In recent years, farming in Nigeria has undoubtedly shown to be a successful industry, generating employment and opportunity for business people who are wise enough to enter the area. 10 lucrative agricultural businesses to start this year.
One of the most prosperous segments of the Nigerian economy is the agricultural industry. A recent move by the Nigerian government to support agriculture in the country has empowered many young people and provided others with proper training in food production. Anyone with a working knowledge of farming and industrial operations can launch a successful agriculture firm with good strategic planning.
10 lucrative agricultural businesses to start this year
One of the most profitable agricultural ventures you can launch in Nigeria today with minimal capital is snail farming. Nevertheless, it is one of the most disregarded animal breeding industries in the nation.
In Nigeria, snail farming is one of the best options for quickly making money. A specialized and uncommon business model is snail farming. Since snails are relatively inactive during the dry season, they become increasingly rare during this time, and the market is starved of sufficient supply until the following rainy season, it is quite expensive to acquire snail for eating.
The ability of plantain to continue producing forever after being planted makes it special. In Nigeria, plantains are a popular food, much like rice and garri. Nigeria has a vast population, thus any dish that is popular there generates a lot of income.
The chance to make money from plantain farming is not actually being taken advantage of by Nigerian farmers. In Nigeria, plantains are quite expensive and in high demand all year long. To manufacture your products, you can fry, boil, roast, or even bake it. Evidently, millions of Naira are sitting dormant and untapped in Nigerian plantain farming.
Nigeria produces an average of 3.6 million metric tons of rice yearly, ranking third in Africa behind Egypt and Madagascar. Nigeria is also the major producer of rice in West Africa. It’s interesting to note that Nigeria still can’t meet the estimated 5.5 million tons of local demand.
Given that Nigeria has a sizable market for rice, if you’re looking for a profitable agricultural business idea in Nigeria, you should give starting a rice farm significant consideration. Rice farming is unquestionably one of the most lucrative agricultural enterprises in Nigeria.
Any businessman that invests in rice growing and does it well will undoubtedly be grinning from ear to ear. Depending on the quality, a 25kg bag of rice is currently marketed for between N16,000 and N20,000. If a farmer in Nigeria is able to engage in large-scale rice production and is able to sell 100,000 processed rice bags at a wholesale price of roughly N13,000 per bag, he will earn 13,000 x 100,000 = N13,000,000,000.
One of the most lucrative agricultural ventures that you may launch with little capital and space requirements is mushroom farming. Because, mushrooms take less space to grow and can be started with N15,000 to N50,000, depending on how big you want your mushroom farm to be, it is less expensive to set one up.
According to data from the National Farmers Information Service (NAFIS), Nigeria only produces 300 tonnes of mushrooms annually compared to a requirement of 1,200 tonnes. The produce will undoubtedly attract a ton of customers if it is made available in the market because it has significant nutritional, health, and cultural significance for the majority of Nigerians. 10 lucrative agricultural businesses to start this year.
There are many different types of fish that are raised in Nigeria, but many people choose catfish because of its tender, flavorful meat. However, not everyone is aware that you can start catfish farming at home and that this species can be developed easily even at a tiny fish farm.
Every year, there is a huge demand for catfish. Restaurants, bars, football viewing areas, and market women, who purchase in bulk and retail either live or smoked catfish, are the main consumers of the product. Additionally, many want catfish for their own eating. You’ll never have a problem promoting your items if you practice catfish farming.
Raising domesticated birds like chickens, ducks, turkeys, and geese for the production of meat or eggs is known as poultry farming. Nigeria’s poultry industry is arguably one of the most lucrative in the world. One of the best opportunities for business people to generate good money quickly is provided by the chicken’s speedy maturation.
There is no need to explain how profitable raising chicken is to anyone. But it has not yet been properly tapped. What we currently have are a few sparsely spaced, poorly managed poultry farms. Entrepreneurs that can ignite major investment into this industry will face enormous profit. Nigerians consume alot of chicken, and imports still account for 70% of our total consumption. The egg is another treasure trove! Nigeria alone has over 160 million consumers, therefore the market is always open and ready to be exploited. People search for sources of the necessary supplies every day because there is such a huge demand for poultry goods, such as eggs.
One of the most lucrative and successful animal industries in Nigeria is pig farming. Pigs are particularly productive breeders and can give birth to 10 to 14 piglets in a single delivery, making commercial pig farming advantageous.
Since red meat is an essential source of protein and is also delicious, pig meat (or pork) is in exceptionally high demand. West Africa’s pork market alone has a consumption value of around $3 billion. Of that, imports account for 80%. There are a lot of untapped revenue opportunities there. 10 lucrative agricultural businesses to start this year.
BEE KEEPING AND HONEY PRODUCTION
Honey bees may produce a lot of honey, and selling honey is also a successful business venture for those who aren’t allergic to bee stings, are short on cash, and have a little backyard area available for bee farming.
One of the world’s oldest sweeteners is honey. Fortunately for us, it also has a wide range of uses and health advantages. In this rapidly expanding world, commercial beekeeping on a wide scale is becoming more popular as a business idea.