Chemical business offers one of the best business prospects in any nation, including Nigeria. For instance, report by ResearchAndMarkets, revealed that, the African chemical industry is expected to grow by 5.5 per cent annually, reaching a market value of $270 billion by 2025. In Nigeria, the chemical industry is one of the largest contributors to the country’s non-oil exports, generating about $300 million annually.
With a 4.8 per cent annual growth rate predicted between 2020 and 2025, Nigeria’s chemical supply business is expected to continue growing as a result of the expansion of end-user sectors like plastics, food and beverage, and pharmaceuticals; furthermore, Nigeria’s chemical supply industry offers a chance for exports to Europe and Asia in addition to other African nations, a report by Startuptipsdaily.com has revealed.
Aspects of chemical business
According to Startuptipsdaily.com report, one can decide to go into the chemical supply industry, which encompasses the procurement and dissemination of diverse chemicals utilised in an extensive array of sectors, including but not limited to agriculture, medicines, food and beverage and construction, among others.
One can also decide to dive into the sells of chemicals like acids, alkalis, solvents, pigments, dyes, fertilisers and insecticides, among others, the report added.
It stated that, the success of a chemical supply business depends on several factors, including the ability to source quality products at competitive prices, establish strong relationships with manufacturers and customers, and ensure timely delivery of products.
Starting the business
The first thing to do is to carry out thorough research and identify target market, Startuptipsdaily.com stated, adding that, ‘it is very vital for you to identify the target market, the demand, and the potential customers for the chemicals you plan to supply.’
Next is to develop a business plan that outlines goals, target market, products, marketing strategies, and financial projections.
This is followed by registration of the business with the appropriate government agencies and obtain necessary permits and licenses, and then find reliable suppliers who can provide high-quality chemicals at competitive prices.
Boosting customer base
Online advertising is crucial ifone must boost his customer base, Startuptipsdaily.com advised that, adding that, the use of social media platforms and online advertising to reach potential customers, cannot be overemphasised.