Looking to start a new agricultural business in 2020? We have compiled a list of the best agricultural businesses you can set up this year. The agricultural sector in Nigeria is one of the most flourishing sectors of the economy, contributing just a little over 20% to the overall GDP of the country with the potential to contribute even more.
You don’t need to source for a huge capital or farmland to venture into agriculture, neither do you need a degree of any sort to start an Agribusiness. Any individual with basic knowledge of farming and manufacturing operation can start a profitable agriculture business, with proper strategic planning.
So let’s talk about some of the most lucrative agricultural businesses that anyone can start in 2020.
Long gone are the days when it was believed that cassava is solely useful for feeding goats. There are a whole lot of cassava products available in the market today and they are increasingly popular.
Cassava has for a long time now been a source of livelihood and food for millions of Nigerians and it is estimated that 90% of Nigerian households consume cassava products daily.
So as of now, there is a higher demand for cassava so cassava farming is getting more lucrative with each passing day. Some of the popular cassava products in Nigeria include garri, wheat-flour, animal feed, commercial caramel and so on.
So it is advisable that you take advantage of this window today and go into cassava farming. As the population of Nigeria and Africa as a whole continues to increase, so too will be the demand for cassava products.
This list cannot be complete without mentioning Poultry farming. It is one Agribusiness that has been around for quite a long time and has made many rich. Poultry farming deals with raising domesticated birds such as chickens, turkeys, ducks, and geese.
The birds are raised for meat and/or eggs for food. It is one of the most lucrative farming business you can go into as the quick maturity of chicken presents you with the opportunity to make good money within the shortest possible time.
There is always a market for poultry products with about 200 million consumers in Nigeria alone. So there is a market waiting for you, you just have to find how best to penetrate the market and carve a section of it for yourself.
Currently, Nigeria is the largest producer of rice in all of West Africa and the third in Africa behind Egypt and Madagascar. The country produces about 3.6 million metric tons of rice on the average annually.
Interestingly, Nigeria still falls short of meeting its local demand for rice which stands at about 5.5 million metric tons per year. So there is a market waiting for you if you are keen to go into rice farming.
Snail farming is a low capital and highly lucrative Agribusiness you can easily start in Nigeria today. Interestingly, it is one of the most neglected animal rearing businesses in the country.
Snail farming provides you with the opportunity to make cool money within a short time period. Snail farming is a niche and quite unusual business because it is very expensive to buy snail to eat during the dry season as they are very dormant and become increasingly scarce during this season.
So, the market is stretched during the dry season as demand usually outweighs supply. You can capitalize on this by starting your own snail farm this year.
There are several fish species in Nigeria but there is an ever growing demand for catfish. This may be due to the fact that its meat is juicy, soft and tasty. With the ever-growing demand for catfish, you can latch onto this and start your own catfish farm.
It is quite easy to grow this type of fish and it can be done on a small scale even in your home. The fish is always in demand, all year round. People buy them for personal consumption, restaurants, hotels and the likes sell them to guests and fun seekers who crave them in the form of the local delicacy, pepper soup. This business is quite lucrative, there is always a market for it.
Maize farming is an agribusiness that has definitely been thriving in Nigeria for decades. Maize, also known as corn, is one of the most popular food crops in Africa.
It can be cooked in so many ways and millions of Nigerians rely on this crop due to the fact that is usually less expensive than other common grains such as wheat and rice. Apart from being eaten directly after it is cooked, a lot of by-products are derived from Maize.
Some other consumables that are made with maize are; Pap, Custard, Corn Oil, Alcohol, Cornflake, Animal/Livestock Feeds, Corn Flour, Corn Starch, Corn Powder. So if you are feeling this business, go for it. There is profit waiting to be made!
Another highly lucrative Agribusiness in Nigeria is Pig farming. Going into commercial pig farming is quite lucrative owing to the fact that pigs are known to be prolific breeders.
A pig can deliver 10 to 14 piglets in a single birth which is quite good for the farmer. Also, pig meat called pork is very much in demand as red meat is a good source of protein and is quite tasty as well.
Pork market in West Africa alone is estimated to have a consumption value of about $3 billion. Currently, 80% of that is sourced by importation which means there is a lot of untapped revenue waiting to be tapped by locals.
Honey Bee Farming
Who doesn’t love honey? Maybe a few people, certainly not many. Honey bees produce honey in large quantity which can be sold by people not allergic to bee stings, who do not have a lot of money, and who have a little available space in their backyard to farm their honey bees.
See, it is quite easy to go into this business. Honey is known to be one of the oldest sweeteners on earth and it has also been proven to have many health benefits and uses. Commercial bee farming is a fast growing business in this part of the world and you can join the trend too.
Dairy farming or dairy production is that aspect of agriculture that deals with raising cows for the production of milk and other dairy products. The potential for dairy products in Nigeria is quite huge which makes it a worthwhile venture for an aspiring entrepreneur.
Dairy products can be milk (sweetened and unsweetened), it could also be in the processed form as in baby food, powdered milk, condensed milk, butter, cheese, cream, curd, and yogurt. Milk is also used for making other products such as beverages, soap, oat milk, soya milk, etc.
There are also local dairy products such as Wara (Cheese), Nono (sour yogurt) and several others. Indeed It is a huge market with a lot of potentials. You can venture into any of these and you will rest assured you will make a profit on your investment.
Bear in mind that in dairy production, the cattle breed of choice is very important. Some other factors you will need to consider are; how to source for cattle, where they would graze, water supply source, distribution mechanisms and also capital.
It is no secret that fruits are an important part of the human diet. Fruits are rich in vitamins and help us keep a healthy lifestyle. Therefore, fruit selling business is quite attractive as it does not require huge capital to start and it has a huge potential.
All you have to do is secure an ideal spot for your business, decide on what kinds of fruits you want to sell and how to source them. You should note that storage is very important to this business as people prefer their fruits fresh and no one will buy rotten fruits.
These are the top ten Agribusiness to start in 2020. They mostly don’t require huge capital to start and offer much promise to investors. If you are ready, venture into one of the top ten Agribusiness on this list and you are sure to be smiling to the bank soon.