Nigeria is a nation blessed with vast natural resources. It also has fertile agricultural land. This, along with a growing population, presents an opportunity for investors in the agricultural sector. The Nigerian agricultural sector is expected to grow in the coming years.
This growth will be driven by factors such as government support. In addition, there is increasing demand for food and rising consumer incomes.
With this growth potential in mind, here are the top 9 agricultural businesses you can invest in Nigeria in 2024:
1. Rice farming
The Nigerian government banned rice importation. This has led to a boom in rice farming for farmers. Nigeria is currently the largest rice producer in Africa. It recently overtook Egypt. It produces about 8 million tonnes annually. This number is more than half the total amount of rice produced by Africa annually. However, Nigeria still doesn’t meet local demand. This makes rice expensive in the country.
Currently, rice is one of the most profitable agric businesses in Nigeria. Therefore, if you’re looking to enter into agriculture, you should really consider rice farming.
2. Cassava farming
Cassava is a very valuable product in Nigeria due to its several uses. Therefore, the business of agricultural farming is getting more profitable by the day.
Cassava is a major source of income for many Nigerians. You can take advantage of this by selling supplies. Furthermore, some common examples of these products include garri, animal feed, and wheat flour.
3. Poultry farming
Chickens, ducks, geese, turkeys, and birds, in general, would always be in high demand for their meat or eggs. Therefore, poultry farming is one of the most lucrative agric businesses in Nigeria. Also, another advantage is that the bird growth cycle is much shorter than planting. In all, it gives room for quick money both in selling bird meat, and their eggs.
4. Snail farming
Snail farming is one of the least engaged agric businesses in Nigeria. This fact creates a lot of room for opportunities. In reality, this business is very lucrative, allowing you to earn money within a short time. Also, if you can successfully grow your snails in the dry season, you’d make a lot of money.
5. Catfish farming
As a Nigerian, you should not be shocked to see catfish farming on this list. Nigerians love catfish because it is sweet and tasty. This keeps demand for the animal high all year long. Also, catfish farming is very easy to set up as it can be done in your home. It can be sold in different types, including smoked or alive. It is used in many delicacies in Nigeria.
6. Maize farming
Maize farming is one of the more popular businesses in Nigeria. They could be sold independently or used to make other finished products at home. Also, you could supply maize to companies who use them for production and earn handsomely. Some of its use include corn oil, custard, pap, cornflake, alcohol, and many more.
7. Pig farming
Pig farming is very lucrative. Pigs procreate easily, so you won’t run short of pigs. Also, to put it in context, the pork market is worth over $3 billion in West Africa alone. The majority is met through importation. This leaves quite some space to be covered by any pig farm tycoon ready to rise up to the challenge.
8. Honey bee farming
If you have little space in your yard, then you can try out honey bee farming. The business is lucrative, especially if you can muster enough to sell 100%, natural honey.
9. Pineapple farming
Pineapple farming is one of the most lucrative businesses to be involved in. There’s a huge demand for pineapple and its juice, both locally and globally. The supply is low compared to the demand. You don’t need to worry about how to get started. Simply contact Davidorlah Farms. They have a sustainable farming assurance (SFA). It will get you a farmland and help manage your pineapple farm. You can get returns on your investment while they manage it for a period.
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Conclusion
The agricultural business section in Nigeria is relatively untapped, with lots of vacuum being filled by importation. Therefore, if you can meet local demand for these goods, then you would earn a lot within a short time.
