5 Profitable Agricultural Businesses You Can Start In Nigeria This year 2018

5 Profitable Agricultural Businesses You Can Start In Nigeria This year 2018

The fall in the international price of crude oil has made the Nigerian economy a mess. As companies continue to downsize and cut salaries, the country itself is moving towards other revenue streams. It’s a no-brainer that agriculture is the next big thing in Nigeria, and with people losing their jobs and businesses failing, one lucrative area to invest in is farming.The term farming, may sound crude, local, and less-profitable. This was a grave assumption made in the past. Today, people know better.If you’ve been down-sized, or are looking for a business to invest in, here are 5 profitable agricultural business ideas that you can start today:

1). Fish Farming: Over 50% of Nigerian households will eat something that contains fish today. That’s right, Fish! This is a staple food in every Nigerian home and people eat it every week. The fish that are most highly in the demand are cat fish and tilapia. There’s way more than enough market for them in Nigeria, and they will always sell out of your stock as soon as they’re grown, based on the buyer’s specifications. The size of your fish farm determines a lot in how profitable you’d be. The larger your space, the larger your fish products, and the potentially higher your sales would be. Hotels, restaurants, fast-foods, and hospitals (homes inclusive) buy a lot of fish on a daily basis. This agricultural business idea is one you can start today.

2). Cassava Farming: The demand for cassava products in Nigeria cannot be accurately quantified. The uses and demand far exceeds the supply. By-products like garri, fufu, and bread, are the daily staple foods of almost every Nigerian. 95% of Nigerian households consume one of these meals everyday. The endless uses of cassava for meals, and even for alcohol has made it’s demand far exceed it’s supply and as such, many local farmers are reaping good profits from growing this crop. It’s diverse use has overtime made it one of the most profitable agricultural business idea (at a good scale) any entrepreneur can start.

3). Poultry Farming: The consumption of chickens and turkeys in Nigeria & Africa as a whole is sky rocketing everyday. Thousands of tons are consumed daily and the local supply cannot meet the demand. This has resulted to subsequent importation of thousands of poultry products into the country on a daily basis. This market deficit alone shows the potential of poultry farming in Nigeria. No wonder even an ex-president of Nigeria reportedly owns one of the largest poultry’s in Africa. With a small space in your backyard and good financial investment you can start this agricultural business idea. Poultry farming in Nigeria and Africa as a whole is one of the most highly profitable agricultural business ideas you can start today!

4). Plantain Farming: Over the years, farming in Nigeria has taken a dramatic turn for the better by creating jobs and opportunities for entrepreneurs who have the passion to go into farm business. Millionaires are currently being made every year through farming in Nigeria and there is no end to the prospects of creating more wealth through farming. One of the lucrative farming segments in Nigeria today is plantain farming, from which it has been estimated that farmers could earn N2.5 billion annually. the consumption and exportation of plantain has risen tremendously in Nigeria in recent years because of rapidly increasing urbanisation and increased demand for easy and convenient foods by the non-farming urban populations. A bunch of plantain sells between N500 and N1,500 and if a farmer plants 1000 plantain suckers with an average of 12.5kg per bunch yield, if one kg is sold at N100 then the farmer will have N1,250 a bunch totaling N1,250,000 at the end of a year. After deducting expenses of about N500,000 (without irrigation), the farmer will have N750,000 in first year. With proper farm management, the farmer will harvest every nine months and have suckers to sell and expand the farm, which will generate more income.

5). Tomato Farming: Did you know that over $500 million dollars worth of tomato pastes are imported into Nigeria every year? Yes, $500 million dollars! The answer is simple, the supply is far lower than the demand. This is one agricultural venture that goes unnoticed. A lot of people tend to look elsewhere never realising that this profitable enterprise has always been staring them in the face. If you’re looking for lesser competition, grow tomatoes. Once you can find a way to transport, grow (in a large scale) and keep them looking fresh for a long time, the sky would be your stepping stone! This agricultural business idea is one you can easily start today in your backyard and grow from there.

Invest in Agriculture today, and smile to the bank all year long.