Agricultural business is very lucrative and it will continue to be so because there is a never-ending demand for food. But it is very broad which means there are many categories for a business oriented person to choose from eg, Cassava farming, poultry farming, pig farming, etc.
There are more than 7 billion people in the world and all of them need to eat everyday, which makes agriculture one of the most flourishing sectors of any economy.
Interestingly, in Nigeria, the Agricultural sector contributes just a little over 20% to the overall GDP, though it can be much more if the country scales up production and embraces mechanised farming nationwide.
To succeed in any agricultural business, you should do market research, have a business plan, engage in strategic planning, and have basic knowledge of farming and manufacturing operations.
You can start any type of agricultural business with big capital, small capital or no capital at all. For the latter part, you can make use of the piece of land in your backyard, and start by planting some crops in small or vertical containers to get the most out of your space.
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This article will itemize six businesses in the agricultural sector in Nigeria that are lucrative to delve into in 2023.
1. Rice Farming
Rice is Nigeria’s most common staple food. The country is the third largest producer of rice in Africa after Egypt and Madagascar producing about 3.6 million metric tons. Also, Nigeria is the largest producer of rice in West Africa and it still falls short of meeting its local demand, which is about 5.5 million tons.
For anybody looking to become millionaire in Nigeria which has a vast market for the product, rice farming business should be your first choice.
2. Cassava Farming
Cassava is what is used to make ‘Garri’ which is consumed in every state of the country, both rural and urban areas. The diverse use of cassava products makes cassava farming very lucrative.
90% of Nigerian households consume cassava products every day. Apart from garri, some meals made out of cassava include fufu, wheat flour, animal feed, etc.
3. Snail Farming
As profitable as selling snails can be in Nigeria, it is one of the most neglected animal-rearing businesses. Snails are usually costly to purchase in markets, even in farmers markets where most goods are relatively cheap because they are very dormant during the dry season. This means that with strategic positioning to the right clientele who like consuming snails, you can make huge sums of money within a short period of time.
However, whenever the rainy/wet season begins, the demand for snail increases because there was a longing for it that was not satisfied when it was scarce.
4. Poultry Farming
Running a poultry business entails raising domesticated birds such as chicken, turkey, duck and geese for the purpose of selling their meat or eggs. This is one of the most lucrative agricultural businesses as it boasts of having more than 160 million consumers in Nigeria alone.
Entrepreneurs can tap into the opportunity to make good money as there is always high demand for poultry products during festive seasons, private celebrations, public holidays, weekends and on a general basis. There is no day people visit the market that they do not go searching for one poultry supply or the other.
5. Catfish Farming
Catfish farming is just one category of fish farming business which is the breeding of variety of fish for sale and or consumption. People like to eat catfish in places where food is sold, because they are juicy, soft, and tasty. If you go to football viewing centres, gardens, open air relaxation spots, catfish is often sold together with a pepper soup or it can be smoked and served with fried potato and or yam.
Many people are unaware that catfish can be grown on a small farm, just outside your home and so long as you feed them you will be making thousands weekly because there’s a very high demand for catfishes from owners of the abovementioned establishments.
6 Pig Farming
Pig farming in Nigeria, particularly the commercial one is a very profitable livestock business because the animal is a prolific breeder that can deliver 10 to 14 piglets in a single birth.
Pig meat known as pork is found in many of your daily snacks; like sausage rolls, meat pie. In West Africa alone, pork meat accounts for about $3 billion in consumption value.
Conclusion
A key tip to starting any agricultural business and excelling at it, is to look at your capabilities and readiness to meet the demands of the target market.
You need to ask yourself which of them you can easily start and execute with minor or no challenges so you can become realiable and grow in no distant time.
Like it was said earlier in this article, there will always be inherent profitability in the agricultural sector in Nigeria as food is a basic human need and entrepreneurs are exploring numerous categories, from poultry farming to fish farming, maize farming and rice production, they are all relevant in today’s food business.
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