Extraction of oil and cake from palm kernel seed
Published on May 4, 2016 um 05:14
Explain your idea in details:
The main objectives of the idea is to produce palm kernel oil and palm kernel cake for the city of its domicile, the entire state,the nation and world in general.The market for palm kernel oil and cake is both national and international. Nigeria with an estimated population of over 150 million people, a national population growth rate of 5.7% per annum and an average economic growth rate of 3.5% per annum in the past five years, has a large market for palm kernel oil and cake. The demand for palm kernel oil and cake is very high in Nigeria.This measure was aimed at stimulating the local production and attaining self sufficiency in edible oil production. The Palm kernel oil expelling business is primarily a raw material processing business. This is because the end product is still a raw material for the refineries that use it to produce edible vegetable oil and cake used for animal feed formular . The basic raw material in this industry is palm kernel nuts (PKN) and the finished products are palm kernel oil (PKO), palm kernel cake (PKC) and palm kernel sludge (PKSL). This is an all-year round business. The end products are in hot demand all-year-round. Because of the high demand, producers do not stock finished products.Buyers always book for the products in advance.The innovation to be taken is that the proposed company will be proactive and react to the needs of its publics including customers,suppliers,personnel and government authorities and take innovative steps to position itself to maximise benefits and minimise losses.
Expected impact of your idea on sustainable development
The market for palm kernel oil (PKO) is very large. About 80% of all the edible vegetable oil consumed is made from refined palm kernel oil. Currently refined palm kernel oil is now being exported to some different part Countries. The major buyers of palm kernel oil are vegetable oil refineries and soap making companies. Vegetable oil refineries go about daily to search for palm kernel oil wherever they can find any. These refineries are all located within the western and southern states of Nigeria,including the feed millers and soap making industries. Measures to evaluate success are; the location of the business will be in Oyo State Nigeria which is very critical to success of the venture because it would ensure easy access to raw materials that is abundant in the region and also ensure a large and sustainable market of the finished products in the huge industrial estates in the state and its environs. This project will bring good income to the rural people in the community, improving the economic well-being of the rural areas. The project anticipates important positive social impact both through opportunity for regular employment and through participation in organized industry. In this regard Nigerians at every level of the project, from workers to investors and owners are included. It is also believed that these factors will lead to reduced population pressure on the cities, by helping to make rural and urban life more attractive and productive especially in the state the business is established.
Plans for implementation and sustainability
The first five years will be used to consolidate its hold on the raw materials bases while continuing its production process in the state of domicile and the region as a whole. There after we will venture into refining of palm kernel oil into edible vegetable oil and processing of palm kernel cake into animal feeds. Palm tree plantations will also be ventured into as a backwards integration project.
Application for a capital of N5,000,000 would be made to interested members in terms of grants and funding,angel investors,equityholders or loans in order to meet up with the funding needs of the young enterprise. The N5,000,000 five million Naira($25,126) capital would be : Machines and equipment N2,600,000($13,065)
Working capital (30 metric tones of kernel nuts)
at N80,000 per ton is N 2,400,000 ($12,060)
Total capital :N5,000,000($25,126)
My name is Ala Ademola Victor. I am from Ikole local government area in Nigeria, I was born on 16th of August 1982,I studied Chemical Engineering in one of the respected universities in Nigeria,which also goes in the processing of materials. What motivates me is former president of Nigeria Olusegun Obasanjo in 2005 who introduced the presidential initiative on the development of edible oil production over a period not exceeding three years in Nigeria. I have a passion for business, development also for trying out new concepts. With the business skills, financial literacy and vocational skills, I have acquired to become a successful entrepreneur.
Stage of Idea