Public Transportation is a very lucrative business especially in Nigeria where 70% of the populace depend on public transportation such as Tricycle, mini Bus, 14 seat Vehicle and luxurious buses for intra and inter-state movement of people.
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To cut the story short, most educated people are scared to invest in transportation but you can still participate in this sector at a different level depending on how you perceive the sector. Let me highlight how you can also benefit from this largesse.
You can import transport
vehicles such as mini-buses, Tricycles, 14 seater busses and much more. These are suitable for public transportation. As an importer, you can sell on cash and carry or sell to people who are interested in Hire to Purchase with this you stand to make extra profit.
- Convert Your Car To Any Of The Ride-Hailing Services
You can take advantage of the ever-increasing demand for taxis in most urban areas in Nigeria. You can choose to drive it after work and weekends or if you have more than a car you can employ drivers or if you chose to sell then give it out to companies who will use it for transport on a Hire to Purchase for a period of 12/18 months.
You can also make a lot of profit selling vehicles for Transportation
. Buy from direct importers at the Apapa – Tin can port then resell at a marginal profit. For those who chose this option, you may sell to individuals who will pay on Hire to Purchase instalment rather than waiting for outright purchase in the face of a competitive market.
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- Buy Run Down Vehicles And Refurbish
There are lots of broken-down vehicles that need a little repair. All that you need to do is get a good mechanic first, then buy a repairable one, refurbish, repair and put them back to good shape to resell at a very good profit.
- Become A Road Transport Worker
This is where most people get scared. You can buy a vehicle, register it with the appropriate transport association and drive it by yourself if you can do this, you have a better chance to make extra profit. If you cannot afford the cost of buying a vehicle for yourself, you can register with Transport Companies as a private driver on a salary or contract basis.
- Buy A Vehicle And Engage Someone To Drive It
One common trend is to buy a vehicle and employ a driver to operate it for you on contract basis or on salary, however, the most common is on contract basis after the terms and conditions are dully spelt out. Also, not everyone is cut out to manage a transport Employee you can also engage a Transport Company to assist you in managing your vehicle under Terms and Conditions.
- Import Or Sell Vehicles Spare Parts
Due to the excessive use of vehicles as a result of high commuter demand, there is always the quicker wear and tear of the engine and the frequent need to replace weak and broken parts of the vehicle. Find a good location to sell spare parts.
Featured Image Source: Businessday NG
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This article was first published on 15th January 2021