The Rising Cost of Korope Minibuses in Nigeria: A Lucrative Business Opportunity Despite Challenges

Korope minibuses, popularly used for public transportation in Nigeria, have seen a significant increase in prices over the years. Once an affordable option, they are now priced similarly to a 2005 Toyota Corolla. This rise in price is partly due to the process they undergo when shipped from Asia, where they are disassembled to fit into containers and reassembled upon arrival in Nigeria, sometimes compromising their structural integrity.

Despite these challenges, Korope minibuses remain a lucrative option for entrepreneurs seeking alternative income sources. With a full tank costing approximately N22,830 and a fuel consumption rate of 15 kilometers per liter, a driver can make about N126,000 from 60 trips. This translates to around 20 trips per day, with a full tank lasting for three days.

In 2023, a clean, fairly used Korope cost ₦2 million, while a used one in Nigeria was priced at ₦900,000. However, in 2024, the price for a direct Tokunbo Korope rose to ₦3 million, while a locally used one is priced at ₦1.4 million. Despite the increase in prices, Korope minibuses remain a viable option for entrepreneurs looking to invest in the transportation sector.