular saying that you cannot give what you do not have. In order to be successful in this business you need to get trained on its rudiments if you do not know how aluminum fabrication is done. You need to learn and know the types of aluminum materials, the sizes of screws and glasses, all categories of materials and supplementary components needed for the process. You can register as an apprentice with a company that is involved in the business, get the skills and knowledge you need to establish and run your own aluminum door and window fabrication business. You need to be focused and patient while undergoing training. Do not be in a hurry to go and establish your own.
  • FEASIBILITY ANALYSIS: Feasibility analysis is the evaluation of a proposed project to determine if it is technically achievable, can be achieved at the estimated cost and if it is going to be possible. A feasibility analysis is usually the initial stage of a proposed business, where you bring all factors ( economic, technological and legal factors), and consider them to see if your proposed business will be possible or not. In simpler terms, feasibility studies answers the question “will this business work”?.

You need to evaluate the economic, technological and legal factors that will influence the setting up of aluminum door and window fabrication business in order to set your business on the path of success.

  • Develop a plan for your business: You need to develop a plan for your aluminum fabrication business. Great goals are aspired in every business, but without a business plan, you may not be able to achieve those goals and within the right time frame. Business plan serves as a map that gives direction to a particular destination. Not only does your business success depend a lot on your business plan, but also risks mitigation, because a plan for your business will help you to be prepared for uncertainties that may arise in the future. A business plan hastily done and of poor quality will cause a major misstep in your business. An accurate and effective business plan will not only prepare the long term success of your business, it will also generate good profit for you. Your business plan should include:
  • The market available for your products.
  • Advertisement strategies and promotions.
  • Risks and how to mitigate the risks.
  • Opportunities and how they can be maximized.
  • Competition in the market.
  • Means of managing the business.
  • Capital required for the business and
  • Your financial plan.

Your business plan therefore should not be seen as not necessary but rather as a priority. If you do not have the skill to write a business plan for yourself, then you can get our sample Aluminum Doors and Windows Production Business Plan in Nigeria today.

To place order, pay N10, 000 to:

BANK NAME: FIRST BANK PLC

ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

After payment, text your full name, email address and title (sample glass and aluminum business plan) to 07033378184. Your business plan will be sent to your email within 15 minutes.

  • Study your competitors and learn from others already in the business: You need to study your competitors, what they do and how they do it. Learn from them and watch out for ways you can improve upon already existing products and services. If you can modify and offer better services and products, then do it and be sure to capitalize on this modification. It will pave way for your business.

Learning from those already in the business will go a long way. Yes, it is true a lot of them may not want to talk to you, especially in your choice location where you are setting up your business. So, a way to achieve this is speak with those already in the business but in other locations. Once they are able to ascertain your business set up is not within their location or region, they will be happy to help you as you will not be a threat of competition to their business. You can also get advice from discussions from forums on various social media networks. Make good use of this opportunity, as you will find it very useful.

  • Source for funds: Even though you decide to start on a small to medium scale, you still require finance to start off your business. You will need to purchase equipment and materials, which is going to cost some money. You may outsource works like glass cutting needed for the fabrication process if you are not skilled in that aspect. This of course will cost some money too. Also, the space you are buying or renting will involve money, so you have to source for funds. You can borrow from friends or families to raise most if not all the funds required to start up your business. Also, there are investors and financial institutions that are looking to finance entrepreneurs. In order to be successful in your application for financial assistance, you should present a good and accurate business plan.
  • Get a place for your business: This is very important. This factor can either make or mar your business. A busy location is good for your business, especially proximity to construction sites. Once contractors appreciate your work, even after the construction work is finished, you will always get customers by referral. In some places, similar business are usually located in a particular area. You may want to consider getting a shop in this area. Though, it increases competition, but you can grow your customer or client base by offering exceptional products and services. Once you provide customer satisfaction for the first time to customers, they will always come back and refer people to you. However, a location with fewer investors is a wise choice for an entrepreneur. The fewer the people, the less competition you have. This is not to say your business should be located in a remote area. Also, your shop should be spacious enough to keep your materials and work tools and also spacious enough to work, otherwise you can create space in front of your shop for carrying out the fabricating work.

If you are working on a tight budget, you can start off from home, however, this will mean more work for you, as you will have to do a lot of talking, advertisements and lobbying for contracts. If you have enough space where you reside, you can display your products for people in the neighbourhood to see.

  • Shop for equipment and materials: Some of the major equipment and materials required for this business includes;
  • Cutting machine: This is used for cutting the aluminum sheets into preferred sizes.
  • Milling machine: This is used for cutting or shaping the aluminum.
  • Drilling machine: This is used for drilling hole on the aluminum.
  • Screw drivers: They are used to join or couple cut aluminum parts together using nuts.
  • Rubber gasket.
  • Generator: You will need electricity to power some of your equipment. Owing to the unstable power situation in the country, it will be best to purchase a generator that will be able to power all your equipment needed to function at the same time.
  • Aluminum: You need to purchase aluminum for the fabrication process. However, you do not have to stock up much. You can always purchase it based on customer specifications. This helps you to reduce your start up and running costs for aluminum purchases. Also, aluminum can be purchased using deposits made for products, especially when you are dealing with a huge supply.

***Please note that those aforementioned machines should not at anytime be handled by amateurs. They are dangerous, hence should only be handled by experts.

  • Register your business: Registering your business is very essential. Whether you talk of registering with approved governmental organisations or associations in your business locality, it gives you the ability to operate your business legally which can give you peace of mind. Also, you can easily take up matters that affect your business legally. Registering your business will also give you prestigious look in the eyes of contractors and customers.
  • Staff(s): Depending on how big you’re starting, you may need to employ some hands in the business. Always look out for those who have experience in the business. This business involves production of windows and door based on details and customer’s specifications. Some customers may easily forgive and accept a remedy be made if a work is not properly done. Others may not and this can spoil business for you, because majority of people that patronize this business is based on word of mouth. So be careful with your choice of employees. Also, inexperienced staffs can costs you money apart from spoiling your business image. If a work is badly done, the customer has every right o ask for another or ask for a refund.
  • Marketing and advertisement: You need to market ad advertise your business. You can advertise by displaying your finished works in front of your business place. You can also advertise on radio, television, social media networks like Facebook, Instagram etc. You should also encourage referral from customers.

If you cannot market your business, you can employ a professional team that will visit construction sites, areas where massive building projects are going on and other places your products and services will be needed to market your business. If this is properly done, it will increase your customer base. You can also create your own website to market your aluminum doors and windows. Be sure to add pictures of some of your quality work done. You can also strike business deals with contractors and renovating companies for contracts of aluminum doors and windows to be given to you.

Profit in Aluminum Doors and Windows Production Business

First of all, there is a huge market for this business. As of 2016 (two year ago), between 250,000 and 300,000 houses were built according to reports by Real Estates Developers Association of Nigeria (REDAN). Bear in mind that was two years ago and this report covered mostly residential buildings. Now add to this number, hotels, offices, schools and many other buildings ad then you realize the market for aluminum doors and windows is fast growing, especially with the federal government aiming to increase housing units in the country to meet up with the deficit of housing units in the country. Also, renovations and maintenance take place steadily all over the country. This is an eye opener to the always available market for aluminum doors and windows. Now let us look at profitability in the business.

On the average, a 3 by 7 aluminum doors costs #20,000 and a 4 by 4 window costs #10,000. If you get the contract to supply aluminum doors and windows for a building construction with a minimum of 1 door and 7 windows, you will make a total of #90,000 for one building which you can finish with one extra hand working together with you in just two days. This is good business. After removal of labour cost and materials, you can be left with over #30,000 profit for a  two days job. If you get such contracts five times in a month, that will leave you with #150,000. Remember, this is an average price, which can be more in other areas where for example 4 by 4 window costs as much as #15,000. Also, this is a price for sliding  aluminum window. Casement aluminum windows are more expensive. This therefore gives you an idea about how much profit this business can offer you. However, you have to remember that the quality of your work will determine how much patronage you get which in turn controls your profit.

Tips to Take Home for Your Aluminum Windows and Doors Production Business

  • You and your staffs should be polite and display professional conduct always.
  • Always aim for customers satisfaction.
  • Don’t cut corners by buying inferior materials, you will make more profits for a short time but you may end up losing your customers permanently.
  • Your price should be pegged at what is generally accepted in your business location.
  • When starting, you may need to bring your price down a bit to attract customers.
  • There is no business without competitors anywhere in the world, so in order to be exceptional in this business, you have to offer high quality services and do so at a better rate.
  • You can outsource the cutting of the glass for doors and windows if you do not have the equipment nor know how to do it. However, it is not difficult to learn. So, you can learn it and purchase the equipment for the glass cutting.
  • It is best to do the work by yourself, especially taking measurements. When this is not possible, be sure to have the work supervised by yourself.
  • Be creative and innovative. New ideas go a long way, and customers appreciate creativity.
  • If you are fast, trustworthy and reliable, your business will grow faster than you would have ever imagined.

Get your own sample Aluminum Doors and Windows Production Business Plan in Nigeria now! To place order, Pay N10,000 to:

BANK NAME: GUARANTY TRUST BANK (GTB)

ACCOUNT NAME:  CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 0044056891

After payment, send your full name, email address and topic (i.e. sample glass and aluminum business plan) to 07033378184. Your business plan will be sent to your email within 15 minutes.

Aluminum Doors and Windows Production Business Plan in Nigeria © www.businessplan.com.ng

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World Bank may approve $2.25 billion loans to Nigeria on June 13, 2024

Sami Tunji

The World Bank may approve loans to Nigeria totaling $2.25 billion across two major projects on June 13, 2024.

According to official documents obtained by Nairametrics, the funds will be distributed between two projects aimed at enhancing Nigeria’s economic stability and resource mobilization capabilities.

The first project, the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing (DPF), is set to receive $1.5 billion.

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The second project, NG Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR), has proposed funding of $750 million.

Discussions are currently underway between the World Bank and Nigerian authorities to finalize the terms of these loans. These negotiations are critical as they shape the financial and operational frameworks that will govern the implementation of the projects.

The funds are expected to bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilization, essential for the country’s long-term financial sustainability and economic resilience.

About the ARMOR project

  • The principal Program Development Objective (PDO) of the PforR program is to enhance non-oil revenues and protect oil and gas revenues from 2024 to 2028 at the federal level, focusing on significant tax, excise, and administrative reforms.
  • The program includes three main result areas: implementing tax and excise reforms to increase VAT collections and excise rates on health and environmentally friendly products, strengthening tax and customs administrations to enhance VAT compliance and effectiveness of audits, and safeguarding oil and gas revenues by increasing transparency and net revenue contributions.
  • The PforR program includes technical assistance focused on supporting the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) to enhance taxpayer and trader compliance.

About the RESET project

  • The proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilization and recovery priorities.
  • This operation is structured around four key results distributed across two pillars: increasing fiscal oil revenues from 1.8% of Gross Domestic Product (GDP) in 2022 to 2.7% by 2025, boosting non-oil fiscal revenues from 5.3% to 7.3% over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3 million to $54.6 million by 2025.
  • The Federal Ministry of Finance (MOF) is tasked with the implementation of these reforms, working under the oversight of the World Bank, which collaborates with other key national stakeholders such as the Central Bank of Nigeria (CBN) and the Ministry of Humanitarian Affairs and Poverty Alleviation (MHAPA) to monitor and assess the progress and impact of these reforms.
  • The World Bank will provide supervision and support throughout the implementation process, ensuring that the operation’s goals are met efficiently and effectively.

More Insights

  • During the press briefing at the end of Nigeria’s activities at the World Bank/IMF Spring Meetings in Washington DC, the United States, the Minister of Finance, Wale Edun, had said that the Federal Government was looking forward to receiving around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank (AfDB).
  • Nairametrics earlier reported that Nigeria might reinstate a previously suspended telecom tax and other fiscal measures as it seeks to secure a new $750 million loan from the World Bank .

manufacturing business plan in nigeria

Sami Tunji is a writer, financial analyst, researcher, and literary enthusiast. Aside from having expertise in various forms of writing (creative, research, and business writing), he is passionate about socio-economic research, financial literacy, and human development. Currently, he is a financial analyst at Nairametrics and an African Liberty Writing Fellow 2023/2024.

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