In this post, I’m going to show you the Top 10 Most Profitable Agric Business in Nigeria. You will also get to see Business Opportunities in Agriculture Sector, Money Making Agriculture Business Ideas, a brief overview of Online Farming in Nigeria, and How to set an Agro Business Plan.
In places like the USA and Australia, Farmers are the richest people in some societies but here in Nigeria, we have very little regard for Agriculture.
When we debate about the Best and Lucrative Agric Niche to Venture in Nigeria, most people start with rice, cassava, maize, beans, yes they are profitable but some have a higher degree of return on investment (ROI) than others.
I planned to start a backyard farm and maybe plant some onions, pumpkins, and avocado for myself and use the extra space for small poultry but since I needed money at the moment, I had to plant a few things that I can sell.
So, I went online and searched Most Profitable to Agric commodities to Invest in Nigeria.
During my research, I discovered that most blogs and websites gave different answers and most of their suggestions were wrong. I did more research and even went into the market to ask for the standard price of certain agro commodities to be sure of what I was doing.
My research revealed that over 43% of the answers I got from these “authority blogs” were wrong. So I decided to make up my list of profitable agric commodities.
This list contains the Best Agric Products on the Nigerian Market, the most profitable farming ideas for Nigerians, and the best Agric Business ideas in Nigeria. If you are thinking of investing in Agriculture then this post is for you.
Table of Contents
- Most Profitable Agricultural Business In Nigeria
- 1. Poultry Farming
- 2. Livestock Farming
- 3. Rice Farming
- 4. Cassava Farming
- 5. Tomato Farming
- 6. Bee Farming
- 7. Fish Farming
- 8. Bean farming
- 9. Maize/Corn Farming
- 10. Palm Oil Farming
- What is Agriculture?
- Why You Should Invest in Agriculture in Nigeria
- How to Get An Agric Loan in Nigeria
- How to Revive Agriculture in Nigeria
- Is farming a lucrative business in Nigeria?
- Online Farm Crowdfunding Platforms in Nigeria
Most Profitable Agricultural Business In Nigeria
This is the list of the most profitable Agric Business Ventures in Nigeria. If you ever plan to start an agric business in Nigeria, these agro products take you from a poor farmer to a multi-millionaire in less than 10 years.
You should also know that exporting food commodities grown in Nigeria have massive profits that reselling them in your local market. If you have a reliable exporter, you can export your product to the USA and sell it for huge amounts instead of the usual ₦200 you will earn in your local market.
Just in case you don’t know, these are the best agric business ideas of 2021.
1. Poultry Farming
You may find it hard to believe but it is true. Chicken farming is the Most Profitable Agric Business in Nigeria.
Chickens and other poultry birds are not just easy to breed but they are also very prolific. Three months old adult hen can lay as little as six eggs every week, selling these eggs alone is enough to sustain you.
I’m sure that the most profitable farming business in Nigeria is poultry farming. It will not stress you out, poultry farming is easy and cheap to start, cheap maintenance costs, and have very high demand.
You can start a chicken farm from nothing and it will grow to a multimillionaire startup automatically.
What is the most profitable farming business?
There are so many things that you can profit from your poultry farm. You can harvest and sell eggs, meat, feathers, dung for manure, and chicken dung for fish feed. Chicken Farming stands as the most lucrative business opportunity in the Nigerian agriculture sector
It is a low hanging fruit for good eyed investors looking to start s 21st-century scale agric business. Most poultry farms are either poorly managed, funded, or make use of crude and substandard facilities. You can easily start a business in this industry, grow, dominate, and make money.
Rearing a chicken doesn’t take much apart from buying poultry feeds. High-quality feeds can make your birds grow bigger and properly administered medication will keep them healthy and prevent an outbreak.
If you want, you can create a completely automatic system, since most domestic birds can look for food on their own. You only need to supervise the entire process.
If your birds break their eggs, you should buy an incubator. Incubators can be a minor monetary setback but if you want to make money from your poultry farm, you’ll need to have an incubator.
During festive seasons, you can sell a fully grown Cockrell for as high as ₦7,000 (depending on your bargaining skills). That’s a lot of money for just one bird if you ask me. If you want more money, you should rear birds like turkey, ducks, goose…
2. Livestock Farming
As shocking as it may seem it true. Livestock Farming in Nigeria is also one of the Most Profitable Agricultural Business in Nigeria. Besides, I think that man in the picture above is Buhari.
Although you can’t start it in your backyard, a cattle farm has proved to be a stable source of money for most small scale farmers in Northern Nigeria. Since one cow is equivalent to the cost of a three-bedroom apartment in Lagos, it’s safe to say that rearing cattle and other livestock is one of the best agric businesses of 2021.
The reason why livestock farming isn’t number one on this list is that it is a bit expensive to run. Maintaining a cattle farm and other environmental factors like overgrazing can make your business hard to control and greatly reduce your profit margin.
That aside there is a lot of money in the cattle rearing business. If you need quick money from your agric business, then starting a cattle farm is the best option for you.
Aside from rearing livestock for meat, you can also rear your livestock for milk, leather, manure, ivory, and research. It’s not a must that your farm must only have a cow, you can also rear other animals like horses, goats, sheep, pigs, and donkeys in your cattle farm.
Who knows, if you stay focused and resilient, you will have your ranch in no time.
Cattle Farming ranks as one of the most profitable agric farming businesses in Nigeria. An adult cow can be sold for at least ₦300,000 in any market across Nigeria. In rare and extreme cases, you can make up to ₦650,000 from one sale. If buying a dozen cows is too much for you, you can try rearing goats and sheep.
If you have been paying attention, I guess I have been able to prove that agriculture is a goldmine in Nigeria. If you have enough money, you can buy a good-sized land in Lagos and begin making passive income off your agric investments.
3. Rice Farming
Almost all Nigerian eat rice on Sunday and rice is a popular commodity all around the world. Did you know that you can start a rice farm in Nigeria and make millions of Naira effortlessly? Just in case you didn’t know, China and Thailand are supplying low-quality rice grains for an outrageous price.
Did you know that you can ship rice to Costa Rica, Brazil, Canada, Australia, and Argentina for as low as $7 per bag? Crazy isn’t it. Currently, Nigeria is the leading producer of rice in Africa and also one of the highest consumers of rice in the World.
Although starting a rice farming business is long, it is worth it. From planting to harvesting, you can get your rice in 6 months and start making money before the end of the dry season. This makes rice farming one of the most outrageously profitable farming business ideas for Nigerians,
My research shows that the increase in the price of rice doesn’t affect the demand for this commodity. It’s no wonder that the Nigerian government spends over Five Billion Naira on rice importation every year.
Besides, a rice price only goes up because producers/suppliers can’t keep up with the demand for rice. So, whenever the price of rice goes up, the demand for this insanely lucrative commodity slows down for suppliers, producers, and farmers to catch their breath before they can continue supplying rice on the market.
You can never run out of customers in a business like this. If you are ready to start your agric farm, you can send me a message, and let’s talk business.
A kg of rice is currently sold for ₦800 and a bag of rice will cost you about ₦27,500. Now do the math, how much will you gain after selling a ton to any market in Nigeria or supplying it to retailers abroad? Don’t waste your time calculating bro, the money is too much to count.
4. Cassava Farming
Just because I nagged earlier about rice and cassava doesn’t mean they wouldn’t be on my list of best-farming ideas in Nigeria.
There is a lot of love for cassava and cassava related products in Nigeria. Nigeria is the leading producer of cassava in the World. Cassava is another staple crop you should consider farming and one of the best low-cost alternative to rice in Nigeria.
We make a lot of products from our beloved cassava. Some of them include Garri, Fufu, White Garri, Abacha, Cassava flour, livestock feed, Manure… Cassava is one of the best Money Making Agriculture Business Ideas in Nigeria that I know of.
You don’t need seeds, just stick the plant stem in the ground and it will begin to grow. This reduces your expenditure by a milestone. Cassava can be grown in almost any soil type and can be integrated with plantain, yam, and potato.
And cassava is easy to plant; just stick the stem in the ground and add some water and they will grow up before you even know what was happening.
You do not need to spend much on your cassava farm, the pest that affects these plants are just locust and grasshoppers and they rarely do a lot of damage because cassava leaves are not as tasty as corn leaves.
This means that starting a cassava farm would allow you to save money on fertilizers, seeds, and pesticides. Come to think of it, this farming idea will not only make you a lot of money, but it will also save at least 35% of your initial input. To top it all, the price of a bag of Garri is almost the same as the price of a bag of rice.
Cassava is arguably one of the best agric businesses and profitable farming ideas in Nigeria.
A kg of cassava flour is currently being sold for ₦450 across Nigeria, while a 50KG bag of unprocessed cassava is sold for ₦23,000 here in Nigeria. Exporters of cassava are the ones who benefit the most from this Agro Business. There are hundreds of companies looking for cassava to make alcohol, paper, animal feed, starch, and sweeteners.
5. Tomato Farming
The price of tomatoes has not been stable since 2014. Even as expensive as it is, there is still a large demand for this commodity. Tomato is one of the Most Profitable Vegetables to Grow in Nigeria.
Tomato farming is one of the most profitable Agric businesses to start in Nigeria and ideal farming ideal for small scale Nigerian farmers looking for quick money. This agricultural business can also be combined with Pepper and Onion Farming to make outrageous profits.
If you partake in the 2018 Sallah celebration, you can testify that the price of tomatoes. The price and quantity changed for this product changed. A KG of tomato was sold for ₦800, a slight increase from the usual ₦625. I increase in price but a slight change in demand puts tomato farming on and the fifth place on my list of the Most Profitable Agricultural Business in Nigeria.
Besides, there is no better item on this list that tastes better than rice and stew right?
Besides rice and tomatoes are complementary demand, you need tomatoes to go with the rice. If the price of Rice increases, the price of tomatoes does the same. Currently, a 40kg basket of tomato is sold for ₦29,000 while red pepper (tatashe) costs ₦19,000 per bag, and onion costs close to ₦20,000 a bag.
6. Bee Farming
This is another untapped gold in the Nigerian agricultural sector, Bee farming has outrageous benefits to investors that believe that they can excel in this field. When we start listing the advantages of honey and the profitability of this agricultural business, this article would not cover it all.
Honey can preserve skin tissues, exfoliates, it is a healthier alternative to sugar, it doesn’t go sour, spoilt, or expire; it detoxes the body, and so on. No wonder there is the idiom “as sweet as honey”. Honey is just too good.
Honey Farming and Bee Keeping is also one of the best agro-business in the world. Bee Keeping is the best Agric business for students. It doesn’t require much space and attention. Everything is pretty much automated.
This agricultural business has been left out in most posts concerning Lucrative Agro Business in Nigeria. And those who even succeeded in this business refused to reveal their secret. There is little or no work at all in this agric business.
Just have a garden on your farm and the queen and her hive would do all your work for you, just buy your gear and be ready to harvest.
How much do Bee farmers make? Each Beehive can produce between 17KG to 30KG of honey every 4 months. Depending on the location, climate, temperature, pests, flowers, and hive population, your bee farm can make you up to ₦200,000 a month.
The packaging is the key to honey marketing.
Most bee farmers do not even package their product, just a neat water bottle will do. A 150cl bottle of honey costs at least ₦3,000 in Nigeria, while the 75cl bottle goes for only ₦1,500. Bee Keeping would have been my number three the only problem is the demand for this commodity is just above average and not a lot of people have experience managing bees.
7. Fish Farming
There are not many vegetarians in Nigeria but millions of people eat fish in Nigeria. Some consider fish healthy and substitute for meat. They don’t eat meat because of their diet but they require a healthy protein-rich meal like beans or 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 fish farming in Nigeria can be very expensive to start up. It can take up to 10 million Naira to start a small scale fish farm here in Lagos.
Fish would have dominated this list if not for the start-up expenses and other expenses like pest/predator control, labor, feeds, medicine, pond maintenance cost, water, pump, and filter… all these costs can take up to 1 million Naira annually on a small scale.
That aside, fishes like catfish, tilapia, prawn, mackerel, and crayfish essential ingredients in the kitchen. The current price for a live 1KG Catfish is the market is around ₦1,200 while smoked catfish can be sold for anything between ₦800 and ₦2,000.
8. Bean farming
Honey beans popularly known as Oloyin Beans in Nigeria are one of the major sources of protein consumed by the Nigerian populace. This class of protein is also one of the most profitable Agric commodities in Nigeria.
Bean is a staple food and has a large demand in Nigeria. Being a major source of protein the potential of this commodity cannot fully be understood in one subheading.
Currently, a paint of Oloyin beans stands at ₦1,200 per kg and a bag of beans is also sold for ₦26,900. If you don’t like bean porridge, I bet you’d like Moi Moi, Akara, or baked bean. With that said, beans are stapled crops worth investing in.
9. Maize/Corn Farming
Corn Farming is another ideal farming idea in Nigeria that has outrageous profits if done properly. Golden morn, custard, corn flakes, and most meals on our breakfast menu are made of processed corn.
Not just the fact that corn is easy to plant, it grows quickly, has a huge demand, processed easily, and globally recognized as a healthy source of carbohydrate, it is undoubtedly one of the Most Profitable Agricultural Business in Nigeria.
One of the major problems in Maize farming is that most insects, rodents, animals, and birds around your farm will attack your crop, and if your corn farm is not properly taken care of, it can destroy over 27% of your crop yield making you lose your profits.
But if you’re a smart farmer that certain measures like pest control, scarecrow, traps, insecticide, and introduces natural predators, you can reduce this damage to less than 9%. And you can join other Nigerian farmers selling a kg of corn for ₦1,400 and a bag for ₦31,000.
10. Palm Oil Farming
Palm Oil Production is another profitable agro-business in Nigeria that is easy to startup. This agricultural product has high demand in and outside Nigeria. This is one Agric product you should start farming if you want to export your goods outside Nigeria.
Palm Oil and Palm Kennel Farming can also be integrated with your Vegetable Oil Farm which is another high demand product in Nigeria. Palm oil extraction and processing are usually done using the chemical extraction process using hexane.
Hexane is used to reduce oil waste and makes processing easier. Hexane is used to extract the remaining 5% – 6% of residual crude palm oil (CPO) leftover in palm-pressed fiber, thereby enhancing oil extraction rate.
But naturally processed/extracted oil is a whole lot more expensive than chemically extracted Palm Oil. Aside from red oil obtained from your farm, there are other ways you can make money from selling palm fronds, trees for wood, palm wine, and other parts of the tree for medicine.
In the state capital of Benin City, Edo state a 5-liter keg of palm oil is sold for ₦3,000 which amounts to ₦500 per liter and in Lagos, a 5-liter keg of palm oil is sold for ₦3,400. Now tell me, does having a small oil farm sound like a bad idea?
If you’re lucky enough to have an active palm oil farm of maybe 50,000 or 120,000 trees, your profit will be enough to feed the whole Lagos, trust me.
Palm oil farming is easy to start, resistant to pest but slow growth, but fairly hard to process. A 25-liter gallon of vegetable oil now costs ₦15,700.
What is Agriculture?
Let’s go over it again so you don’t miss a thing and understand where you are heading to.
Agriculture simply defined is the practice of farming or cultivation of the soil for the growing of crops and the rearing of animals to provide food and income.
Some notable university and Universities of Agriculture in Nigeria include:
- College of Agriculture, Jos.
- Federal College of Agriculture, Ibadan.
- Federal College of Agriculture, Ishiagu.
- Federal College of Animal Health and Production Technology.
- Federal College of Fisheries and Marine Technology.
- Federal College of Forestry, Jos.
Why You Should Invest in Agriculture in Nigeria
My small list has been able to prove that there are so many Business Opportunities in the Nigerian Agriculture Sector.
In fact, Agriculture should be the center of the Nigerian economy, Nigeria is blessed with a tremendous amount of agricultural resources, a large expanse of land measured to be over 93 million hectares (923,768 km²) of which 81 million hectares are arable.
Green on the Nigerian Flag is a symbol of Agriculture, which is the main source of livelihood for the majority of the Nigerian populace. The Agro sector of this Nigeria employs over 40% of the entire country’s labor force.
Most parts of the Nation contain rich soil, well-distributed rainfall, favorable climate conditions, and warm temperatures year-round. This makes Nigeria one of the best places to invest in Agriculture.
How to Get An Agric Loan in Nigeria
Agricultural loans are mediums used by any government to encourage its citizens’ participation in agricultural practices by granting them access to government grants and loans.
These loans are made available by the government to the public and cover a range of agricultural practices including crop cultivation and livestock rearing. Some of these offers are even tax-free.
Agricultural Loans in Nigeria can be obtained from the Central Bank Nigeria, Bank of Agriculture, Commercial Banks, and Agricultural Co-operative Societies and Unions.
If you need an Agric loan for your business, just go to your preferred institution to see the requirements. If you meet their requirement, you simply apply and get a loan to Fund your Agric Business Anywhere in Nigeria.
How to Revive Agriculture in Nigeria
Agriculture in Nigeria has been taken aback by poor interest/investment and poor government control and funding.
To make Nigeria’s agriculture productive again, The Federal Government and Individuals in the Private Sector need to improve competitiveness in the international environment, re-orientate Nigerians about mechanized farming and improve the efficiency in producing the Nation’s Agro Product.
Is farming a lucrative business in Nigeria?
Agriculture is important to the Nigerian economy and the daily lives of every Nigerian despite its setbacks, it will inevitably prosper. Most people see farming as hard work but truth be told, agriculture is one of the sweetest businesses in Nigeria.
So my brother, stop asking questions like is agriculture profitable in Nigeria? Find a plot of land, start planting, and come and share your testimony here.
You can also check out Agric success stories on the Nairaland Agric section for more realistic agric ideas and testimonies.
Online Farm Crowdfunding Platforms in Nigeria
No business is completely risk-free. Investing in agriculture through agro-crowdfunding platforms is a relatively new concept in Nigeria.
Online farming allows you to invest in Agriculture and bloat out the risk involved in this business; these platforms are obviously attempting to boost investment using risk regulation policies.
Some of the best Agro Crowdfunding platforms in Nigeria are:
- Thrive Agric
- eFarms Nigeria
There you have it. These are the top 10 most profitable Agric ventures in Nigeria. This list contains the best agro products on the Nigerian market, most purchased, and their market prices but if you don’t have good or standing information about them, you can send me an email and I’ll help you out.
There are also other Agric profitable business ideas like starting a plantain plantation, cucumber farms, pineapple farms, orange farms, vegetable farms, cotton farms, rabbit farms, groundnut farms, and timber harvesting… Nigeria is a big market, no matter your location, niche, and product, you can make it. The right input equals the right output.