West Entrepreneur Forum / Business Ideas / Transportation / How To Start Tri-cycle (keke Napep) Business In Nigeria (235 Views)
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Tricycle, popularly known as Keke Napep in Nigeria is presently a very lucrative transportation business. As the country increases in size, there is a need for people to move from place to place. A Certain measure taken by the government to curb the challenges faced in the transportation industry has not been successful; as there are still signs of insufficient means of transportation at most of the bus stops in every state especially Lagos state.
The tricycle was first introduced in Nigeria on Nov 6, 2002, by the former Head of states, President Olusegun Obasanjo. Tricycle has come to replace the use of motorcycle (Okada)in many towns and cities and it has become a safer alternative used in conveying people on short distance journey within the town.
Tricycle transportation business has created an alternative means of livelihood for so many young graduates.
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It has also created an opportunity for anyone looking to invest in the business. Let's quickly summarize how to start or invest in the tricycle transportation business.
Cost of importation is about ₦250,000
Clearing and Registration about ₦100,000
Price in the marketplace about ₦400,000 - ₦450,000
Hire Purchase cost ₦650,000
Daily payment or weekly ₦17,000, in a month you will have ₦68,000
Let's spread ₦68,000 into 10months (₦68,000×10)
This will give you a sizable amount of returns on your investment. Not a bad business after all! It is even most profitable to import or buy as many tricycles as you can so that your profit margin in a year will be something to smile about.
To stay aloof and grow quickly in this business, do not limit yourself to only dealing on bulk purchase (cash and carry). This is the essence of making an analysis on hire purchase, to give you an insight on another way to make money in this business.
If you are going to engage in a hire purchase, ensure that the hire purchaser is someone truly worthy. It is in your best interest to make adequate findings of the hire purchasers and to make sure they have or provides credible guarantors. Do a follow-up on them and leave no room for lapses.
Make no mistake about this business, it is very lucrative and there is always room for expansion.
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