BUSINESS
Revealed: More Traders Are Now Dumping Their Rented Spaces, Turning Their Cars To Mobile Shops
An investigation by PUNCH Metro has revealed that more traders are currently turning their cars into shops where they sell goods such as clothes, shoes, bread and fish among others to their customers.
The PUNCH correspondent who observed the trend for a few days in parts of Lagos and Ogun states reported that the idea is gaining traction among traders for various reasons.
While some are said to be cutting costs associated with rents for shops, some others are also using their cars to avoid a situation where they will display their wares by the roadside and be at the mercy of law enforcement agents.
The PUNCH correspondent observed that those who use their cars for the sale of items target offices, markets and major bus stops depending on what they sell.
Some of the markets in Lagos where PUNCH Metro noticed that traders using cars as shops are increasing in number include Ladipo, Computer Village and Oshodi among others.
Also in Ogun State, those using cars to display and sell bread were seen at major bus stops such as Lotto and Magboro on the Lagos-Ibadan Expressway while a man selling catfish is usually seen with a pick-up van along the main road in Arepo.
“The convenience and mobility of this business model are truly appealing,” a shoe seller who is also a commercial driver simply identified as Chibuzor told The PUNCH correspondent.
Standing by his red car at the Mechanic Village in Itire with an array of shoes on display, Chibuzor added, “I have been using this car for about two years. It just made sense to showcase some of the items I sell here.
“This is a marketplace; I usually come here to sell to these motor mechanics. Sometimes, I go to the Oshodi market as well. Sometimes, in the morning, I just do my normal transport business, then show up here in the evening.”
The PUNCH correspondent also learnt that the mobile traders offer wares with competitive prizes.
A customer, Chinedu Madumere, who was seen after buying a pair of shoes said, “I came here to repair my phone and saw this guy. The shoes he has here are mind-blowing.
“I didn’t budget for this but I couldn’t resist buying these shoes. While I know I could find similar items at Balogun Market on the Island, I’m thrilled with this purchase.”
Another trader who uses his Sienna car at Ladipo market, Emeka Okafor, admitted that using his car as a mobile shop saved him the cost of paying shop rent.
He said, “I only pay for a parking space here. It is not the same as paying for shop rent. The beauty of this is that I can move around to different markets selling clothes. All I need is to find a space. That can also be a challenge as well but is far better.
“I don’t have the intention of renting a shop now. The cost of renting shops is high now. Even with the high rents, shops are not available.”
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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