8 Most Profitable Agricultural Business Ideas to Start in Nigeria
With several profitable agricultural business ideas out there, agriculture remains one of the most flourishing sectors in the economy. In 2019, agriculture contributed around 21.91% to Nigeria’s GDP. If you’re considering venturing into agriculture, here are some business ideas to consider in Nigeria.
Poultry farming involves rearing domesticated birds the likes of turkeys, chickens, ducks, e.t.c. These birds are raised majorly for egg and meat production. Therefore, poultry presents an opportunity for entrepreneurs to make a good profit within a short period.
When it comes to profitable agricultural business ideas, poultry farming ranks on the list. Although birds and chickens aren’t the easiest animals to breed, they are prolific. Take, for instance, an adult hen at three years old – this hen can lay at least six eggs per week.
Selling these eggs can fetch a decent amount of money. One advantage of poultry farming is that it’s pretty easy and cheap to kickstart. Its maintenance cost is relatively affordable and yet profitable.
Let’s face it, about 90% of households in Nigeria consume cassava every day, especially fufu and garri. This makes cassava a highly profitable agricultural business idea. In addition, cassava crops possess some nutrients other crops do not possess, making them grow well regardless of the soil type.
Therefore, when you have well-drained soil with some fresh cassava stems, you are guaranteed a bountiful harvest within 7 to 18 months post-planting. However, this range differs based on what cassava variety gets planted.
Some means of earning from cassava farming include processing cassava products such as starch, garri, fufu e.t.c. and venturing into cassava processing.
Although cattle farming isn’t something you can wake up one morning and start in your backyard, it is a very profitable business. In the Northern part of Nigeria, cattle farming is one of the most stable sources of income for small scale farmers. As profitable as cattle farming is, it is pretty expensive to run and maintain. Some environmental factors like overgrazing and the cost of maintenance can make the business quite hard to run. In return, these factors can also contribute to a reduction in profit margin.
If you’re thinking of a profitable agricultural business idea that will yield immediate benefits, cattle farming might not be your best bet. However, if you’re thinking long term investment, cattle farming is a great idea.
One of the most common foods among Nigerians is rice. It is a popular Sunday meal in this part of the world. Rice farming is one business you can start and make millions of naira from effortlessly. Some great examples are Thailand and China, making such massive profit from supplying rice grains to other countries.
As it stands, Nigeria is one of the leading producers of rice in Africa. In addition, Nigerians are also one of the highest consumers of rice in the world.
Rice farming goes through several processes, from planting to harvesting. However, the result is definitely worth the wait. Rice is one foodstuff that has undergone a significant increment in price yet, this has never affected the demand for it in the country.
Nigeria has millions of people consuming fish daily. It is considered a healthy substitute for meat. This, alongside other factors, has made fish farming a profitable agricultural business idea in Nigeria. The cost of starting up a fish farm is on the high side, but the return on investment is worth every amount invested. There are different types of fishes in Nigeria when it comes to fish farming.
One of the most common and profitable fish types is catfish. The demand for catfish is rising daily and is consumed in different areas like restaurants, football viewing centres, e.t.c. Also, several market women purchase them in bulk and sell at a retail price either as smoked or live catfish. Therefore, people who venture into catfish farming have very little to no problem selling their products.
One food product with constantly unstable price in Nigeria is Tomato. Despite the fluctuation in price, tomatoes have never gone out of demand. Tomato farming is not only profitable, it can also be combined with Onion and Pepper farming which in return is even more profitable. If you’re considering venturing into vegetable farming, tomato is a great option to yield profitable results.
When you think about profitable livestock businesses, pig farming is a great option. This is because pigs are fertile breeders and can reproduce as much as 10 to 14 piglets all during a single birth. Furthermore, pork meat has a great demand because it is a healthy protein source and very tasty. Despite this, pig farming still has a lot of untapped revenue in Nigeria, making it a great business area to venture into.
Snail farming is one of the most lucrative agribusinesses to venture into in Nigeria that can be started with low capital. One would think this business area would be significantly explored, but that is not the case. If you’re looking to start a business that’ll fetch you money within a short period, snail farming is a great start. Snails are pretty dormant during the dry season, which makes the demand higher and, in return, more expensive. What better time to venture into snail farming than when demand is on the rise?
Nigeria is a huge market for agricultural businesses. Regardless of what niche and location you find yourself in, it is still worth a shot. All it takes is the right input to achieve the desired output.