"Decided to Sell a Derica for Just N1k": Smart Man Makes Quick Sales after Selling His Rice Cheaply

"Decided to Sell a Derica for Just N1k": Smart Man Makes Quick Sales after Selling His Rice Cheaply

  • A Nigerian farmer has narrated the smart strategy he devised which helped him sell a bag of rice in less than two hours
  • The father of three said he bought the bag of rice at N52k and decided to sell it per derica below the market price
  • He said his strategy would force down the price other marketers sell their rice so the masses can breathe

Mayowa Durosinmi-Etti, a Nigerian farmer and realtor, has shared how he sold out a bag of rice in under two hours after devising a strategy.

The 36-year-old narrated how he bought a bag of rice at N52k in Lagos and decided to sell it in the market at N1k per derica.

Man makes quick money after selling bag of rice he bought N52k cheaply
Mayowa and his team decided to sell a derica of rice at N1k. Photo Credit: Mayowa Durosinmi-Etti
Source: Facebook

According to Mayowa, he was aware that marketers in the area sold a derica for N1,250 and he deliberately sold his at a lower price.

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Why Mayowa devised the rice strategy

Seeing the success of the first experiment, Mayowa has set his sights on trying again with three bags of rice and hopes to force down the price of rice being sold by other traders.

"...We're experimenting with another 3bags at each market by nextweek. Target is 10bags weekly and that's 70k profit.
"70k weekly is some good money that will take care of some bills
"This act will also force others to bring down their price so the masses can have a bit of fresh air
"Since they want to be mad, let's be mad altogether," Mayowa wrote on Facebook.

He urged rice sellers to reduce their price to N1,100 at least for a derica.

"Not saying they should sell at 1k but N1,100 is fairly okay. 23k profit on one bag rice is too high and suffocating to the masses."

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In another development, Nigerians had rushed a Kano trader who sold cheap 50kg rice at N58k.

Mayowa Durosinmi-Etti's post generates buzz

Grace Igbinedion said:

"You didn't make 7k sir. You didn't include transport to and fro. And man hours too. This is just one of a few mistakes entrepreneurs make."

Juliet Austin said:

"There is a woman well known in my area since rice skyrocketed,whenever she hawk pass,we get know how much is rice price, from #1350 to #950 as at yesterday,so people selling inside shop could no more sells like they use to. Everyone will always wait for d woman to pass before they will buy rice."

Right Curves Apparels said:

"This is a good one."

Temi Alani said:

"Al Iman Mini Mart also sells De-rica at the rate of 1000 and we bought at the rate of 60,000.
"If we bought it at the rate of 57000.

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"We are selling it at the rate of 240 per cup in shaa Allah."

Ayodele Rebecca Omoze said:

"If everyone were like you and me, Nigeria would have been better.
"Over gain everywhere."

Nollywoodtv230 said:

"God bless you, like I always say we are our own problem not government here, they want to build mansion from 2 bags of rice."

Man begins selling bag of rice cheaply

Meanwhile, Legit.ng previously reported that a mechanical engineer had begun selling a bag of stone-free rice at N58k.

In light of the economic hardship, business folks increased the prices of their wares but this is not the case for Kenneth.

The 37-year-old trained mechanical engineer, who graduated from the university with a 2.1, recalled how he survived a life-altering accident which affected his spinal cord as he spoke on his entrepreneurial journey.

Source: Legit.ng

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