Nigeria - Business creation project

Describe your project or startup in a few words

Petro Powers is a pioneering force in the petroleum downstream sector committed to creating a seamless experience for consumers with the aid of a reliable supply network, flexible financing plans to aid procurement and a prompt customer engagement system.

01.01 Describe your project in more detail

Petro Powers was borne from a desire to optimize the petroleum distribution channel in Nigeria. The aim is to create a more efficient means of getting petroleum products to end users with ease. This way by simply using our website/app, our partners can make orders and have the products delivered to their doorstep, while being able at the same time to monitor their fuel consumption rate. But in addition to our fuel distribution services, Petro Powers was designed to provide financial solutions for fuel procurement. And this we make available through credit lines, bridge loans and our fixed price shield package for eligible customers, which guarantees that our partners can constantly access the funds necessary to keep their businesses running maximally. The desperate need to see this achieved grew because we understand that these small and medium enterprises greatly affect a country's economic growth. And so by enabling them, we'd be restoring this country's economic integrity.

01.02 What is the main problem you are trying to solve?

Our company is designed to eliminate the following issues consistently experienced in this line of business, namely: 1. Poor availability of petroleum products when needed. 2. Lack of access to flexible financing options for procurement. 3. Lack of guarantee concerning product quality and service reliability. 4. Lack of personalization to meet customer's satisfaction. 5. Poor quality support. 6. Fluctuating fuel price.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

At Petro Powers, we guarantee access to: 1. High availability: Through our robust network of trusted depots and suppliers, we guarantee the availability of the volume you need, when you need it, eliminating the risk of operational delays. 2. Credit Facility: With our credit lines aided by our partnership with financial institutions and suppliers that offer favourable and excellent payment plans, you can unlock financial flexibility to support your fuel procurement goals even when funds are limited. 3. Bridge Finance: This service offers a swift alternative for rapid access to capital with a fast approval rate and flexible repayment options for procurement purposes. 4. Fixed Price Shield: We aim to provide a price fluctuation buffer to mitigate the risks of sudden price hikes. With this, you can continue to purchase fuel with the registered rate for the week, thereby keeping up operations with your original budget, and pay the deficit within a well structured term.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Businesses that require constant supply of fuel products to keep their operations optimal, such as hotels, hospitals, schools, supermarkets, restaurants, transport companies, manufacturing hubs; as well as religious houses and private residences.

01.05 When did you start working on your project?

2024-12-23

01.06 How many other partners are associated with your business venture?

2

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

1. Uche Powers: Best friend and co-founder. The project is his brainchild. A software engineer with relatively 9+ years experience. Prior to now, he's initiated a few startups in hospitality (The White Room) and FinTech (Bold Transaction). Which is paramount to this project because together we intend to implement advanced technology in our operations as well as to build an ecosystem of partners across various sectors. Both of which he has ample experience in. 2. Nkeiruka Tracy Emmanuel: A mom and experienced business development officer. Tracy brings in her 5 years worth of expertise which is instrumental in ensuring Petro Powers stand a chance in this ever competitive market.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

http://www.petropowers.com

01.10 Which industry best describes your project?

a) Energy (equipment, services, sustainable energy and fuel)

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

Nigeria is majorly an oil dependent country. What this means is that not only does Nigeria rely on a majority of its foreign revenue from oil exports, but our internal economy is heavily powered by petroleum products. From industries to schools, you name it, and this can be attributed to our unbridled romance with unstable electricity supply which has sentenced most SMEs, MSMEs and major industries to a never-ending reliance on fuel for their overall operations. Nevertheless, the unavailability of these products and the financial means to procure them when needed still pose a threat to the continuous survival of these businesses. Which is where Petro Powers come in. With our vast supply network and our short term financing plans, these businesses can and will be powered to continue operations and even possibly head towards viability. This in itself assures the business of constant revenue which translates into regular incomes for all members of staff.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

The sporadic rise in food prices as experienced frequently in this country can be greatly influenced by the unavailability of fuel products. For instance, during period of scarcity, most businesses tend to inflate the price of goods and services. And this only gets worse if these businesses are involved in the agro sector or in food production, which more often than not creates a cascade of further negatives, such as the inability of a large percentage of the populace to afford a decent three square meal. This is why we believe that with this initiative of ensuring our partners never experience scarcity with the aid of our vast network of suppliers, production can seamlessly continue and as such food prices can be kept from soaring beyond what's affordable to the public.

02.03.01 My project contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

As much as the global community is aiming towards a 100% green energy status, we cannot deny that in a country as heavily dependent on petroleum products as Nigeria such a target might take an extended period of time to fully implement. This is partly due to the plenteous rural settlements that still require gasoline use for their day-to-day activities and the various industries that run on diesel fuel. However, while we intend to be a part of the energy revolution, in the mean time we've taken into account certain safety measures to minimize risks, thereby prioritizing the well-being of not just our individual partners but their surrounding environment as a whole. And what are these measures? We'll ensure the fuel being supplied at all times are superior grade, with no harmful additives. Beyond this, we also intend to provide our partners with a user-friendly software for the automated scheduling of maintenance services etc. with the aim of drastically reducing environmental pollution

02.04.01 My project contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification

Through our Get Informed webpage, we're dedicated to empowering our partners with comprehensive insights into industry trends and advancements. Covering market analysis, sustainability practices, and more, our blog articles will extend this knowledge to our target audience through social media and newsletters, ensuring they stay abreast of even the minutest details to streamline their procurement and effective usage of quality fuel.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

As a corporate entity, we aim to promote equality on all grounds. Presently, we are a group of three - two males and one female, and intend to keep it that balanced regardless of how well our growth potential exceeds expectations. We intend to maintain a gender balanced work environment no matter what, as well as to effect such level of equality in all our partnerships. And to prove this, our first registered supply company is owned and managed by a woman.

02.06.01 My project contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

6

02.07.02 Affordable and clean energy - Justification

In due time, as a company, we intend to expand our product offerings to include cleaner alternatives which can help reduce the carbon footprint of our partners. But in the mean time, we would implement energy efficient practices in our facility and operations to reduce energy consumption, and also upgrade to more efficient equipment to enhance our operational processes. On the other hand, we'll strive to be frontrunners in the advocacy for policies that support the growth of clean energy industries and also collaborate in reasearch and development efforts to advance such technological solutions in the nation.

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

As a company, we will promote economic growth by creating job opportunities through expansion and possible investment in infrastructure, and contribute to the local economy by supporting industries reliant on petroleum products and also through taxes and our constant patronage of services provided by other local businesses.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

As a company, fostering a culture of creativity and experimentation is paramount to how we intend to operate. Therefore, we plan to embrace digital transformation to help ease supply chain management, to participate in open innovation platforms so as to share and learn best practices on how to collectively address the challenges in the petroleum industry, invest in training and skill development initiatives for all staff, solicit feedback from our partners on how best to improve our services, implement advanced technology for more efficient delivery and tracking systems and promoting partnerships with other startups for collaborative projects.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

As a company, a pivotal guideline for our talent acquisition processes would be diversity and inclusion. As such, we would implement policies and practices that promote diversity in recruitment, thereby providing equal opportunities for career advancements. We would also ensure equal pay for equal work amongst all employees regardless of ethnicity or gender, while providing an inclusive work environment where all employees can feel valued and supported. In summary, we intend to treat our customers as partners and our staff as family.

02.11.01 My project contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

6

02.13.02 Climate action - Justification

We intend to implement similar strategies as stated in 02.07.02.

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

We intend to implement a similar approach as in 02.15.02 but as it pertains to the aquatic ecosystem.

02.15.01 My project contributes to the Life on land goal

7 - Strongly Agree

02.15.02 Life on land - Justification

By implementing rigorous environmental management systems, we intend to minimize the negative impact our operations and the use of our products might have on the terrestrial ecosystem. This system include the technology to help mitigate air pollution by ensuring our partners can validate the quality of fuel supplied and automatically monitor the schedule calendar for the maintenance of their power generating equipment.

02.16.01 My project contributes to the Peace justice and strong institutions goal

6

02.16.02 Peace justice and strong institutions - Justification

As a company, we strive to prioritize ethical business practices and relations that foster transparency in operations, promotes compliance with regulations, implement robust corporate governance practices within the company (including clear decision-making processes, accountability mechanisms etc.), support education and skills development, thus enhancing human capital. With this, we will not only be building a strong institution ourselves, but also be inspiring the competition to emulate the same seeing how much progress these actions have guaranteed us.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

As a company, we intend to streamline our services to the achievement of global sustainability goals by implementing and promoting eco-friendly practices throughout our operations. Through customer education on energy efficient techniques as well as offering extra services that will help optimize fuel usage in their vehicles and power generating equipment, we will be minimizing waste generation and pollution at large.

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

05.02 The product/service we envision creating represents an entirely new type of product/service.

5

05.03 The product/service we envision creating could be described as a new technology.

7 - Strongly Agree

05.04 The product/service we envision creating is an improvement on an existing product or service.

6

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

5

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

5

05.08 Justification

As a company, Petro Powers is not just an intermediary for quality fuel supply; we are more. And this is because not only do we provide our partners with constant availability of their desired petroleum products through our reliable suppliers, but we have also incorporated a service never rendered by other distribution companies, which is a systematic avenue to access the funds for procurement via our prospective partnerships with banks and other investors. In addition to this, we aim to provide each partner with the technology to monitor each purchase, their consumption rate and anomalies as well as for maintenance scheduling and tracking. Nevertheless, this is why we're sure this idea will be a success; Two questions: 1. Who uses petroleum products in this country? At least 98% of the entire population, and 2. How many have access to all these various services via a single provider? The answer to this question is proof of our uniqueness and the assurance that we might stand a chance

05.09 Who are your main potential competitors and what makes you stand out from them?

Our competitors from all studies provide our distribution services but none provide this financial outlet we intend to nor the technology to help customers with their fuel (usage, preventative and procurement) management.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

If I had the means to, I would. I'm a proud advocate of female empowerment.