Young Entrepreneur’s 800k Monthly in Nigerian Food Business

This article is centred on the success of a young Nigerian entrepreneur who makes over 800k monthly from the food business. I will review how he makes money by selling raw foods in Nigeria.

I travelled to Port Harcourt in September to see a friend. On my way, I sat close to a young boy. He will be less than 25 years old. One thing led to another, and we started talking. 

He told me about his business and how much he makes monthly.

In a month, he makes more than NGN 800,000. He is training 2 of his siblings at the university.

The Food Business

Do you want to know the food business and how he makes such money in a month in Nigeria? Okay, here you go. He buys rice from local farmers in Benue state and resells it in Port Harcourt.

Sales Breakdown

This is the calculation of how he makes the money.  

He buys rice from local farmers and resale for profit. Each bag of rice costs 70,000 and he buys 20 bags every week.

(The 70,000 is not just the rice alone. He sums the total money he spent on accommodation, feeding and transport. After that, he will divide it among the total number of bags he will buy. Sometimes it may be higher or less than that amount).

He spends NGN 1,400,000 to buy 20 bags of rice (70,000 x 20)

He sells between 82,000 to 85,000 for each bag of rice.

Assuming he sells at 82k per bag, he will make NGN 1,640,000 after selling the 20 bags.

Sales revenue 1,640,000 – 1,400,000 expenses.  

Profit NGN 240,000

He repeats this process every week. So, in a month, he goes to the market 4 times.

240,000 x 4 = NGN 960,000

The food business in Nigeria is lucrative. If you have identified your target audience, you can list the type of food they would love to buy from you. Your target audience can include market women, shop owners, supermarkets, hotels etc.

What are you waiting for? Steal this business idea and thank me later.