Finance

New Prices of Keke NAPEP (Tricycle) in Lagos Nigeria, Dealers and Riders Profits

This article has some valuable information for you if you’re looking to buy a new Keke Napep (those three-wheeler vehicles). It covers the current price of the Keke NAPEP tricycle 2023/2024 and where you can find dealers. You’ll also pick up tips on getting loans for a tricycle business, starting a Keke charter service, hire purchase guide and even making money without driving one yourself, potentially earning up to N150,000 to N200,000 per month.

You might have heard about the information regarding the government banning Okada (motorcycle taxis). What many people might not realize is that there’s a big need for a quick solution to this issue. The ones who see this opportunity and take action can make some good money by solving these problems.

I will like you to think about it; since there are no jobs in Nigeria, there is needs to find money in different ways. You don’t have to go hungry with your family because jobs are not available. You can create jobs, services, or opportunities to earn money in the current economic situation in Nigeria.

Reasons Why Keke NAPEP Tricycle Taxi is a Business

You know, riding a bike, tricycle (Keke NAPEP), taxi and mini bus has become one of the simplest businesses you can do in a city like Lagos, Abuja, Portharcourt etc even if you don’t have money, certificates, or education.

Learning how to ride a keke napep is one thing and using it for transportation business is another. You can always learn it from people who already have one since there are no official driving school to teach you how to ride Keke Napep Tricycle in Nigeria.

Even if you don’t know how to ride a bike or you don’t have money to buy one, you can still get a tricycle, bike or mini bus through hire purchase and start giving people rides for money.

I remember a day when I was riding a bike through the traffic to where I parked my car on the Island. I saw the General Manager of KC Investment Company, Mr. Hillary Chikube Nwankwo, walking through the traffic jam between cars. He was trying to reach an event that was some distance away. He had to leave her car behind, otherwise he would have missed the event that everyone was waiting for.

Why Mini Buses and Bikes (Okada) is Losing Passengers to Keke NAPEP

Entering an Okada is not always cheap way to get around since it carries only one to two passengers at a time. Secondly, most of the people who use bikes (okada) are workers from the lower class who don’t have their own cars yet. For them, taking a commercial motorcycle is the only way to reach their destination on time. It’s also the quickest way for them to get home and get ready for the next day’s work.

That’s why you see so many motorcycles speeding through every corner of Lagos, trying hard to make a living and meet the financial demands of the people they’re renting the bikes from. Bike riding, or ‘Okada Riding’ as it’s called, has become a risky job, with families losing their main breadwinners every day due to serious accidents involving bikers. So, what other option is there? What can be done to solve this problem?

The truth is, the crackdown by the Lagos State Government and the Federal Capital Territory Abuja has caused a lot of outcry. Aside that, many of people understand that the government’s laws will always be enforced, thanks to the strict LASTMA, AMAC and VIO officials.

Why you Should Start a Keke NAPEP Business Today

Many people are upset about the ban on Okada(s) and have seen their businesses suffer as a result. Some are even walking long distances on the Island because they don’t have any other means of transportation. Now, it’s the commercial tricycles’ turn to step into the spotlight.

However, since there are only a few of them, there’s a fierce competition to secure a spot. Even the yellow buses in Lagos state have been prohibited from operating in areas like Victoria Island (V.I.) and Lekki. In Abuja, you cannot ride bike in Maitama, Wuse, Asokoro, Central Area some other areas of the town.

In the places where motorcycles are no longer allowed, there’s a big need for over 10,000 Keke tricycles to keep up with the high demand for moving passengers around especially in the rural areas. Remember that Nigeria has more that 20 million people in population according to data from the last census done by National Population Commission. Therefore, there’s a big opportunity in the transportation sector.

Different Methods of doing Keke NAPEP Tricycle Business in Nigeria

This business is really money making business, and you don’t have to be the one riding the tricycle to get into it. Here are some ways you can be part of this booming opportunity:

Tricycle Ownership: You can buy a tricycle (Keke) and hire someone to drive it for you. They’ll give you a portion of their earnings each day.
Fleet Management: You could have multiple tricycles on the streets, hiring drivers on a salary basis. They’ll work for you, and you’ll collect a share of their earnings.
Hire Purchase Service: Start a Keke Maruwa hire purchase program. You invest in the tricycle and lease it to a rider or an association. They pay you back over time with interest, and once the payments are done, the tricycle becomes theirs. You can make a nice profit within 3 to 6 months, depending on the agreement.
Funding Assistance: You can get loans from banks, cooperatives, or NGOs to buy a tricycle and jump into the business. You’ll start making money in areas like V.I. and Lekki, and use the earnings to repay your loans.
Specialized Services: Offer a Keke charter or shuttle service. People who need to travel specific routes or have unique transportation needs will pay to use your tricycle. This way, you can make more money and reduce wear and tear on your fleet.

Next time you’re in Lagos or considering opportunities there, remember that this mini transport business, boosted by the Lagos government’s ban on commercial motorcycles, could be your ticket to success.

New & Current Prices of Keke NAPEP Tricycle in Nigeria 2023/2024

The current price of Keke NAPEP has changed to new prices because of the current exchange rate in Nigeria. Naira has fallen to the dollar making cost of Keke Maruwa to be more expensive in the automobile market.

The cost of fuel (premium motor spirit PMS) has also caused the increase in keke price. Import duty and vehicle clearance from the ship yard has also increased. Tax from Federal Inland Revenue Service (FIRS) has also impacted the new cost for tricycle.

With all this in mind, see the current and new prices of different keke brand in Nigeria. Note that these prices depends on the importer, distributor, dealership and sales man you are buying from.

TVS Keke price: N1,000,000 to N1,500,000
BAJAJ Keke price: N900,000 to N1,400,000
Daylong Keke price: N880,000 to N1,250,000
GP Mobile Keke: N900,000 to N1,300,000
Dayun Keke price: N750,000 to N1,250,000
Matrix Keke price: N700,000 to N1,100,000
Other products prices: N500,000 to N1,500,000

What is the Profit Margin in Keke NAPEP Tricycle Business

Unlike commercial buses, bikes and other mini bus, Keke NAPEP tricycles offer more flexibility. They can navigate through traffic jams, take shortcuts, and reach your destination faster. Spare parts for these vehicles are readily available, making maintenance easier.

You could earn around N7,000 to N9,000 in a day (after daily balancing for hire purchase). Therefore, you can earn an average of N170,000 to N200,000 per month without missing payments. With a purchase price of over N800,000 to N1,500,000, you have the potential to become a millionaire within a year and pay off your loans in just three months. Typically, a single Keke can last for about 3 to 5 years depending on your maintenance culture.

This is your opportunity to make a profit while others are complaining about the problems caused by the Okada ban in Lagos, Abuja and other states in Nigeria.

One of our business plan editors, Mrs. Olajide Tokumbo suggests a way to get money for purchasing a commercial tricycle: Approach a nearby microfinance bank. They might ask for a 20 to 25% deposit, and the rest can be paid over 20 to 30 weeks. Remember, they have other conditions you should know about before taking the loan.

Where to get Keke Napep Loan and Hire Purchase

Microfinance banks currently offering loans for Keke purchases include:

Accion Microfinance Bank, 3 Iyali Avenue, Victoria Island, Lagos.
Citiserve Microfinance Bank, 360 Ikorodu Rd., Lagos.
MIC MFB, 10 Allen Avenue, Lagos.

You can also contact the NAPEP State office closest to you. They have offices at Federal Secretariats across Nigeria. The Lagos office is located at the Old Federal Ministry of Works.

Motorcycles and Keke NAPEP Dealers in Lagos state

To buy a brand new Keke, go to the Keke assembling center office on Shyllon Street in Onipanu, Lagos.

1. Amaecom Global Nigeria Ltd

Amaecom Global Nigeria Limited is an automotive, and fiarly used tricycle dealer. Address: 111 Tafawa Balewa Crescent, Surulere, Lagos Nigeria

2. Bazoma Ventures

Bazoma Ventures offers sales and supplies of motorcycle spare parts. Location: 64 Odogbolu Street, Surulere, Lagos Nigeria

3. Jopets Development Company Ltd

Jopets Development Company Limited is a reputable company offering sales and supplies of laptop, desktop computers, motorcycle and tricycle. Location 14 Adeniyi Adefioye Street, Surulere, Lagos Nigeria.

4. Motorcycle Helmets Warehouse Ltd

They deal on Motorcycle Helmets Warehouse Limited offers sales and supplies of all kinds of motorcycle equipments. Location: 62 Adeniran Ogunsanya Street, Surulere, Lagos Nigeria.

You can go there physically, get their bank details, make the payment, and wait for your new tricycle to be assembled.

Keke Spare Parts and Accessories Dealers

1. Apexz Multi Dynamic Stores Limited

Apexz Multi Dynamic Stores Limited offers services in automobile sales services and spare parts, fleet maintenance, sea vessels services and spare parts, vehicle repair service, auto spare parts supply and distribution services. Location: 1A Balogun Kuku, Surulere, Lagos Nigeria

2. Blessed Vin Ventures

Blessed Vin Ventures are car accesories and spare parts dealers for toyota, suv, camry and honda cars. Address: Number 49, Akintan Street, Surulere, Lagos Nigeria

3. Chinick Auto Investment Ltd

Chinick Auto Investment Limited offers sales and supplies of automobile spare sparts.. You can find them at No. 21 Kadiri Street, Surulere, Lagos Nigeria

4. Chukwudi And Sons Motor Spare Parts

Chukwudi And Sons Motor Spare Parts sells all kinds of automotive spare parts and accessories. Location is at No. 40 Shefawe Street, Surulere, Lagos Nigeria

5. Genuine Car Parts

Genuine Car Parts is reputable automobile spare parts and accessory dealer located at Surulere Lagos state. They are located at No. 1B Chief Natufe Street, Bode Thomas, Surulere, Lagos Nigeria

6. Promise Auto Parts

Promise Auto Parts provides sales and supplies of all kinds of original car parts and accessories. Location: 21 Cole Street, Surulere, Lagos Nigeria

7. UC Auto Investment

The UC Auto Investment is a well known automotive spare parts dealer at Surulere. Address: 3 Shifawu Street, Surulere, Lagos Nigeria.

Advise to Keke Riders in Nigeria

Here’s some advice for a tricycle (Keke Napep) rider who is involved in the transportation business:

Safety First: Your safety and the safety of your passengers should be your top priority. Always obey traffic rules, wear a helmet if possible, and ensure your tricycle is in good working condition.
Customer Service: Provide excellent customer service. Be courteous, respectful, and attentive to your passengers’ needs. A pleasant experience can lead to repeat business and referrals.
Route Knowledge: Know the routes well. Efficient navigation can save time and increase your earnings. Use maps or navigation apps if needed.
Maintain Your Tricycle: Regular maintenance is very important. Keep your tricycle clean and well-maintained to ensure it runs smoothly and doesn’t break down frequently.
Budgeting and Record Keeping: Keep track of your earnings, expenses, and profits. This will help you manage your finances effectively and plan for expenses like fuel, maintenance, and loan payments.
Safety Gear: Make sure your passengers wear helmets (if possible). It’s not only for their safety but also for yours, as you’re responsible for their well-being during the ride. But I know Nigerians won’t adhere to this particular advise… Laughs!!!
Communication: Inform your passengers about the transport fare before starting the ride. Clear communication helps avoid misunderstandings and disputes.
Adaptability: Be flexible and adaptable to changes in demand, weather, and road conditions. Sometimes, you might need to adjust your routes or hours to maximize earnings.
Emergency Fund: Save a portion of your earnings for emergencies or unexpected repairs. This can provide a safety net during challenging times.
Networking: Build good relationships with fellow riders and colleagues. They can offer valuable insights, share tips, and provide assistance when needed.
Continuous Learning: Stay informed about regulations, traffic updates, and industry trends. Continuous learning can help you make informed decisions and adapt to changes.
Diversify Income: Consider offering additional services like parcel delivery, small goods transport, or providing rides for special occasions to increase your income streams.
Plan for Off-Peak Hours: During slower times, consider taking breaks or finding other income-generating activities to make the most of your time.
Health and Well-Being: Take care of your health. Being physically and mentally fit will help you manage the demands of your business effectively.
Legal and Tax Obligations: Ensure you’re aware of any required permits, licenses, or taxes related to your business. Staying compliant can save you from legal troubles.

Lastly, remember, success in the transportation business takes time and effort. Trust me, when you provide an excellent service, maintain your tricycle, and manage your finances wisely, you can build a profitable and sustainable business.

Conclusion

Remember, always do your own research and be cautious when entering into transactions with anyone. You can contact a legal representative (lawyer) if you want to go into a keke napep hire purchase business.