There are so many lucrative agricultural businesses you can think of. We are going to focus on the 8 Lucrative agricultural and farming business ideas in Nigeria for Entrepreneurs. It is fact that the agricultural sector contributes more than 20% of the Gross Domestic Product (GDP) of the country.
The agricultural sector under the federal ministry of agriculture can be described as one of the most growing sectors in our economy. Farming requires serious strategic planning and basic knowledge of farming for you to commence your agribusiness.
Starting an agricultural business does not require huge start-up capital. With the basic knowledge and a little piece of land, you can plant some crops either in bags, containers or on the piece of land available to you.
Reasons For Farming As A Business In Nigeria
There are so many reasons why you should engage in agriculture as a business in Nigeria. Some of the reasons are as follows:
- Nigeria has a large population of over 200 million people more than any other African country.
- The entire population of people living in Nigeria rely on stable foods and any other agricultural produce for sustenance and daily meals from the farm products
- There is a large expanse of fertile and fallow land in Nigeria which can be used for agriculture. Nigeria is considered to have the expanse of land available for farming.
- The Nigerian government has shifted its focus to promoting farming and all agro-allied businesses in the country. This development is to help reduce the rate of importation of food and also to boost food production.
- Different schemes have been provided to encourage those people to invest in agriculture.
List Of 8 Lucrative Agricultural And Farming Business Ideas
The following is the list of 8 lucrative agricultural and farming business ideas in Nigeria in no particular order.
Cassava farming is one of the 8 lucrative agricultural and farming business ideas in Nigeria. The use of cassava products and their by-products in Nigeria for different purposes has recently increased. Cassava farming has become so lucrative because of the high demand for the products. Cassava has been the main source of food for Nigerians. Over 90% of Nigerians consume cassava products either as garri or fufu on daily basis.
Some of the products made from cassava are wheat flour, garri, fufu, animal feed, commercial caramel etc. There has been an increase in the demand for cassava products due to the increase in the population of Nigeria and Africa at large. All these increases have led to a corresponding increase in the revenue generated by farmers. Are you in search of agribusiness to venture into? Look no further because cassava farming is one of them and you are sure of selling all your harvest per time.
This is the process of raising domestic birds such as turkeys, chickens, geese etc to produce eggs for food and meat. Poultry farming is among the 8 lucrative agricultural and farming business ideas in Nigeria for upcoming entrepreneurs.
Poultry farming is very profitable and doesn’t need much capital to start up. The maturity period for the chicken is very short and an investor will be able to make good money and recoup their capital within the short period.
Most Nigerians depend largely on poultry farming for their source of protein(ie egg and meat). The demand for eggs daily is so high that we still depend on importation to make up. Poultry farming is very lucrative and still untapped.
Rice farming is one of the 8 lucrative agricultural and farming business ideas in Nigeria. Nigeria is recognised as the largest rice producer in West Africa and the third in Africa after Madagascar and Egypt which produces about 3.6 million metric tons of rice annually on average. Nigeria was seen as the largest producer of rice but still cannot meet the local demand for rice in the country which is about 5.5 million tons annually. There is a huge market for rice in Nigeria thereby making it lucrative for entrepreneurs to invest.
Snail farming is among the 8 lucrative agricultural and farming business ideas in Nigeria you can start with low capital. It is the most neglected type of farming business in Nigeria. It is one of the sources through which entrepreneurs can make money within a short period.
Snail meat is very expensive and scarce to find. It is easily seen during the rainy season and becomes scarce during the dry season.
There are so many types of fish in the country. Many people still prefer catfish as a source of protein because the meat is always tasty, Juicy and soft. Catfish farming is one of the 8 lucrative agricultural and farming business ideas in Nigeria which is very easy to grow on a small scale. As a beginner, you can even start up your catfish farming at home with improvised fish ponds using plastic containers.
The demand for catfish is not seasonal because it is consumed all year round. Most restaurants, football viewing centres and market women buy catfish in bulk and sell in retail. It can be sold as smoked catfish, or as live(point and kill). So many others demand catfish for their family or personal consumption. I will advise entrepreneurs to engage in catfish farming because it is lucrative and you can sell off your fish farm product easily since the demand is always high.
Maize is commonly known as corn. it is one of the 8 lucrative agricultural business ideas in Nigeria. The maize farming business has grown in Nigeria over decades. It is one of the most popular food crops in Africa. Maize also known as corn can be prepared and served in different ways like roasting or boiling.
Many Nigerians prefer maize to other cereals crops because maize is cheaper compared to wheat, rice and other cereals. Maize has a lot of by-products. Pap, corn oil, Alchohol, corn flour, Animal/ Livestock feeds, Custard, Coron Powder and Cornflakes are all consumables that can’t be gotten through maize.
Pig farming is one of the lists of 8 lucrative agricultural and farming business ideas in Nigeria. It is a livestock rearing business. Rearing pigs on a commercial scale is very beneficial because Pigs are productive breeders that can produce more than 10 piglets in a single birth.
Pork (Pig meat)has a high demand because meat is a good source of protein better than red meat. It is on record that West Africa alone consumes about $3 billion worth of pork meat which is equivalent to 80% and is imported.
Honey Bee Farming
Honey Bee farming is also one of the 8 lucrative agricultural and farming business ideas in Nigeria. Honey is very expensive and difficult to get the original. If you have a little space in your backyard, you can use it to start a honey farm if you are not allergic to bee stings
There is an increase in the activities of the agricultural sector of the economy. So many people are taking up various ares of agriculture and are developing and transforming them. The 8 lucrative agricultural and farming business idea in Nigeria listed above are just a handful. There are still some others which you can invest in and make your money.