Do you know that Agricultural business which Is also known as agribusiness is one of the most lucrative business in the world? though there tens of niches under the agricultural business.
In this article we will talk about some some agricultural business you can venture into, and you can always check back for other sub niches because i will going deep on poultry farming soon.
Today, I will be writing on profitable agribusiness that you can quickly start. So if you are fascinated in starting up Agricultural business, you are at the right place. All you need to do is to make your choice.
IS AGRIBUSINESS A PROFITABLE BUSINESS?
In countries like Australia and USA, Farmers are among the wealthiest people.
In Liberia, agricultural accounts for over %70 of the economic GDP, and Brazil is the largest beef exporter. The list goes on and on with countries sustaining their economy with agriculture through productive individuals like you.
The good news is that agribusiness is more profitable at the moment than it used to be due to the numerous technological changes that have evolved in the last few years.
These changes also brought so many other profitable agribusiness opportunities with them which includes, leasing of agricultural equipment, fertilizer distribution to mention a few.
CAN AGRICULTURAL BUSINESS MAKE YOU RICH?
To be sincere without beating around the bush, YES, an agricultural business can make you rich, but you will need a huge capital to leave beyond the average life.
The cost of fertilizer, land or rent, equipment and maintenance is on a high, and many other services that are needed to keep the operation of the farm going
The agriculture business is the largest industry in the world and it provides employments for a large number of people globally.
Apart from the low-cost of start-up and operating the business, agricultural businesses turn out a huge profit of up to 100% and also provide other business opportunities, young people are now taking on agriculture which was erstwhile considered a dirty business reserved only for the poor.
Gone are those days when populace use to say that Agriculture is not profitable. Now, so many people are rushing into Agriculture business because they have discovered its importance.
PROFITABLE AGRICULTURAL BUSINESS OPPORTUNITIES
Many still regard agriculture as an area of life that was made for particular people. They prefer buying already processed ones. This is mainly for industrialisation which includes the processing of raw agricultural products into semi-finish or finished goods.
MONEY MAKING AGRICULTURAL BUSINESS IDEAS
- Processing of orange into orange juice
- Providing frozen service to poultry farmers
- Providing preservation for fruit and other agricultural products
- Goat cheese made from goat milk
- Palm oil production from groundnut or palm kennel
- Hatchery operation
Agriculture business opportunities in agriculture sector goes on and on, to get the best from this notion, Pick a farm product and think about what can be processed from it, or how you can make better the situation of the products. I won’t like to go into details on this, so we don’t derivate from our original concept.
The list below shows the top agricultural business you can start in Nigeria
Though this might be applicable in some countries like india, but Nigeria was used to sight the various ideas in here.
1. Poultry Farming- Agricultural Business
You may find it hard to believe, but it is true. Chicken farming is the Most Profitable agricBusiness in Nigeria. Not only the fact that they are easy to breed but also very prolific. An adult hen(3 months old) can lay as much as six eggs every week, selling these eggs alone is enough to sustain you.
Egg, meat, feathers, dung for manure and feed, etc. are also items that can be harvested from this Agric Business. Poultry farming stands as the most lucrative business opportunities in the agriculture sector, yet, it is still not fully tapped, and most poultry farms are either poorly managed, funded or make use of crude and substandard facilities.
Under poultry farming, we other birds you can keep and also make some substantial money from which include turkey, ducks, goose, etc
2. Livestock Farming– Agricultural Business
Rearing of animals such as cows is also on the list of profitable agricultural business Although you can’t start it in your backyard, a cattle farm have proved to be a constant source of money since one cow is equivalent to the same amount used to rent a 3 bedroom flat in Lagos. Livestock Farming is prominent in the Northern Parts of Nigeria.
The reason why cattle is not number one on this list is that the startup. It is a bit expensive to run. Running and upkeep are usually expensive plus overgrazing is a problem to both you, the cattle(s) and the environment, which could ruin your business. And cows don’t have much resistance to cold and diseases.
That aside there is a lot of money on a cattle farm, and you can also benefit from other items like the meat, milk, it’s hide and skin, faeces, bones, and horns, etc. You can also rear other animals alongside with your cattle like horse, goat, sheep, pig, etc. Who knows, you can have your ranch in no time.
3. Rice Farming– Agricultural Business
An estimate of 78% of the country’s population eat rice, and 53% eats rice 2 to 3 times a week. Currently, Nigeria is one of the leading producers of rice in the continent and Nigeria also ranks as one of the highest Rice consumers of rice in the World.
Although rice from planting to harvesting usually takes up to 6 months, it requires constant supervision from start to finish. It’s no wonder that the Nigerian government spends over N5,000,000,000(Five Billion Naira) annually on rice importation to make up for lost batch.
My research shows that the increase in the price of rice doesn’t affect the demand for this commodity. It is not a competitive demand and cannot be substituted. Besides, rice prices are only increased because producer/suppliers can’t keep up with the need for rice. So, they increase the cost of rice to cut down the demand and keep the commodity in the market. You can never run out of customers in this Agric Business.
A kg of rice is currently sold for N600 and a bag for N17,500. Now do the maths, how much will you as a producer gain after selling a tonne or two. With N600,000, you can start your rice farm in Nigeria.
4. Cassava Farming– Agricultural Business
There is a divine love for cassava and cassava related products in Nigeria. Nigeria is the world’s leading producer of cassava in The World. Cassava is another staple crop you should consider farming and one of the best low-cost alternative to rice in Nigeria.
We make a lot of products from our beloved cassava. Some of them include Garri, Fufu, White Garri, Abacha, Cassava flour, etc. Cassava is one of the best Money Making Agriculture Business Ideas; you should try out. You don’t need seeds, just the plant stem, thereby reduces your expenditure, it can be grown in almost any soil type and can be integrated with Plantain, Yam, and Potato.
And cassava is easy to plant, stick the stem in the ground. You do not need to buy much, and the pest that affects these plant are just locust and grasshoppers that attacks it leaves. This saves you a lot of money at least 35% of your initial input. To top it all, the price of a bag of Garri is almost the same as the price of a bag of rice.
5. Tomato Farming
The price of tomato has not been stable since 2014. Even as expensive as it is, there is still a significant demand for this commodity.
Tomato is one of the profitable Vegetables To Grow In Nigeria and also one the most profitable Agribusiness to venture. This agribusiness can be combined with Pepper and Onion Farming.
If you partake in the 2018 Sallah celebration, you can testify that the price of tomatoes. The amount and quantity changed. A kg of tomato is been sold for N800 and the usuals N725 putting tomato on and the fifth place on my list of the Most Profitable Agricultural Business.
Besides, there is no better item on this list that tastes better than rice and stew. Besides rice and tomatoes are joint/complementary demand, you need tomato to go with the rice. If the price of Rice increases, the price of tomato does the same. Currently, a basket of tomato(40kg) is sold for N8,000 while red pepper cost N15,000 and onion cost N20,000
6. Bee Farming:
This is one of the untapped gold in agriculture. When we start listing the advantages of honey and this profitability of this agricultural business, this article will not cover it all. It prevents skin acne, it exfoliates, it is a healthy alternative to sugar, it doesn’t go sour, spoilt or expire, it detoxes the body, etc. No wonder there is the idiom ” as sweet as honey”. Honey is just too good. /Bee Keeping is also one of the best.
Business Opportunities In Agriculture Sector Under Beekeeping
This agricultural business has been left out in most post concerning Lucrative Agro Business In Nigeria. And those who even succeeded in this business refused to reveal their secret. There is little or no work at all here, have a garden in your farm, and the queen and her hive would do all your work for you, buy your gear and be ready to harvest.
How much do Bee farmers Make? Each Beehive can produce between 17KG to 30KG of honey on average annually. Depending on the location, climate, temperature, pests, flowers, and hive population). The packaging is the key to honey marketing.
Most bee farmers do not even package their product; a nice water bottle will do. A 150cl (big Eva water/rangolis bottle) of honey cost as least N3,000 and N1,500 for a 75cl bottle in Enugu, Nigeria. Bee Keeping would have been my number three the only problem is the demand for this commodity is just above average.
7. Fish Farming:
There are not many vegetarians in Nigeria. Some consider fish healthy and substitute meat. They don’t eat meat because of their diet but they prefer fish.
But that aside fish farming is a profitable agro commodity in Nigeria. It can also easily be integrated with snail Farming and poultry farming.
The fishery is very profitable since their cost is almost the same with poultry bird, but it is very very expensive to start up.
It can take up to 1 million Naira to start a small scale fish farm. Fish would have dominated this list if not for the start-up expenses and other expenses with includes pest control, labor, feeds, medicine.
pond maintenance cost, water, pump, and filter, etc and all this cost at least 1 million Naira annually on a small scale.
That aside catfish, tilapia, prawn, mackerel and crayfish essential ingredients in the kitchen. the current price for a live Catfish is the market is around N600 and N1,200 per KG depending on the size.
8. Bean farming:
Honey beans popularly known as Oloyin Beans or Olotun beans in Nigeria is one of the major sources of protein consumed by the Nigerian populace. Beans are also one of the most profitable Agric commodity in Nigeria and like rice and Garri, Bean is a staple food and have a large demand in Nigeria.
Currently, a paint of Oloyin beans stands at N1,600 for a painter(a local measure) and N500 per kg and a bag of beans is also sold for N16,900. Nigerians that don’t like the taste of bean porridge usually go for Moi Moi, Akara, Agoyin beans, etc.
9. Maize/Corn Farming:
Then we have corn/maize. Golden morn, custard, pap/ogi/Akamu, corn flakes, etc virtually all our breakfast are processed corn. Not only that corn is easy to plant, grow quickly, it can also be processed easily. Nigerians love it.
ToTONot only that corn is easy to plant, grow quickly, it can also be processed easily. Nigerians love it.
Corn farming is undoubtedly one of the Most Profitable Agricultural Business In Nigeria.
One problem in corn farming is that most insects, rodents, animals, and birds around your farm will attack you crop and if your corn farm is not properly taken care of, it can destroy over 27% of your crop yield making you lose your profit but if you’re a smart farmer that certain measures (pest control, scarecrow, traps, insecticide, and introduces natural predators), you can reduce this damage to less than 9%. And you can join other Nigerian farmer selling a kg of corn for N400 and a bag for N19,000.
10. Palm Oil Farming:
Palm Oil Production is another profitable agro-business in Nigeria that is easy to startup. This agricultural product has high demand in and outside Nigeria. This is one Agric product you should start farming if you want to export your goods outside Nigeria. It can also be integrated with your Vegetable Oil Farm, which is another High Demand, Profitable Agro product in Nigeria.
Palm oil extraction and processing are usually done using the chemical extraction process using hexane.
Hexane is used to reduce oil waste and makes processing easier. Hexane is used to extract the remaining 5% – 6% of residual crude palm oil (CPO) leftover in palm-pressed fibre, thereby enhancing oil extraction rate.
But naturally processed/ extracted oil is a whole lot more expensive than chemically extracted Palm Oil.
In the state capital of Benin City, Edo state a 5-litre keg of palm oil is sold for N2,000 which amounts to N400 per kg/litre and in Lagos, a 5-litre keg of palm oil is sold for N2400. It’s easy to plant, resistance to pest but slow growth and hard to process. A 25-litre gallon of vegetable oil, now cost N12,700. So, if you’re lucky enough to have running palm oil farm of maybe 20,000-50,000 trees, your profit will be enough to feed the whole Lagos