Steps To Take in Starting Agricultural Business in Nigeria
- Step 1: Make researches. As we all know that the more we ask questions, the more we know new things and our level of…
- Step 2: Choose your crops or livestock. Your market research should give you an idea of what crops or livestock are in…
- Step 3: Secure adequate land. Land is a free gift of nature and it’s…
What is agricultural business in Nigeria?
We all know that agricultural business in Nigeria is made of different practices among which are livestock/ animal husbandry, farming which includes planting and harvesting; there is also the mineral aspect which includes trapping of natural resources in the soil.
Why is it difficult for Nigerians to get success in agriculture?
In recent times, a lot of Nigerians both young and old are beginning to dump their white collar jobs in order to take up farming. Unfortunately, many are having it difficult finding success in this lucrative business of agriculture. Agriculture may look as simple as just planting a seed and watching it grow.
How much does a commercial rice farmer earn in Nigeria?
Yet, if a commercial rice farmer in Nigeria can produce up to 10 000 bags in a year, s/he can easily earn N150 million in revenue. However, you’ll need some ample investment in equipments and land area to pull this off.
How much does agriculture contribute to the GDP of Nigeria?
There are hundreds of different food crops like maize, yam, millet, beans and potatoes that are being produced by Nigerian farmers each year. However, their output isn’t enough to meet the nation’s demand. The Agricultural sector contributes just a little over 20% to the overall GDP of the country even though it can be much more.
Which agricultural business is most profitable in Nigeria?
8 Most Lucrative Agricultural And Farming Business Ideas In…Cassava Farming. … Poultry Farming. … Rice Farming. … Snail Farming. … Catfish Farming. … Maize Farming. … Pig Farming. … Honey Bee Farming.
Which agriculture is most profitable?
Some Best Profitable Farming In India 2022Garlic Farming. The payoff on growing garlic can be enormous for those who prefer to grow “gourmet” garlic. … Lavender Farming. Lavender farming produces above-average gain for small growers, as it is such a varied crop. … Gourmet Mushrooms Farming. … Bamboo Farming. … Willows Farming.
What business can I start in agriculture?
Top 20 Indian profitable agri business ideas to start in 2021 Grocery shopping portal. … Tree farm. … Organic fertilizer production. … Business of fertilizer distribution. … Dry flower business. … Mushroom farming. … Poultry farming. … Hydroponic retail store.More items…•
Which crop is profitable in Nigeria?
According to FAO, Nigeria is the leading African producer and consumer of rice. At the same time, the country is one of the largest rice importers in the world. The report also indicated that rice generated more income for farmers than any other cash crop in the country.
How do I start my own agricultural business?
How to start your own AgribusinessThe scope.Market Research.Creation of a Business Plan.Arrange funds.Understand the Laws and Regulations.Register your business and acquire licenses.Final Arrangements.
What can I farm to make money?
Ways to Make Money in the GardenSell Extra Garden Seeds.Grow & Sell Extra Seedlings.Start a Market Garden & Sell Vegetables.Start a Medicinal or Culinary Herb Garden & Sell Plants.Grow an Extra Row of Garlic & Sell Seed.Grow Microgreens for Restaurants & Market.Start a Worm Farm.Sell Perennial Herbs & Flowers.More items…•
What is the easiest farm to start?
20 Most Profitable Small Farm IdeasTree Nursery. A tree nursery can be a great investment when done right. … Fish Farming. … Dual Crop Farming. … Dairy Farming. … Herb Gardening. … Bee Farming. … Aquaponics. … Microgreens Farming.More items…•
How do I start a farm with no money?
How to Start a Farm with No MoneyGet Experience from Another Farmer.Look For Deals on the Market.Start Purchasing Livestock Young.Purchase a Good Truck.Never Loan nor Borrow Anything.Stock Up on Everything.Rent Out the Best Farm for You.Look Into Possible Grants.
Is agriculture a good investment?
Not only is farmland a good investment in an inflationary environment — farmland also provides robust average annual returns. Between 1992 and 2020, farmland provided average annual returns of nearly 11%, including income and price appreciation.
Who owns the biggest farm in Nigeria?
NyakoNyako owns the largest mango farm in Nigeria, leading to his being popularly known as Baba Mai Mangoro (BMM). Exotic mangoes from his mango orchard of 50, 000 trees were first exported to Europe in 1993.
Which state is best in farming in Nigeria?
Top 3 States In Nigeria Best For Agriculture And Farming Related BusinessesCross River State – Rich in organic fruits and excellent for tourism, Cross River State supplies agriculture products to many other states in Nigeria.Delta State – 3rd largest contributing state to Nigeria’s GDP.More items…•
What is the best farming in Nigeria?
List of Lucrative Farming in NigeriaRice Farming. Nigeria has one of the world’s highest Rice consumption stat. … Cassava Farming. The popularity of cassava as the major source of food for Nigerians dates back to ages. … Plantain Plantation. … Poultry Farming. … Pineapple Farming. … Beans Farming. … Catfish Farming. … Goat Rearing.More items…
How much land is used for agriculture in Nigeria?
Approximately 30.7 million hectares (76 million acres), or 33% of the land area of Nigeria is used for cultivation. The varied climates in Nigeria, from the tropical coastal regions to the arid Northern zone, make it possible to produce nearly all the agricultural products that can be provided in the world’s tropical and semitropical regions. Nevertheless, large-scale agriculture is uncommon. Despite abundant water sources, favourable climate, and large areas of arable land, production is limited in many areas due to low soil fertility and inefficient cultivation methods. In 2001, agriculture made a contribution of about 32% to the GDP of Nigeria.
What is the most commonly used agricultural fuel?
Ethanol, made from corn, sugar cane or sorghum, is the most commonly used agricultural fuel product. In addition, agricultural by-products such as straw sugarcane are also burned to produce power.
What are some organic food products?
However, food crops include more than just cereals such as wheat and corn. Food and dairy products such as milk and honey and farmed fish are also organic food products.
Which country produces the most rice?
Nigeria remains the largest producer of rice in all of West Africa and the third largest producers in Africa after Egypt and Madagascar. Nigeria produces approximately 3.6 million metric tons of rice annually. Interestingly, despite this large production Nigeria still falls short of meeting its local demand placed at about 5.5 million tons.
Is pig farming profitable in Nigeria?
Pig farming in Nigeria is one of the lucrative and profitable livestock businesses. Commercial pig farming is beneficial because pigs are prolific breeders and can deliver 10 to 14 piglets in a single birth. Pig meat (pork) has a high demand since red meat is a good source of protein, and is very tasty as well. The pork market in West Africa alone accounts for about $3 billion consumption value, 80% of which is sourced by importation. That is a lot of untapped revenue for agropreneurs both in Nigeria and Africa as a whole.
Is maize a staple in Nigeria?
Maize can either be boiled or roasted or further processed into the production of pap, cornflour, popcorn, corn flasks and many more products. For its multiple uses, maize never runs out of demand all year.
Is agriculture capital intensive in Nigeria?
There are different sectors of agricultural production in Nigeria, so its best to choose the sector that best suits you, your level of financing and the level of your return. This is because some sectors are capital-intensive while some are less capital-intensive. In the same vein, some agricultural businesses have short-term returns while others yield returns over a long term.
What is the oldest occupation in Nigeria?
Agriculture is one of the oldest occupation in Nigeria and indeed in the whole of Africa. We all know that agricultural business in Nigeria is made of different practices among which are livestock/ animal husbandry, farming which includes planting and harvesting; there is also the mineral aspect which includes trapping of natural resources in …
Why is research important in agriculture?
Research gives you more knowledge of what part of agricultural business you are engaging yourself which will be more profitable and conducive for you to venture into. It will help you know the types of livestock or cash crops people are most likely to buy and the seasons which this crops and livestock are available in the market.
Is farming profitable in Nigeria?
Starting an agricultural business in Nigeria is very lucrative which is beyond farming and planting of crops or even the rearing of animals. The benefit of this agricultural venture has yielded profit to many farmers who are willing to take the risks into starting an agricultural farming business to earn a living.
Do you need to hire labour to farm?
You need to hire full time labour to help you in the farm before and when it’s time for harvesting the crops and taking care of livestock. These labourers should ensure that bushes are cleared, making of heaps, planting, application of fertilizer, controlling of pest, rodent and watering the crops are regularly done.
1. Herb Gardening Business
Growing medicinal herbs is a lucrative business. You must have proper knowledge of medicinal herbs and the many ailments they heal to accomplish that goal.
2. Vegetable Farming Business Ideas In Nigeria
Like herb farming, starting a vegetable farm is also one of the most straightforward and profitable agricultural businesses.
3. Palm Oil Plantation and Processing Business
Oil palm is something of a wonder crop. It’s one of the most viable agribusiness ventures you can attempt.
4. Cattle Farming Business Ideas In Nigeria
This is best if you have vacant land as well as the means to develop it.
5. Livestock feed production or distribution Enterprise
You can still make a contribution to the agric sector by producing feed for livestock, even though you do not have enough land actually to rear livestock.
6. Start Plantain Selling Business
Selling plantains, whether in their raw state, roasted or toasted, is a big moneymaker.
7. Fish Farming Business Ideas In Nigeria
Two primary types of fish farming are saltwater and freshwater farming.
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Ifeanyi Nwokorie is a Business Analyst and Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us .
What is management in farming?
Management is an integral part of any farming business and it involves – proper supervision, knowing when/what your crops/animals need to aid its growth, knowing the soil requirement, water retention, rainfall requirement, signs of disease infestation and also how to solve pest attacks. At the early stage of growth in your business, …
Why do you need to keep learning and keep yourself abreast of current trends in the farming business?
No one ever knows it all when they start, so the fact that you do not have all the information you would require should not hinder you; you must keep learning and keep yourself abreast with current trends in the farming business because this information will help in expanding your business operations.
What are the challenges of farming?
On the supply side, he noticed that farmers around the country had three major challenges: 1 Firstly, they were experiencing low yield from their farms because they didn’t have a full understanding of standard practices in agriculture. 2 Secondly, they didn’t have enough money to scale mainly due to lack of financial knowhow. For instance, they did not understand the concept of separating revenue from profit or know that they had to cost their labour and apportion personal salaries from their revenues. As a result, they were spending all their earnings and could not scale their businesses. 3 Thirdly, they did not have access to profitable markets, which led them to sell their produce at unfavourable and demotivating prices.
What is the right input for a plant?
The right input refers to healthy animals, quality seeds, fertilizer from a reputable company, pesticides and insecticides. I would advise that seeds for planting are gotten either from seed research institutes or from approved institutions look out for seeds from IAR (Institute for agricultural research).
What is the most lucrative farming business in Nigeria?
2. Poultry Farming. Poultry farm ing is the process of raising domesticated birds such as chickens, ducks, turkeys, and geese for the purpose of farming meat or eggs for food. Poultry Farming in Nigeria is probably one of the most lucrative farming business you can do. The quick maturity of chicken presents one of the finest opportunity …
What is the most flourishing sector in Nigeria?
The agricultural sector is one of the most flourishing sectors of the Nigerian economy. With proper strategic planning, any individual having basic knowledge of farming and manufacturing operation can start a profitable agriculture business. You don’t need a huge capital or farmland to get into the agriculture business.
Why is maize important in Nigeria?
Maize is cooked in various ways and millions of Nigerians rely on this crop because it usually costs less than wheat and rice and other common grains and cereals. The importance of Maize production in Nigeria cannot be overemphasized. A lot of by-products are gotten from Maize.
How many consumers are there in Nigeria?
With over 160 Million consumers in Nigeria alone, the market is always there waiting to be tapped. The demand for poultry products such as eggs is so high that people go about every day looking for where to get the supplies needed.
Which country produces the most rice?
Rice Farming. Nigeria is the largest producer of rice in West Africa and the third in Africa after Egypt and Madagascar producing about 3.6 million metric tons on the average annually. Interestingly, Nigeria still falls short of meeting its local demand which is placed at about 5.5 million tons.
Is rice farming profitable in Nigeria?
Considering the fact that Nigeria has a huge market for rice, if you are looking for a lucrative agricultural business idea in Nigeria, you need to seriously consider entering the rice farming business which is undoubtedly one of the most profitable businesses in the Nigerian agricultural sector.
Is snail farming a niche business?
Snail farming in Nigeria provides one of the finest opportunity to make money within a short period of time. Snail farming is a niche and unusual business type of business.