10 Most Profitable Agricultural Business in Nigeria

Coins with growing crops on them

Profitability is what you make it to be and the most lucrative Agricultural business in Nigeria is based on a better understanding of either the crop or animal you intend to venture into. The truth is there is a whole lot of market available for you to start making good agricultural profit in whatever agro product you intend to start marketing. Nigeria has a growing population that needs feeding, there is a rising population and there are data to back it up.


Keyword : Agriculture, Business, Profitable, Nigeria.

Nigeria population forecast (2012-2022)

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These statistics gives a brief figure on the total population of Nigeria from 2012 to 2022. As of 2012, the total population of Nigeria amounted to approximately 164.75 million inhabitants and an estimated 216.1 million inhabitants in 2022.

This data has proven that there are so many opportunities to harnesses in the agriculture industry both now and in the future. Nigeria population if utilized appropriately has the potential of turning any agricultural business into a gold mine.


What is the Best Agricultural Business to Venture into?

These are based on demand and the higher the demand for a particular agricultural product the better the Return of Investment (ROI). I remembered some few years back I choosed to start a business that has a longer ROI and the raw material can be only converted to only a few things that the Nigerian market wasn't ready for, to cut the whole story short the project was abandoned due to my in experience as of then. Most of all the crops that will be mentioned will be based on the said crop popularity in  the Nigerian market or the world at large. These Agricultural products bring in billions of naira and even billions of dollars in the world market.

1. Rice Farming : 

Everybody eats rice, in fact Nigeria is one of the highest rice consuming nation in Africa prompting our government to invest heavily in rice production. According to statistics rice is the third most cultivated crop in the world, making it a very viable agricultural crop to venture into. As we all know maize is the first. Nigeria as a Nation produced 7.2 million metric tons of Rice grain as of 2018 making them one of the leading producers in Africa. 
2017/2018 grain crop data

“The Central Bank of Nigeria facilitated a N250 billion intervention fund for the BoA which is being disbursed through the Anchor Borrower’s Programme. In 2017, we disbursed about N100 billion to farmers, and we have also disbursed about N50 billion so far in 2018,” Akenzua said.
According to Bank of Agriculture, Nigeria  has saved a whooping 800 million dollars in just two years. [1]
The Nigerian local rice has been embraced by the Nigeria market enriching many local farmers, the price of 50kg of local rice varies between 15,000 Naira to 17,000 Naira as of the time of writing. There is always room for more hands on rice farming because demand outweighs supply. 

Read Also:Rice Farming in Nigeria (Beginners Guide)


2. Maize Farming :

Zea mays is the most cultivated crop in Nigeria when it's in season. Nigeria is the leading producer of maize in Africa with a yearly production of more than 8 million metric tonnes [2] and it's potential in the Nigerian market are endless. It can be processed to meet the needs of the home and also commercially. For instance, you have an opportunity to supply maize grains to a poultry industry for feed formulation, that's money in abundance. Maize as a crop is the most cultivated grain in the world, with a yearly cultivation of 1,033.74 million metric tonnes. The potential of this crop is endless and maize farmers who know their stuff always smile to the bank as most maize varieties do take 3-4 months to attain maturity.


3. Cassava Farming :

Who doesn't eat Garri, this African crop has been our pride in so many ways. Seriously I haven't been to a Nigerian home without finding at least a cup of Garri starched somewhere in the kitchen. That tells you a lot of the things about these crop. It is highly utilized in so many ways and the potential income from it as a raw material and also as a refined product are endless. Cassava farming when done right is very lucrative and it's potentials are endless, the market can accommodate anyone with little or no experience because the consumption of these crop as a refined substance is endless from an African man's point of view.
Farmers can make as much as 20 to 25 tonnes per hectare if they follow certain cassava related agronomic practices.
A tonne of cassava goes for 25,000 Naira so let's say your yield/ hectare was 22 tonnes (22 x 25,000) = 550,000 Naira and your production cost took about 200,000 Naira, when we do the subtraction we end up with a Profit = 350,000 Naira.


4. Poultry Farming :

These is one of the hit but you will never miss business in Nigeria, you can start with little and end up much money. In 2016, production of poultry meat for Nigeria was 212,335 tonnes, and these statistics is ever-increasing due to our rising population[3] . The profit in poultry can rise from 50 percent to a 100 percent depending on the management applied to your birds. The beauty about poultry farming is that you don't need a large area of land, it can be set up intensively using a battery cage system and wood shaven. The potential of poultry farming are endless and people who are in it commercially are making good money from it. You can supply eggs or meats for eateries, you can even go further by making barbeque in which you could sell, these alone can give you extra cash. How I love chicken. 

5. Fish Farming:

My list will be rendered invalid without fish farming. The potential of these business is enormous, in fact fish farming like any of this mentioned crop can make you retire early due to its ability to pay you more than your job. Nigerians are heavy consumers of fish, be it Tilapia or Cat fish which is the most popularly grown in Nigeria. Fishes can be processed in many forms and its business opportunities are unending. The profit in fish farming can be as high as 100 percent making it one of the go to money making business. 

6. Plantain Plantation:

When I see a plantain plantation all I see is money, this crop just needs to pass the first stage of growth and when it is matured enough to start bringing fruits, it starts paying your bills year in year out with little maintaining. The people that are into plantain production are sitting on a gold mine, and they know it. They know that plantain gives, even with little care. This crop has a large market in Nigeria though some people say they don't eat plantain because of heart burn, I believe that out of 100 Nigerians, 80 will be willing to incorporate plantain into their meals. Plantain can be roasted, fried, boiled or even processed as chips or flour. The market is always open to profit plantain farmers. 

7. Goat Farming:

Goat farming is as lucrative as mining gold and the beauty is that the market isn't saturated. I won't be talking much about these, but this animal can be utilized for meat, Fibre and its dairy product. Nigeria is the highest producers of goat meat as of 2008 data gotten. 

8. Cowpea Farming :

Cowpea also known as Vigna unguiculata is the most populous leguminous crop in Nigeria. This crop is well cultivated in many areas of Northern Nigeria, it's potential are endless. It is found in every home and I can remember vividly when my mum always told me to eat beans that it's protein content will make me grow. A 50 kg bag of beans ranges from 17,000 to 28,000 Naira, this depends on the location and variety of cowpea. The price of cowpea is about 10 percent higher than a bag of rice and 20 percent higher than a bag of Garri respectively. Farmers expecting a good cowpea harvest should be ready to smile to the bank. Because this crop gives you what ever you give it. 

9. Ginger Farming :

Weird right? Yes ginger is in my list of gold mine crops, and they are in this list because of their health benefits. People are more aware of the potentials of ginger to the health making the demand of this crop to sky rocket. These is a root crop, as long as it is in the ground it keeps multiplying making it one of the most productive crop to cultivate. Ginger market is still under saturated making it easy for business minded farmers to easily climb the success chain. 

10. Cucumber Farming :

Cucumber farming isn't new to us and it's one of the crops in which the ROI is huge. These crop can give you more than a 100 percent profit in cash and according to market survey, cucumber consumption can only get higher as the years goes by because of it medicinal purposes such as its ability to fight against bacterial and fungi on our skin to mention a few. When managed properly it can make you smile to the bank, that was why I went further by writing a blog post on;

Bonus

11. Citrus production:

Blessed is the farmer with a citrus plantation, be it grape, orange, lime, lemon, tangerine to mention a few. These are tree crops and the take a minimum of 3 to 4 years (improved variety) to start reaping from your hard-earned effort. Citrus crops are evergreen and some of the varieties can bear fruit twice a year making it one of the most profitable crops to venture into. There is little when in comes to growing tree crops and farmers that have a citrus plantation are wealthy farmers. 

That's it about the most profitable agricultural business venture in Nigeria L. Their ROI is high and their market demands are endless making them an evergreen money making venture when done right. 

Disclaimer: this is a rough estimate and it does not in any way reflect the current production cost. 

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