Farming is the act of growing crops or raising livestock for either consumption or sale. Farming business has been a dependable source of human sustenance and income since before the discovery of oil in Nigeria. Though the Agricultural sector’s contribution to the country’s GDP stands at an abysmal 20%, farming remains one of the most lucrative businesses in Nigeria. To tap into this opportunity one needs vital information on cultivating and raising the right set of crops and livestock that are in high demand.
This article will provide an insight into five of the most lucrative farming businesses that can be done in Nigeria.
1. Rice Farming
Rice is a staple food that is consumed by about 55.4 percent of households in Nigeria, so the farming and sale of this carbohydrate is guaranteed to give you steady tangible income. Nigeria is currently the largest producer of rice in West Africa, a position it rose to after overtaking Egypt with about 8.4 million tonnes annually. Sadly, that figure is not enough to meet local demand, therefore making rice expensive in the country.
A macro rice farmer makes an average annual profit of N10 million while a small rice farmer will make an average profit of N2 million. This is proof that you can make millions in a year if you consider rice farming.
2. Catfish Farming
Catfish have a fairly wide market acceptance because they are typically the most-ordered Pisces in public places like football viewing centers, restaurants, gardens, event centres and open air relaxation spots.
On the average, catfish farming can generate N200,000 or more and it is very easy to set up as it can be done in your place of residence. It comes in different variations when being sold, eg; live, smoked, grilled and it is also put in peppersoup. If you have a catfish farm bear in mind that traders, business owners mostly buy in bulk and sell in retail either in the market or their food stores.
3. Poultry Farming
Poultry farming focuses on the raising of avian animals like chickens, turkeys, ducks, birds and geese. The ones in high demand among the group are chickens, followed by turkeys. Also they are sought after for their eggs, which can be fried or boiled. This is a profitable business because in a good month, a poultry farmer can make up to N100,000. This is usually the case during festivities like Sallah, Easter, Christmas, fasting period etc.
But at times when business is slow, you can go home with N20,000 to N30,000 at the end of the month. It is important to note that a plus side to poultry business is that the cycle for bird growth is much shorter than planting. It simply means that they grow and lay eggs in a shorter time than it takes for crops to grow for harvest.
4. Snail Farming
Snail farming is a largely untapped business though there is ample profit to be made from selling snails in Nigeria. They are usually costly to purchase even in farmers markets where most goods are relatively cheap because they are very dormant during the dry season. However, with the coming of rainy season, the demand increases because there was a longing for it during the dormant period.
With it being the most erstwhile agric business in the country, you can explore that opportunity to earn money within a short time. Furthermore, if you can successfully grow your snails in the dry season, you’d make a lot of money. Snail cultivating can be started with as little as N50k and you could earn as much as N200,000 to N300,000 per month.
5. Pig Farming
A pig farmer may be capable of buying a car after five months of business operations because even as a beginner you can make between N300,000 to N500,000 in your first month.
A robust pig is often sold for about N35,000 to N50,000, which makes it a very lucrative business. Pigs procreate easily and can produce 10 to 14 piglets in a single birth so you won’t have the problem of shortage. One of the byproducts of pig is pork and the pork market is worth over $3 billion in West Africa alone and 80% of that is sourced by importation.
The importance of food cannot be overemphasized as it fulfils a basic human need. However, while people and animals consume agricultural products, the real individuals smiling are smart agro-entrepreneurs who take advantage of the sector which is relatively untapped in Nigeria.
Many wonder which farming business they can venture into and the ones that can be started with affordable capital, the truth is most of them can be started with little capital, but all you have to do is begin on a small scale.
Whether you want to go into rice farming, pig farming or poultry cultivation, these are all areas that are known to generate reasonable sums with adequate planning and smart execution.