Agricultural businesses is one of the most lucrative business sectors of the Nigerian economy and it potentials still remain untapped due to the demands for foods are increasing drastically every year.
Due to climatic change many have predicted that there will shortage of food in 2023, but this can also bring great opportunities for investment.
In this post, we shared a list of seven lucrative agricultural business ideas that anyone in Nigeria can start in 2023.
- Farm tractor hiring
According to Mr Ayodele Omowumi David, former Cassava Project and Agro-processing Project (CAMAP) Coordinator, African Agricultural Technology Foundation (AATF), said, overall, Nigeria could boast of about 25,000 tractors, comprising private and public sector ownerships.
But, he continued, the Tractors Owners Association of Nigeria estimates that Nigeria needs around 2 million operational tractors to effectively meet the farm operations mechanization requirement of Nigerian farmers (TOAN).
In actuality, most local government regions in the nation continue to brag about their broken-down tractor fleets. Due to the significant disparity between the demand and supply of tractor hiring services in Nigeria, this business idea is one to consider investing in.
- Food processing business
One of Nigeria’s lucrative agricultural businesses in 2023 will be the food processing sector. It is a value-creating endeavor and is pretty big. You can opt to enter a variety of markets, such as those that produce vegetable oil, palm oil, poultry meat, tomato puree, garri, rice milling, and fruit juices, among others.
- Poultry feed distributorship business
Farmers must give their animals premium feed from a renowned brand because feed accounts for about 70% of the cost of animal husbandry. As a feed distributor, it is your responsibility to procure feed from trustworthy feed suppliers and distribute it to merchants who will then sell it to farmers. All you have to do is get in touch with an established feed supplier, secure the necessary funding, open a store or warehouse, and begin acquiring and distributing poultry foods.
- Palm oil storage business
If managed properly, the storage of palm oil is one of the most valuable agricultural businesses. Large quantities of palm oil are purchased, stored for months, and then sold during the off-peak season when the market’s supply has decreased. The dealers will display their inventory for sale and make a respectable profit at this time. Within the period of September last year a keg (25 Liters) of palm oil was sold for Twenty six thousand Naira.
- Exportation of agro products
Nigeria’s agricultural industry is highly active. If you register with the Nigerian Export Promotion Council and choose the exact product you wish to export, you can launch your own exportation firm. Ginger, turmeric, cassava flakes, cocoa, yam flour, groundnuts, chilli peppers, cashew nuts, and many other items are in high demand abroad.
- All year round tomato and pepper farming
In Nigeria, tomato farming is a rapid and very profitable agricultural venture. Given that they represent a significant part of the Nigerian cuisine, tomatoes are among the most widely farmed and eaten vegetables in Nigeria. In much of Nigeria, tomatoes may be effectively cultivated all year long. They can even be coupled with pepper to yield enormous profits.
Since 2014, the price of tomatoes has fluctuated. Even though it is expensive, there is still a large demand for this product. One of the most lucrative vegetables to grow in Nigeria is the tomato.
- Grain storage business
A particularly profitable agricultural business to start this year is the grain storage industry. When grains are in plenty, you buy them and wait till they are scarce. Due to a lack of supply on the market and rising consumption, some agricultural products gain in value over time. During harvest, food is widely or overly available, yet it quickly runs out.
Many grains can be kept in storage. Some examples of these are soy beans, sorghum, beans, maize, millet, bambara nuts (Okpa), sesame seeds, and groundnuts.
As a result,
You won’t regret starting one of these seven profitable agriculture business ventures in Nigeria. If you have any queries or suggestions, please leave a remark. Thanks
