Stockfish/Okporoko Business in Nigeria: Guide on How to Start (2020)

Starting stockfish business in Nigeria is very profitable if you know the basics. Stockfish is also called okporoko in Igbo language is a type of fish used by Nigerian women to aid the taste of soups. Even if you want to begin selling okporoko on a wholesale  or retail level, you need to know trusted importers or dealers of stockfish in the country to succeed in this venture.

how to start stockfish business in Nigeria

Most top stockfish dealers are mostly situated in Onitsha relief market, Warri, Sapele, Aba, and other riverine market communities in the southern region of the country. With these dealers, you can contact them, discuss terms and then start your stockfish business easily anywhere in Nigeria. Another thing to note are the various types of stockfish that are available in the country. Carrying out your research would help you understand what kind of okporoko is being used, sold or high in demand.

How Much It Would Cost To Start Stockfish Business in Nigeria

To start stockfish business in Nigeria, you would need about ₦100,000 to purchase the okporoko. It is advisable to start small if you really want to venture into the business. You should be able to make your first profit, if you successfully sold your first stock. Busy areas or markets are best places to sell stockfish in the country. Since stockfish business is very lucrative, delay in stocking your shop is the only pitfall in doing this business. This can be as a result of not ordering for new supplies or delay of the product not reaching you on time. Customers are willing to buy okporoko as it is essential in preparing most Nigerian meals.

How To Start Stockfish Business in Nigeria

To start this okporoko business, there are factors to consider like location, dealers, finance, delivery, etc. Below are the steps to successfully start stockfish business in Nigeria today and make money from it:

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Step 1: Get the necessary finance

Money is one of the most important factors in any business. As stated above, you would need over ₦100,000 or more to begin selling okporoko or stockfish on a medium or small scale. It is important to note that depending on the scale and type of stockfish you want to sell, you should have done your research on the amount of money needed to start selling stockfish and what it entails.

Step 2: Get a good location

A very good location is necessary if you must be successful in starting your own stockfish business. The most viable place to sell your commodity should be at the market or at areas where foods are being cooked. Getting a location in open places is also good as it helps people notice the commodity you are selling.

Step 3: Get a trusted stockfish dealer

Having set up your shop in a good location,  the next step is to find a trusted stockfish dealer who will supply you with the type of okporoko you want to sell. If its the head, cut body parts, fins or even stockfish cod you want to sell, make sure you bargain with the dealer to sell using the wholesale price.

Step 4: Distribution

You can acquire a few vehicles for distributing stockfish through your buyer network. In Nigeria, we have tricycles, informally known as keke-napep; you can get one or two roadside engineers to redesign the tricycle. They can change the panel of the tricycle, are change the look from passenger tricycle to a courier tricycle. You should also get delivery personnel.

Step 5: Advertise your business

You might be wondering how to advertise your stockfish business in Nigeria to get more customers. The answer to this depends on your locality and the area you secure a spot within the market. This can increase your chances of making profit, if you do the right thing. Telling people about your business can help increase patronage. You can advertise on bulletins, print stickers or posters, detailing people on what type of okporoko you are marketing.

Types of Stockfish Found in Nigeria

There are various sizes and shapes of stockfish sold in the country. The following are the types of okporoko you can find in the Nigerian market today:

  • Stockfish Head
  • Cut Body Parts
  • Okporoko Fins
  • Stockfish Cod
  • Whole
  • Head and Ears only
  • White bone of okporoko
  • Head and Bone only
  • Cut-Cut

Importing Stockfish into Nigeria: What To Note

This is for those who wish to do this business on a large scale. If you want to importing stockfish from abroad into the country, it would be quite expensive. Countries where stockfish can be imported from include: Norway, United Kingdom and even Iceland. Normally, the bulk of stockfish imported and consumed in Nigeria are gotten from Norway. Aba and Onitsha markets are where most dealers gather that sell in wholesale prices. We also found out that importing one metric tonne container of stockfish into the country is estimated at ₦50 million, minus custom duties and othe container expenses.

Top Best Stockfish Dealers in Nigeria

These are trusted dealers to buy stockfish or okporoko from. Kindly note that their prices may differ and they ship to anywhere in the country.

Ekene Ventures Ltd

Ekene Ventures Ltd is a top seller of stockfish in the country. They own a warehouse where they operate stockfish distributing to any state in Nigeria.

FoodHub Africa

FoodHub Africa sells stockfish and other food items online. They operate an online food store where you can order from and get it delivered at your door step.

Franceo Investment Limited

Franceo Investment Limited is also a good dealer and importer of stockfish. They are based in Lagos and are quick in response.

Nolly Fysh Limited

Nolly Fysh Limited are also one of the best stockfish dealers that deal with different types of stockfish. They import directly from Iceland and Norway.

Stockfish Warehouse

Stockfish Warehouse is another trusted retailer that deal with high quality cod stock fish. They import directly from Norway and are based in Abuja. They are one of the leading dealers and importers on okporoko in Nigeria.

Cost of Stockfish in Nigeria Today (2020)

The price for stockfish is dependent on the type and differs from one market to the other. In Nigeria today, a bag of stockfish cut-cut can be bought for ₦80,000 to ₦90,000. Also, a bag of stockfish containing the heads and ears costs up to ₦70,000. The bag without ear and only heads of okporoko price is ₦40,000. While these figures are recent, note that if you don’t want to buy from third parties, and you want to import, the price of one metric tonne container of stockfish costs around ₦50 million naira. The biggest locations in Nigeria that is famous for okporoko importation are Onitsha and Aba matkets respectively.

Conclusion

Stockfish business is a very lucrative business. Over 90% of homes in Nigeria, use stockfish in cooking soups, sauce and stews. If you start this venture, you would always have a large market niche.  This article should help individuals that want to start big and start accruing profit very fast from okporoko business.

In the course of this article, we provided the guide on how you can start making money with stockfish business in Nigeria. The native name for stockfish is okporoko, and it is a fish that allows your soups to taste better. For you want to succeed in okporoko business in Nigeria, you should link up with stockfish dealers in Nigeria from towns like Onitsha, Aba or even any riverine area in the country. The subject reviewed is quite novel, so if you have any questions or need any clarifications, use the comment section.

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Cinema Business in Nigeria: Guide on How To Start (2020)

A cinema or movie theatre is a place where movies are shown on large screens for a paying audience. It is usually characterized by superior sound effects, high picture quality and comfortable furniture. Nigerians love going to the cinema to see movie and you will agree with me that we have few of them in the country.

cinema business in Nigeria

In fact, I bet you can count how many of them exist in the city you live. With the unending thirst of movie by Nigerians, it will be a nice business idea to set up a cinema in the city where you live and make money from it. This of course depends on if the area favours such. Follow the steps below to start a cinema business in Nigeria.

STEP 1: GET A LOCATION, EQUIPMENTS AND CAPITAL

The single most important factor that will make or break your business is location. Yes, location. This has it way on deciding a lot of things in the business and as such, you can’t afford to play with it. The location will determine the kind of movies to be shown, the hospitality that will be expected from your customers and the amount you will earn from the business. So do your market research and select a location wisely. You can either build a hall in this location or rent one. However, make sure it is large enough to accommodate a large number of people at least 100 for a start. After getting a location and getting a hall, buy your basic equipment such as projectors, screens, lighting, and sound systems and the fittings of the cinema. Note that the seats, their arrangement and how comfortable they are is very important.

After deciding on your location, the next thing and actually the most important is to acquire your startup capital. From your research, you will know how much is required – go get that amount.

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STEP 2: GET TRAINED

Every business need a trained person to run it and the cinema business is no exception. Aside this formal training, you can also visit your competitors and see how they run their own cinemas o have a clearer picture of what it takes.

STEP 3: REGISTRATION

You need to register your business with the Corporate Affairs Commission (CAC) if you want it to be standard. Also, it will be best in your interest and credibility sake to register with the Nigerian Film and Video Censors Board (NFVCB) because the body has the sole responsibility of regulating the movie industry in Nigeria.

STEP 4: ESTABLISH CONNECTIONS WITH MOVIE DISTRIBUTORS AND DIRECTORS

Movie distributors and directors are the nerves of the business. you are going to be showing their product, some might even be licensed to you alone will you can even be chosen to be the first to show a movie so build relations and leverage them for good.

STEP 5: EMPLOY STAFFS AND ADVERTISE

After all the above are in place, the next is to get your staffs. You can however get them before setting this up and get them the necessary skills they need to give your customers maximum satisfaction. After all this, you will need to advertise your new cinema for people to know about it so they will patronize it. To make more money, you will do well by having a snacks stand close by.

COST OF STARTING A CINEMA BUSINESS IN NIGERIA (2020)

The total cost you would need to start up a cinema business in Nigeria depends on factors like location and state. After conducting a feasibility study, the minimum estimated cost could be N5 million while if you want to open a cinema house on a large scale, it could cost you N50 million.

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Patent Medicine Store in Nigeria: Guide on How to Start (2020)

Before opening a patent medicine store to start selling over the counter drugs in your community, you should be aware that patent stores are similar to chemist stores but have no pharmacist running its operations. Usually, patent medicine stores are found in villages and rural communities, and they are managed by people who stock over the counter (O.T.C) drugs and sell them.

patent medicine stores in Nigeria

Patent stores can also be found in streets of cities where pharmacy/drug stores are limited. Aside complementing the services of pharmacist in bigger towns, patent medicine stores help make drugs accessible to people of the vicinity easily. Starting a patent medical store in Nigeria has been dully approved by the Pharmacists Council of Nigeria (P.C.N) and can only function within states of the country.

Who Can Manage A Patent Medicine Store

Not everyone is permitted to run or open a patent medicine store in Nigeria. According to the Pharmacists Council of Nigeria, only individuals who has undergone training about drugs and their uses can manage a patent medicine store. Those who are knowledgeable also can also be allowed to do same. PCN, through National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D) made sure that the requiremets to start a patent medicine store are dully obeyed because of its delicate nature.

How Lucrative Is Opening A Patent Medicine Store

Since medicines and drugs are essential to the human health, starting a patent medicine store is very profitable just like food business. One can earn over N500,000 or N1, million as profit per month depending on the stock available and patronage received at your store. You should know that running a medical store of any sort is subtle, as it involves the lives of people you are administering the drugs to.

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How To Start A Patent Medicine Store in Nigeria (2020)

The following are tips and steps to opening your own medicine store in Nigeria today:

Step 1: Draw up a business plan

This is the first step to owning your patent store. You have to have a business plan detailing how you want to run the store, the amount you want to invest in registration and renting of a shop. You might also want to include employing staff in your business plan, such as a pharmacy technician to aid in managing the medicine store.

Step 2: Obtain license from PCN

Its very compulsory to obtain valid license from the Pharmaceutical Council of Nigeria before starting your patent medicine store in any state in Nigeria. Note that there are laws which must be obeyed in order to start a patent store. Its PCN that regulates and issues certificates via the ministry of health in every state of the federation. Without this license, you can’t operate your patent business or join other proprietary medicine vendors and distributors in Nigeria.

Step 3: Register your patent medicine store

There are requirements you must meet to join the National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D). This is the regulatory body legally approved by the Pharmacist Council of Nigeria to regulate and control patent medicines stores in the country.

To join, you would submit your certificate of proof and license from the PCN, after which you make compulsory payment for registration to be a member of the body. Aside this fee, a yearly amount is collected by all member of the National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D). This amount varies on location and area where you want to set up your store.

Step 4: Find a reliable drug supplier

The next step is to look for a credible supplier of drugs to your store. To achieve this, you must have registered with NAPPMD, the body in charge of patent medicine dealers. Its here you might have connections to meet retail/wholesale drug suppliers that would sell original and not fake sub-standard drugs.

Step 5: Register business name with CAC

Since you are independent and would run the patent business with a unique name, its important to register your business name with the Cooperate Affairs Commission (C.A.C). The process of registering a business name in Nigeria isn’t difficult as they would require that you provide two unique business names, provide evidence of license from Pharmacist Council of Nigeria, proof of payments to the CAC, and other documents to identify your business.

Step 6: Rent a suitable shop

You have to rent a store in the vicinity you wish to start a patent medicine store business. Target areas that lacks access to primary health care services. This would increase the demand for your business. Also make sure that the environmental condition is conducive for customers by making your store is neat. Try to observe the necessary hygienic practice. Do not situate your patent medicine store at unhygienic locations where garbage are dumped.

Note that patent stores should not be in close proximity to one another. The minimum distance of 200 meters must be observed from one store in busy areas to another. While 400 meters is permissible for less busy areas.

Step 7: Advertise your business

Unlike other businesses, there are strategic laws guiding patent store adverts. Although, getting people to know about your business is key for higher patronage, you have to know these laws guiding patent stores and apply them so that you will have more customers to patronize you.

Step 8: Attend orientation programs

The Pharmacist Council of Nigeria has in its yearly schedule to organise orientation programs for patent medicine dealers on a biannual basis. Always attend to gather more knowledge.  These programmes is vital to keep patent dealers up to speed with latest trend and findings in the drug industry.

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