The fall in the international price of crude oil has made the Nigerian economy a mess. As companies continue to downsize and cut salaries, the country itself is moving towards other revenue streams. It’s a no-brainer that agriculture is the next big thing in Nigeria, and with people losing their jobs and businesses failing, one lucrative area to invest in is farming.
The term farming, may sound crude, local, and less-profitable. This was a grave assumption made in the past. Today, people know better.
If you’ve been down-sized, or are looking for a business to invest in, here are 5 profitable agricultural business ideas that you can start today:
1). Fish Farming:
Over 50% of Nigerian households will eat something that contains fish today. That’s right, Fish! This is a staple food in every Nigerian home and people eat it every week.
The fishes that are most highly in the demand are cat fishes and tilapia. There’s weigh more than enough market for them in Nigeria, and they will always sell out of your stock as soon as they’re grown, based on the buyer’s specifications.
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 products in Nigeria cannot be accurately quantified. The uses and demand far exceeds the supply.
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:
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. No wonder even an ex-president of Nigeria reportedly owns one of the largest poultry’s in Africa.
With a small space in your backyard and little cash to buy day-old chicks, you can start this agricultural business idea.
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:
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:
Did you know that over $500 million dollars worth of tomato pastes are imported into Nigeria every year? Yes, $500 million dollars! The answer is simple, the supply is far lower than the demand.
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.
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What are your thoughts on 5 agricultural business ideas you can start in Nigeria? Let me know by leaving a comment below.
Image source: fruitpickingjobs.com.au