7 Profitable Agricultural Business Ideas in Nigeria
Agriculture involve the growing of crops and raising of animals for human benefits. In Nigeria today, agriculture constitutes about 1/3 of the Nigerian economy. But, it wasn’t always this way- the strength of the Nigerian economy lied beneath her agricultural treasures. Infact, it was these resources that led to the European scramble for colonies in West Africa. It was not until the discovery of crude oil did the national interest swing out of from agriculture on a massive scale.
Guess what, the stone the builders rejected has become the cornerstone. Following the recent downturn of global oil price and the huge mess the Nigerian economy has plunged into, the most feasible hope of the Nigerian economy is agriculture; her first love.
Brothers and sisters, agriculture is the next big thing in Nigeria. Whether person die or live, we must chop. Whether person marry or divorce we must chop. As long as man chop, agriculture must thrive.
Agriculture may sound old fashioned and less lucrative, but that was one of the biggest blunders we made in the past.
If you have been considering agricultural businesses you can invest in or startup now, here are top lucrative business ideas:
1. Fish Farming:
Fishes are the most widely consumed product by households. In a day, over half of the Nigerian households are sure to consume food containing fish. Thats right!
Usually, cat fish and tilapia are in higher demands compared to other species of fishes. If you are thinking of dealing on them, you’ll never run out of patronage.
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 fishes on a daily basis. This agricultural business idea is one you can start today.
2. Cassava Farming:
The demand for cassava exceeds the available supply by an unimaginable margin. Do the analysis yourself, cassava is used as abacha, cassava is used for akpu (an African delicacy)
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:
Onlly 30% of the consumed poultry products in Nigeria are locally produced. That speaks alot. Nigerians consume chicken way more than the production capacity. There can never be enough poultry farmers to feed the whole country. This is why the government has been embarking on series of agriculture empowerment schemes. 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. .
The best part of the poultry business is that there’s no limit to scale you can operate on. You can start right in that small space at your backyard
Poultry farming in Nigeria and Africa as a whole is one of the most highly profitable agricultural business ideas you can start today!
4. Grain Farming:
You see how Nigerians import tons and tons of bags of rice every now and then? That’s a clear indication that our very own local production is not even enough. Some people wrongly assume that the locally produced rice is less preferred compared to the foreign rice. Thats wrong on many grounds. Firstly, the foreign rice is readily available, automatically it will have a higher stock turnover.
Nigerians and Africans as a whole consume millions of tons of rice, wheat, and oats every year. These are standard meals that every African family consumes in a week. In Nigeria for instance, almost every home eats rice on Sunday afternoons. Most other homes consume wheat everyday, and others consume oats. These meals account for a very large volume of food consumed in the country.
What’s more interesting is the fact that Nigeria still imports thousands of tons of grains everyday. In 2013 alone, Nigeria imported wheat worth $1 billion dollars. This shows the true potential of grain farming and it’s possibilities. Widespread local production can cut the importation by half and create thousands of millionaires from growing grains alone. This is one lucrative agricultural business idea you can startup.
5. Tomato Farming:
Over $500m worth of tomato paste (both satchet and canned) are imported into Nigeria annually. Did I see you grin? Yes! $500m worth. Even at that we still do not meet the overall demand for tomatoes. There’s just enough space for every Nigerian to go into tomato farming and we’ll still have a shortage of supply.
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.