Do you want to venture into the agricultural sectors in Nigeria? Do you have what it takes to start an agricultural business in Nigeria? As you have heard in the time’s past agriculture is a lucrative. There are several opportunities in Agriculture in Nigeria, all you need to do is pick the one that suits you best.
With the current economic situation in Nigeria, almost everyone wishes to venture into any of the different agricultural fields in Nigeria. Starting an agricultural business can at times be frustrating and a bit challenging and getting the capital to fund your agricultural ideas in Nigeria is another thing entirely.
In Nigeria, agriculture remains the base of the Nigerian economy, despite our oil resources. The agricultural business provides the main source of livelihood for most people in Nigeria.
If you want to start a profitable agricultural production business, you will find this article as a guide to help you start that agricultural business idea.
How to set up an agricultural business in Nigeria
Do you have a business idea in agriculture and you don’t know how to set up that agricultural business in Nigeria? Follow the following steps:
- Choose a Sector Of Agriculture To Venture Into:
There are different sectors of agricultural production in Nigeria, so its best to identify the sector that best suits you, your level of financing and the level of your return.
2. Get The Technical Know-How Involved In That Sector:
After choosing the sector of agricultural production you want to venture into, it is best to acquire all the technical skills needed to venture into the sector.
3). Write A Business Plan:
Write a business plan budget and count the cost required to venture into the sector of your chose.
4). Source For Funds:
You will need capital to run the business. You could generate funds by taking loans from banks, seeking investors or borrowing from friends and family, or applying for grants from the government.
5). Get A Production Site Of Farm Land:
After sourcing for funds, you should get a production site or farmland, which can be gotten through outright purchase or by renting the property for a specified period.
6). Get the necessary Tools and Labour For Production: You will need to purchase some agricultural work tools that will ease labour.
SEE ALSO:
- How to invest in South Africa
- South Africa Investment Policy
- Investment in Philippines
Getting Agricultural loans in Nigeria
Most start up farmers and those who wants to Venture into the agricultural sectors sometimes do not do so as a result of lack of start up capital to fund their agricultural businesses.
There are several Governmental and non governmental organizations in Nigeria that Issue out loans to upcoming farmers
Branches of Agriculture in Nigeria
The types of agricultural sectors in Nigeria includes:
- Livestock production.
- Crop production.
- Agricultural economics.
- Agricultural engineering.
Top Lucrative Agricultural businesses in Nigeria
These are top Lucrative and profitable agricultural business you will find in Nigeria:
- Cassava Farming
- Poultry Farming
- Rice Farming
- Snail Farming
- Catfish Farming
- Maize Farming
- Pig Farming
- Honey Bee Farming
Importance of setting up an agricultural business
The following are the importance of an agricultural business in Nigeria:
- It is a major source of livelihood
- There will be a great reduction in poverty
- Lots of business opportunities will be created
- It enhances employment opportunities for youths and graduates
- It is a Sources of raw materials for producing other items
- It develops the national economy
We are glad that this information on how to start an agricultural business in Nigeria has been useful to you, you can bookmark us for more updates.
