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Regina Kenn, founder of Waz World Multi-Biz Company Ltd, Regina Kenn, has shared how she started her journey in Nigeria’s oil and gas industry with ₦300,000 in 2012, beginning with a simple kerosene surface tank before expanding into a broader oil and gas services business.
Kenn said her entry into the industry came while she was studying International Studies and Diplomacy at the University of Benin. With the money available to her at the time, she built a surface tank for kerosene and began selling the product.
She said one of her earliest difficulties was obtaining enough kerosene to keep the business running because her initial capital was not sufficient to fill the tank.
She said: “I started with 300k back in 2012 by building a kerosene surface tank. The limited capital meant I could not initially purchase enough product to operate at the scale I wanted. Instead, I had to buy kerosene in smaller quantities.
“At that time the challenge I faced was getting the product, because I didn’t have the capital to fill the tank. So I was going to buy in gallons from NNPC,” she explained.
The experience exposed Kenn to one of the major barriers facing entrepreneurs entering the oil and gas sector, where establishing infrastructure and maintaining adequate working capital can require substantial investment.
“Going into oil and gas business is quite challenging because it involves a lot of capital to set up.
“The high cost of entry should not necessarily discourage aspiring entrepreneurs from considering opportunities within the sector. New business owners can approach the industry gradually and build their operations in stages. But we can help you get it set by set,” she said.
Her own business journey has since moved beyond the small kerosene operation with which she started. Waz World Multi-Biz Company Ltd is registered with the Corporate Affairs Commission and operates as a licensed oil and gas company involved in facility installation and the supply of oil and gas products.
The company works on projects involving filling stations, compressed natural gas, CNG, stations and liquefied petroleum gas, LPG, stations and plants.
Waz World Multi-Biz has offices in Abuja and Lagos, with its Abuja office located on Ralph Shodeinde Street in the Central Area and its Lagos office in Gowon Estate, Egbeda.
Kenn said aspiring entrepreneurs interested in entering the industry should also consider LPG, commonly known as cooking gas, as a possible starting point because of its everyday use.
