The Agricultural sector in Nigeria is very productive and profitable despite the unpredictable factors such as weather, labour, market price and biological factors.
With the recent economic recession in Nigeria, focus has shifted gradually from other sectors in the country to the agricultural sector which has experienced tremendous investment from both the government and private individuals running in millions. There is nothing as fulfilling as growing crops and rearing of animals for the ever increasing and demanding population in Nigeria.
In Africa, there is no other country that the agricultural sector is as productive and profitable as the Nigerian agricultural sector. The sector creates great opportunities for entrepreneurs who wish to go into agriculture; as farmers in Nigeria have a great advantage due to the high demands of agricultural products.
Why you should consider investing in Agriculture in Nigeria.
ü Nigeria, having one of the biggest and largest expanses of land in Africa with about 910,770 square kilometres of land. About 80 per cent of this expanse of land across the country is fertile making it available for agriculture (farming).
ü To promote agriculture in Nigeria, the federal government has encouraged the production of agricultural products and stopped the importation of food; by giving help to agricultural entrepreneurs as they are gradually shifting from the oil sector and other sectors in the economy to the agricultural sector due to the recent recession experienced in the country.
ü With a population of over 180 million people; more than 70 per cent of this population purchase farm products from the market as they mostly depend on agricultural products locally cultivated.
ü In the nearest future, due to the high investment in the agricultural sector; exportation of farm products will boost the income of farmers locally and internationally.
There are many profitable and productive businesses in the Nigerian agricultural sector that yield high profit. Each of these opportunities have various business sub divisions attached to them which is yet to be discovered and maximized properly to earn more income.
I have carefully outlined different lucrative business opportunities in the Nigerian agricultural sector which includes the following:
· Poultry Farming
Though poultry farming is commonly practised in Nigeria; a lot of people are yet to discover and fully maximize the business prospect in poultry farming. More focus is given to rearing and selling of the birds while less attention is paid to other areas of the farming practice such as egg production, incubation and feed production.
· Livestock Farming
This business has a lot of task and as well yield its interest in the long run. However, the demand for the end product such as skin, meat, milk is relatively high. This business requires a sizeable and comfortable area because of the nature and size of the animals reared.
Animals such as cattle, goat, sheep and grass cutter feed on grass which is in abundance in the country thereby saving the cost of feeding the live stocks.
· Rice Farming
Rice is one of the most widely consumed food in Nigeria. Over the years, Nigeria has spent billions of Naira importing rice which led to the current ban of rice importation to boost local production.
With the high demand of rice, an entrepreneur who decides to go into rice farming will make huge profit. Currently, 50kg bag of rice goes for 17,000 naira. If a farmer is able to produce 100,000 bags of rice in a year and sells at wholesale price of about 15,000 per bag. He will be making 15,000 multiply by 100,000= 1,500,000,000.
Rice farming is very lucrative and yields high profit.
· Cassava Farming
Just like rice; cassava is another widely consumed food in Nigeria. Garri which is very popular in Nigeria is produced from cassava as well as other products but the demand for garri is excessively high.
A bag of garri cost almost the same price as a bag of rice. Cassava farming can produce almost the same profit as rice if properly managed.
· Aquaculture Farming
Many Nigerians, mostly the elderly citizens’ demand for seafood as it is suitable for their health. Aquaculture farming consumes a lot of time and attention and may as well be stressful. I can promise you that it is simpler and easier than it looks.
Aquaculture farming does not only incorporate fishes; it includes prawns, shellfish, shrimps and aquatic plants. To start this business you need to be familiar with the basic knowledge of aquaculture farming. There is really no need to worry about the profit because the demand for fishes, shrimps and other seafood is rising daily and the profit is very much favourable.
Entrepreneurs and investors who wish to invest in agricultural businesses should invest and be serious with the business as they will be smiling to the bank with huge profit to contend with.