How To Start A Lucrative Castor Farming Business In Nigeria: The Complete Guide
The Castor bean plant is a wonder plant whose its uses are limitless and precious.
Much of the production and consumption of castor products is done by countries like India, which produces about 1,568,000 tons of castor oil.
In contrast and in terms of exportation, countries like Jamaica, Singapore and Ukraine take the leading spot, and countries with the highest importation rate include Philippines, Belize, and Saint Lucia.
Given that the castor oil plant is one which thrives on soils that other food crops don’t grow well in, this makes room for a great opportunity for Nigerian farmers to explore.
Nigeria as a nation spends over $90 million dollars on the importation of castor oil yearly, showing a weak production power for the crop.
What Is Castor?
Castor (Ricinus communis) is a seed cultivated around the world because of it’s precious oil potential.
It is a herbaceous plant that can be grown as an annual or perennial crop, depending on the weather and type of seed used.
What Is Castor Farming?
It is the complete process of growing the castor plant, harvesting and exporting.
Business Opportunities Available In Castor Farming
1). Cosmetics Production:
Among many of its uses, castor products are used in the production of cosmetics as it can enhance the absorption of other cosmetic ingredients. It also makes an excellent moisturizer, thus having more value in the cosmetics industry.
2). Soap Production:
Castor is used in soap as it is known for its cleansing properties. It is a common ingredient in soapy products such as solid bubble bath.
3). Machine Lubricants:
The castor plant is rich in unique oil properties, and this could be very effective as a lubricant for various forms of machinery.
Castor oil is commonly used as a laxative and for the induction of labour. It is rich in many health properties and acid, which increases its validity.
5). Production Of Biofuel:
Castor bean has been used for many years as an industrial oilseed crop in the production of biofuel because of its high seed oil content, unique fatty acid composition and as well, potentially high oil yields.
Facts And Benefits Of Castor Production In Nigeria
- Castor oil accounts for 0.15% of the world production of vegetable oils
- World consumption of castor oil increased more than 50% during the past 25 years, rising from around 400,000 tons in 1985 to 610,000 tons in 2010
- It represents 0.15% of the vegetable oils produced in the world
- Helps maintain healthy hair and scalp
- Prevents acne
- Castor oil helps in balancing hormones in the human body
- Castor oil can be used on wounds to speed up healing and protect against infections
- Reduces causes of migraine
- Contains anti-inflammatory properties
- Serves as a laxative which helps in relief of the bowels
- It acts as a skin and hair hydrant
- It is the only commercial source of a hydroxylated fatty acid
Types Of Castor Plants
There are many types of castor plants, some of which include:
- Carmencita pink
- Carmencita bright red
- Carmencita rose
- Gibsonii new Zealand purple
- Red spire
How To Start Castor Farming In Nigeria
1). Land Preparation:
Clear the land of all weeds, bushes tree stumps and any other substance that could hamper the growth of the castor plants
Choose healthy mature seeds from a parent plant, to be sown on the farmland, about 7cm deep and a spacing of approximately 1m, for proper growth of the plants
3). Fertilization And Irrigation:
For best growth and produce the use of organic fertilizer should be applied, these include compost or animal dung; industrial fertilizer can also serve. In a case of steady rainfall, this would be good for the crops, but in a situation whereby this is absent, proper irrigation comes into play. Water should be made available until 2-4 weeks before harvest.
It takes 5-6 months for castor to attain maturity, and the harvest is done during the dry season. Average yield is about 3000kg per hectare. After harvesting the seeds are then adequately dried and preserved.
Challenges Of Castor Farming In Nigeria
Here are some challenges that can affect starting castor farming in Nigeria, Africa, or many other places around the world:
- Pest and diseases
- Lack of government support
- Lack of funding for large scale production
- Lack of a highly favourable market
- Lack of highly equipped storage facilities
- Lack of efficient production mechanisms
- Not popularly known
- Absence of a vast ready market
- Poor funding of research activities
- Bush burning
- Lack of capital for large scale production
- Lack of easy access to the international market
- Instability of the international market price
- Lack of adequate widespread knowledge on how to produce high-quality products
- Lack of funds to import international standard processing machinery
- Thieves and criminals
To Sum It Up
The castor farming business in Nigeria can be a lucrative and profitable venture to start-up, due to its vast market demand and on your own ability to build a wide supply chain network. If you’re looking for a farming business to venture into, the castor farming business in Nigeria is a great option to explore.
Trying To Secure A Business Loan? Finance? Or Investment?
You can now greatly increase your chances of geting the loan/investment you need with our bank and investor ready professional MBA standard business plan writing service
Writing a bank and investor ready professional castor farming business plan can be challenging. If you need a professional and affordable business plan service, StartupTipsDaily’s MBA standard professional business plan writing service is perfect for your small business.
All you have to do is request an understanding of your proposed business model, and you’d have a professional MBA standard business plan ready for you in anywhere from 5 to 14 days. You can click here to get started with using StartupTipsDaily’s professional business plan writing service to create the perfect business plan that’d get accepted anywhere.