Agribusiness In Nigeria: How To Get Started
Agribusiness In Nigeria: How To Get Started. Want To Go In AgricBusiness? Here Is How To Get Started.
Are you looking into starting an agricultural business in Nigeria? Do you want to know the right steps to take before you can start an agribusiness? Then this article is for you, as we will be discussing steps on how you can kickstart an agribusiness in Nigeria. First and foremost, starting an agricultural business might not be so easy as most people think but it is very lucrative, it is beyond just farming and planting of crops and even rearing of animals. For farmers that are willing to take risks into starting an agribusiness, they keep receiving lucrative benefits and which has yielded them enough profits. More so, as the Nigerian economy continues to grow and develop, and with the demand of food and shelter on a daily basis has set agriculture on a high standard, making it (Agribusiness) one of the lucrative businesses in the country.
What Is Agriculture?
Agriculture can be defined as the science and art of cultivating individual plants and also rearing livestocks and animals for the main purpose of generating food, feed, fiber, and other varieties of desirable items. Agriculture itself is one of the oldest occupation in Nigeria and indeed in the whole of Africa.
Read Also: Problems Of Agricultural Programmes In Nigeria
What Is Agribusiness?
Agribusiness can be known as that particular agriculture conducted strictly on commercial principles, they can be also known as group of industries engaged in producing operations of a farm, the manufacture and distribution of farm equipment and supplies, also it is the processing and storage, and distribution of farm commodities.
Types Of Agribusiness
There are two broad categories of agribusiness, they are as follows;
- Those That Manage And Own Farms
- Those That Provide Essential Goods And Services To Those Farms
Types Of Agribusiness
1. Those That Manage And Own Farms
Under this category, these set of farmers are the ones managing their own farms by themselves, cultivating and rearing their livestocks by themselves too.
2. Those That Provide Essential Goods And Services To Those Farms
In this other category, they are majorly known for the provision of necessary goods and services to these farms.
What Are The Benefits Of Agribusiness?
There are some few benefits of agribusiness and in this article, we will be stating few of them;
- Reduces Labor Stress
- Gives Better Food Quality
- Improves Nutrition
- Increased mobility of people
- High Yield Returns
Benefits Of Agribusiness
1. Reduces Labor Stress
With the introduction of agribusiness, labor stress has been tackled.
2. Gives Better Food Quality
Agribusiness also helps in improving quality of food in the society.
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3. Improves Nutrition
With the help of agribusiness, nutrition has greatly increased and gotten far more better, as there are not too many malnutrition around recently.
4. Increased mobility of people
Agribusiness has helped people to be mobile now.
5. High Yield Returns
Investing in agribusiness is a strong and very fruitful venture that yields physical result in quick time.
How To Start An Agribusiness In Nigeria
- Research well.
- Form A Business Plan
- Get Funds
- Secure Adequate Land
- Register Your Business
- Obtain The Technical Abilities For Chosen Field
- Get Required Tools And Hire Farm Labor
Agribusiness In Nigeria: How To Get Started
1. Research well
First on our list is the need to make proper researches, ask questions if need be, there is no shame in trying to learn on a new path, because the more you know new and evolving things , your level of understanding will increase too. Research puts on you on that driving seat and gives you more knowledge of what aspect of agricultural business you are going into which will be profitable and conducive for you to venture into.
2. Form A Business Plan
The next step to kickstart an agribusiness is for you to get a business plan. You need a well drafted business plan to guide you on this amazing journey. The need for having the right business plan is because it sets your business totally away from failure. This is another crucial step towards starting an agribusiness in Nigeria.
3. Get Funds
The next stage for you is obtaining funds. There is no business you want to start now that won’t need funds and capital to kickstart and agribusiness is not an exclusion in this. You could get money by taking out bank loans, also look into having investors too and also reaching out to the government for grants.
4. Secure Adequate Land
You also need a land of your own, as you will be needing this for production. Getting a production site after obtaining capital or funds is very crucial but does not even stop there to get started in agribusiness, as you will be needing the best location and site for your crops or livestock to live healthy. You should also determine the topography of the land before getting it, also identify the soil type then choosing farm land. All of these factors must be taken into account.
5. Register Your Business
The next step in getting started in agribusiness is for you to make sure you register your farm with organizations and union that supports the practice of agriculture. You should know that this creates better opportunity to receiving loans from the government and even makes you get involved in any governmental benefits like distribution of farm machinery, fertilizers and so on.
6. Obtain The Technical Abilities For Chosen Field
You should know it is very important to obtain all the technical abilities needed to embark into the agribusiness, especially after picking the exact sector you wish to be involved in. This is very important and very crucial because you need to have full knowledge of that field you have chosen.
Read Also: Most Lucrative Agricultural Business Ideas In Nigeria
7. Get Required Tools And Hire Farm Labor
Last on our list is the need to obtain the right tools you need for your agribusiness. We all know that technology has evolved and continues evolving and so technology has helped out many farmers with different types of farm tools to help them work faster and less stressed out. In this step, you are expected to get those required tools, machines and goods, as well as many other necessities for labor to kickstart.
Frequently Asked Questions
1. Is Agribusiness Profitable In Nigeria?
One of the most lucrative business sector across the world, including Nigeria, is agriculture.
2. What Are Agribusiness Products?
The term agribusiness is used to refer to economic activities derived from or connected to farm products. In other words, crop production, as well as crop processing, transportation and distribution.
3. What Is The Primary Goal Of Agribusiness?
The primary goal of agribusiness is to maximize profit while sustainably satisfying the needs of consumers for products related to natural resources.
4. What Is The Future Of Agriculture?
Future agriculture will use sophisticated technologies such as robots, temperature and mositure sensors, aerial images and GPS technology.
5. How Many Years Is Agribusiness Course?
Four Years.
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