Top 8 Most Profitable Agriculture Business Ideas In Nigeria
Are you planning to go into the Agriculture business but you don’t know the right agribusiness to invest in? if your answer is yes, then you are at the right place as we will be walking you through the most profitable agribusiness business to dive into in Nigeria.
The Agriculture business which is also known as agribusiness or farming business is the commercialization of agriculture production and products. In simple terms, it is finding a way to make money from agriculture. It is one of the most lucrative businesses that anyone can do. In this article, we will look at the most lucrative agriculture business ideas in Nigeria.
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Reason To Venture Into Agribusiness
You can all agree with me that in Nigeria, agribusiness is one of the most important business due to the fact that the federal government has seen it as an option to diversify the economy which is over-reliant on oil. It is well supported by the Federal Governemnt of today and there are a lot federal government loans to help agribusiness entrepreneurs.
Agriculture business never gets old and never gets out of fashion. As long as humans live, they will always eat. They will always depend on agriculture for food. That makes agriculture a business for all seasons.
Another thing to note is that there are many financing opportunities for people in the Agriculture business. There is even a Bank of Agriculture (BOA) in Nigeria.
Top 8 Most Profitable Agriculture Business Ideas In Nigeria
Below are the most profitable agriculture business ideas in Nigeria:
1. Poultry Farming
The first on our list is the Poultry farming which includes the rearing of birds such as Chicken, Turkey, Duck and more for commercial purpose. This business is very profitable and the demand is so high that Nigeria have to rely on importation to meet these demands.
Chicken and Turkey meat are so popular in Nigeria that they are synonymous with weddings, Birthdays, Celebrations and parties. A party in Nigeria without chicken or Turkey somewhere is incomplete and also, the egg from poultry farming is very much in demand. Egg is a major source of protein for Nigerians.
2. Cattle Farming
The second on our list is Cattle farming which is the rearing of cattle for business purposes. The male cattle are known as bull while the female is known as a cow. It is one of the most profitable agriculture business ideas in Nigeria for many reasons.
Beef meat which comes from the cow is the most popular kind of meat in Nigeria. As of 2019, over 100 million Nigerians consume beef meat. That is a huge potential. Suya, which is a very popular delicacy is made with beef meat.
Cow milk is also one of the most in-demand milk the world over. This makes cattle farming more profitable. The skin of the cattle is used to make many fashion items. So in this business, there are many ways of generating revenue and all of them are in demand.
3. Snake Farming
We know many reading this article will surprise seeing Snake farming making the top three but the truth is that this business is very risky and that is what makes it even more profitable.
Snake farming is simply the grooming of snakes for commercial purposes. For anyone who is strong-willed, you can start this business and make a big profit.
There is a continuous huge demand for snake venom around the world. Pharmaceutical companies spend millions of dollars each year to purchase snakes or snake venom. They use this venom for many critical types of research.
Snakes skin are also used for fashion. Some of its parts are used to create nutritional supplements. While there is high demand for snakes and their venom, the supply is low. That is what makes this business one of the most profitable businesses in Nigeria.
4. Cassava Farming
If cassava is not on the list of most profitable agribusiness, then the list is not complete because this business is very profitable and highly in demand due to it is used to make most f the food we eat in Nigeria such as Garri, fufu, amala, bread.
Other things you can also derive from Cassava includes alcohol, glucose, animal feed, solvent, fertilizer, and more. Technically, almost everyone in Nigeria consumes products made from cassava.
5. Rice Farming
Rice farming is another profitable agribusiness to venture into because it is one of the official food in Nigeria and arguably the most eaten food in Nigeria.
Any party in Nigeria, you didn’t serve Rice, then the party is not complete. Rice is eaten across all ethnic groups in Nigeria.
Sadly, as prestigious and important as rice is, Nigeria has to depend on the importation of rice to meet its demand which stands at over 5.5 million tons yearly. This is a gold. You can make millions, even billions yearly if you invest right.
6. Pig Farming
Pig farming is another profitable agribusiness idea to venture in Nigeria which can fetch a lot of money.
Pork meat is one of the most widely-eaten meat in Nigeria and West Africa. One good part of this business is that, unlike other big animals, a pig can give birth to 15 children at a time. Increasing income potential from one birth.
You may also want to read 20 Businesses That Will Fetch You N200,000 Monthly
7. Palm oil business
The palm oil business is definitely one of the most profitable business ideas in Nigeria for anyone who wants to make a good and stable income.
Starting from palm tree plantation to extraction of oil, the process can be tedious but very profitable. It is used for cooking, for creams, it has medicinal value, and lots more.
8. Catfish farming
Catfish is very popular in Nigeria. Almost every well organized bar and restaurant serves catfish pepper soup and more. Catfish related term like “point and kill” is very popular in Nigerian cities This business is a business that anyone can start with low capital.
That’s all for the Top 8 Most Profitable Agriculture Business Ideals In Nigeria, you can give one of this aforementioned agribusiness a try with the right approach and see the result for yourself.
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