Top 5 Profitable Agricultural Businesses In Nigeria.
Agriculture in Nigeria has taken a dramatic turn in a better direction in recent years, creating jobs and opportunities for entrepreneurs who dare to get into farming. Millionaires are currently being earned each year through agriculture in Nigeria and there is certainly no end to the prospects of creating more wealth through agriculture in the years to come.
Farming (Agriculture) is not a shy business because when the harvest time is reached you can become a millionaire overnight.
Farming is a very profitable business, and a lot of people don't know that, but now let me tell you that farming is a good business and all you need is a capital to run the whole business.
There are good reasons why agriculture in Nigeria is doing very well. Understanding these reasons will help you (no matter where you are from) to seriously think about setting up a farm in Nigeria.
It should be noted that there is no other African country where agriculture is as viable as in Nigeria in terms of productivity and profitability.
Also be aware that there is no other country where farmers are more advantaged than in Nigeria in terms of product demand. Take a look at my reasons why you need to start growing in Nigeria now.
Nigeria has a massive population of over 200 million people, twice the populations of Zimbabwe and South Africa combined. The entire population of Nigeria depends on farm-produced staple foods and other agricultural products for their daily meals and livelihoods. Over 80 percent of Nigerians buy their agricultural products from the market. Nigeria has large tracts of fertile fallow agricultural land across the country. The land area of Nigeria, measured in km2, is approximately 910,770. The land area of any country is the total land area of the country, excluding areas considered to be water bodies. For example, Nigeria has one of the largest tracts of land in Africa, 70 percent of which is available for agriculture.
Top 5 profitable (lucrative) agricultures in Nigeria.
Let's take a look at the top 5 successful farms in Nigeria.
1. Cultivation of cassava
The popularity of cassava as a primary food source for Nigerians dates back centuries. Between Garri and Rice, it's hard to say which is the most popular food in Nigeria. Both are the staple foods most consumed by citizens.
Cassava is a sought-after commodity in Nigeria, without it garri and other products obtained from cassava will not be obtained. A bag of Garri costs almost the same as a bag of rice. Besides garri, there are countless other food products processed from cassava in Nigeria. So 1 acre of cassava, when properly planted and managed, can produce thousands of naira of cassava in a year. Cassava is a product that can give yields in any part of Nigeria.
2. Poultry farming
Everyone knows how profitable poultry farming is, it doesn't need a lot of explanation. However, it is not yet fully exploited. What we have now are a few poorly managed and poorly equipped poultry farms here and there. The only high-tech poultry farm is the Obasanjo's farm.
Any entrepreneur able to invest seriously in this sector will have huge profits to make. The reason is that Nigerians eat more chicken than snakes and 70% of our consumption is still based on importation. Egg is yet another gold mine in Nigeria and a good return in profit.
3. Rice cultivation
Nigeria is known to have one of the highest rice consumption statistics in the world. Rice is by far one of the most popular staple foods among Nigerians. Almost all families eat rice daily in Nigeria. In 2011 alone, Nigeria spent 991 billion naira importing rice, and the rice we import would have no less than 10 years in storage. This means that we have spent billions to buy rice which has since lost its nutritional value.
Any entrepreneur who embarks on and succeeds in rice production is sure to smile in the bank. A bag of rice is currently sold between 16,000 N and 18,000 N depending on the quality. A farmer able to invest in large-scale rice production in Nigeria and able to produce 100,000 to 200,000 bags of processed rice in a year, sold at a wholesale price of around 10,000 naira per bag, he will manufacture billions of naira.
All you need to start this business is multi-million dollar capital, albeit a large one, but think about the harvest you will get from it.
4. Cultivation of palm trees
Palm cultivation is a very essential commodity in Nigeria, palm alone is money, everything about palm is money, there is no waste, all you need is money (capital) to get the land and plants and I tell you that within three years of planting you will be smiling in the bank, in just three years after planting and you can also make a lot of money from what you plant on the earth before the palm tree begins to spread.
The palm industry is an important sector of the Nigerian economy, providing food and raw materials for the food, cosmetics, pharmaceuticals, plastics and bioenergy industries. In Nigeria, the institute that has valuable information on oil palm is the Nigerian Oil Palm Research Institute. The palm grove is very lucrative.
5. Plantain plantation
The plantain is only planted once and continues to produce year after year for eternity. Like rice and garri, plantain is widely consumed in Nigeria. Any popular food in Nigeria is still a huge source of income due to the population of the country.
Although many farmers in Nigeria did not take advantage of the opportunity of planting plantain to build wealth. Plantain is very expensive in Nigeria and is always in high demand all year round. Fry it, boil it, roast it - he'll never be mad at you, that's how liberal plantain is. I can tell you that millions of naira are currently lying untapped fallow in this agricultural sector in Nigeria. Looking at the things that plantain can give you, you will see that there is a profit to be invested in it.
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