What are the best agricultural business ideas to start in Nigeria in 2021? The Agricultural sector contributes just a little over 20% to the overall GDP of the country even though it can be much more.
The agricultural sector is one of the most flourishing sectors of the Nigerian economy. With proper strategic planning, any individual having basic knowledge of farming and manufacturing operation can start a profitable agriculture business.
The demand for agricultural products both in Nigeria and the world at large will always be on the high side because food is one of the basic needs of man. Thus, as an entrepreneur, you can key into this demand and set up an agro business, creating enormous wealth for yourself and the Nation at large.
In places like the USA and Australia, Farmers are among the richest people. Here in Nigeria When have little regard for Agriculture. We debate about the Best and Lucrative Agric Niche to Venture in Nigeria, most people start with rice, cassava, maize, beans, etc. Yes, all are profitable and some more profitable and have a higher degree of return on investment (ROI) than others.
Agricultural businesses can be started with little or no training. You do not need a special degree to start though you may need to spend some time learning about the intricacies of the business. So without wasting your time, this article will highlight in details, some lucrative business ideas and opportunities you can engage in in towns or villages rather than remaining unemployed.
10 Most Profitable Agricultural Business In Nigeria by the Year 2021.
The prospect for farming in Nigeria is so high that only a very few will ignore it. Having said that, let’s take a closer look at some of the types of Farming that will thrive very well in Nigeria in the year 2021.
1. POULTRY FEED PRODUCTION
You could start feed production and supply feeds to all the poultry farms around you. Feeds is a major money spinner in poultry business because for chicken to grow they need to eat, a lot.
It requires that you know a lot about poultry farming and what constitutes the feeds. Again, learning from people who are already in the business saves you many mistakes downtime. Here is our article on how to start your own poultry feed production business.
2. RICE FARMING.
Nigeria is the largest producer of rice in West Africa and the third in Africa after Egypt and Madagascar producing about 3.6 million metric tons on the average annually. Interestingly, Nigeria still falls short of meeting its local demand which is placed at about 5.5 million tons.
Considering the fact that Nigeria has a huge market for rice, if you are looking for a lucrative agricultural business idea in Nigeria, you need to seriously consider entering the rice farming business which is undoubtedly one of the most profitable businesses in the Nigerian agricultural sector.
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 ₦5,000,000,000(Five Billion Naira) annually on rice importation to make up for lost batch.
In fact, 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 producers/suppliers can’t keep up with the demand for rice. So, they increase the price of rice in order to slow down the demand and keep the commodity on the market. You can never run out of customers in this Agric Business.
3. CASSAVA FARMING
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.
With the increasingly diverse use of cassava products in Nigeria, cassava farming is getting more lucrative with every passing day. This farm product has always been a source of lively hood and food for millions of Nigerians. 90% of Nigerian households consume cassava products every day. Some of the popular meals made out of cassava are: garri, wheat-flour, animal feed, commercial caramel, and a lot more.
As the population of Nigeria and Africa as a whole continues to grow, the demand for cassava products will continue to skyrocket, leading to higher revenues generated by cassava farmers. If you’re looking for an agricultural business that would ensure you always almost sell out all your harvests, cassava farming is one great farming business to start.
4. FRESH VEGETABLE FARMING
The fresh vegetables business is a small-scale business that you can start with little or no capital base. One benefit of this business is that it requires no cost of maintenance to run the business. Also, there is always demand for fresh leafy vegetables like; the Waterleaf, Scent Leaf, Ugu leaf and Green.
Vegetable farming is underestimated, despite the high returns it always guarantees. As people become more health-conscious, the demand for vegetables has continued to grow, giving rise to one of the most profitable agriculture business opportunity in 2020.
To run this business, you need a small space in your compound or nearby farm where you can cultivate the vegetables. For cultivation, you only need to plant the stem of the vegetable. It takes six weeks or less for the vegetables to mature for harvest. You cut the leaves and sell to consumers and marketers.
5. SNAIL FARMING
Snail meat has been severally affirmed as a most safe and nutritious delicacy. In these days of increased coronary implications and other health implications, snail producers are certain to hit it big because many people are shunning away from beef or red meat. It is also pleasing to note that snail production venture could be kick-started with a little initial capital.
The best period to commence snail farming is the rainy season, you can start about 50 to 60 snails to have a good knowledge of how snail breeding works.
Make sure you go for a fully matured and big nails as they are sold in bunches of 20 pieces and the prices ranges from N1,800 and N3,000 per bunch. It is better to buy the big ones so that you can expect them to hatch after about 35 days on location. About N10,000 should get a new entrant started in the business.
6. MUSHROOM FARMING.
Mushroom farming will turn out to be one of the most profitable agricultural business ideas in 2021 for entrepreneurs in need of quick money. With this small business idea, you stand to enjoy a turnaround in under three weeks.
With the demand for quality and organic mushrooms always on the rise, consistent profits should be the order of the day with this moneymaking agricultural business opportunity. In addition to requiring only a small piece of land, the initial starting capital is also small.
The high demand for mushrooms both within and outside Nigeria has made the mushroom business a viable one. The good thing is that mushrooms take just few weeks to mature, so you can get returns from this business in a matter of weeks.
7. POULTRY FARMING.
It could be of different types. For example, Broilers and Layers.
This is for meat production. The good thing about broilers is that they take very little time to mature.
The best time to start this business is February against Easter sales and October for December sales. The cost of a day old chick is N125, while a week old chick goes for N250. It is advisable to go for a week old chicks because they have a higher survival rate than the day olds.
The bulk of your expenditure should go on feeds for the chicks for the duration of 3 months. At maturity, a chicken can be sold for between N2,000 and N2,500. If only 35 of your chicks stayed till maturity, you can make N70,000 after sales.
These prices are relative, of course, and are subject to time and place. But it gives you a general idea about how lucrative this business could be. You don’t need any specialized skills to start, just your determination to succeed and willingness to learn.
Here you are breeding your layer chickens with the major aim of having them lay eggs. It takes more time and costs a bit more money for this business to mature but here is the good thing: it gives you two major sources of revenue. You sell the eggs, which is very lucrative anytime, and when the layers become weak, you sell them as well.
8. 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 its cost is almost the same as the poultry bird. But it is very very expensive to start up. It can take up to 10 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.
Over the years, quite a few people have made fortunes from fish farming, as the population is swelling and protein needs are far outstripping the available supply. Food is always a winner in any country or environment if done well. Fish farming is a sure bet business if you put the right structures in place. More and more people are turning to fish for its low cholesterol protein.
All you need to do is to get a space, buy or construct tanks, buy finger links for between N10 to N20 and feed them for 4 to 6 months, then sell from between N500 to N1,500 depending on weight and size. The breed of fish to train is your choice to make. You can choose to specialize on Catfish, Tilapia, Trout, Salmon, etc.
9. HONEY BEE FARMING.
Honey bees can produce lots of honey, and selling honey can be a lucrative business for people who aren’t allergic to bee stings, who don’t have a lot of money, and who have a little space in their backyard to farm their honey bees.
Honey is one of the oldest sweeteners on earth. Lucky for us, it also has many health benefits and uses. Keeping bees at the large scale for commercial purpose as a business plan is increasing in this fast growing world.
Honey is manufactured in one of the world’s most efficient factories, the Beehive. Bees may travel as far as 55,000 miles and visit more than two million flowers to gather enough nectar to make just a pound of honey. A litre of pure honey now goes for between N1000 to N2000.
You don’t need to have your own bee farm for you to start a honey supply business. You can source for and purchase honey in big jerry-cans from places like Nsukka in Enugu State and sell in small quantities.
10. PIG FARMING
Piggery is turning out to be a moneymaking agricultural business idea for people with sufficient landholding. Pig farming does not consume a lot of initial capital, as pigs can consume anything. For that matter, you can rear pig side-by-side poultry, as they will be able to consume whatever is left behind by poultry.
If you have enough capital at your disposal, you can venture into a pig farming business. You can start with as little as 10 pigs and grow your farm into a big farm because pigs are known to multiply rapidly.
It takes about 4-6 months for a pig to become matured, and can be sold for as high as N30,000. Here is our detailed, comprehensive article on how to start pig farming business in Nigeria.