Nigeria’s economy is a mess. Companies continue to downsize and cut salaries, graduates are unemployed and a whole lot more. It is a no-brainer that agriculture is the way forward for Nigeria, but it seems people forget that.
Farming may sound crude, local and not profitable. This is are just assumptions we made in the past. Today, people know better.
If you are looking to invest in agriculture, here are 5 profitable agribusinesses you can start today.
See also: Agriculture: The way forward for Nigeria
1) Fish Farming
Over 50% of Nigerian households will eat something that contains fish. Yeah! i know you are most probably thinking “it’s a lie” but believe me, it is true.
Catfishes and Tilapia are in high demand today. There is more than enough market for fish in Nigeria and a guarantee to sell out your stock (provoded your marketing strategy is lit).
The size of your fish farm determines how profitable you’d be. But with a large farm comes larger responsibility. 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.
See Also: Tips for successful fish farming
2) Cassava Farming
The demand for cassava products in Nigeria is on the rise. The uses and demand far exceeds the supply.
Cassava 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 (if not all).
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. I know we can all relate as we enjoy our Christmas chicken. 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. 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 consume a whole lot of grain products. From our morning oats to sunday afternoon rice and wheat. These are are standard meals that every Nigerian family consumes in a week.
What’s really surprising 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! Bachelor’s and students can relate to concussion rice and sauce we make daily with tomato paste.
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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Feel free to drop other profitable agriculture business ideas you can start in Nigeria.