Agricultural Businesses to Consider in Nigeria 2024

As we stand on the threshold of the first quarter of the year 2024, the agricultural sector beckons with a tapestry of opportunities for businesses worldwide. From grain markets to dairy, and from livestock to oilseeds, the landscape is ripe with potential for those ready to seize it. Here’s a closer look at the key agribusiness opportunities to consider in 2024:

Pig farming

With the high cost of everyday proteins like beef, goat meat, and chicken, the demand for pork meat has increased over the years. This creates great opportunities for businesses to revitalize demand and explore new market segments. A report by Research and Markets also revealed the viability of the pork market. It projects that the worldwide pork market will be $418.37 billion by 2028.

According to FAO, in Nigeria, the industry is projected to increase by 222% by 2050, with an annual average growth of 3.3%. With these projections and the nature of pigs, it is certain to cash in on the pig business.

Cassava Farming

Nigerian cassava farming is growing increasingly profitable every day as a result of the increasing variety of cassava products available. This agricultural commodity has historically served as the source of food for millions of Nigerians. 90% of Nigerian families consume cassava in different forms every day, like garri, wheat flour, animal feed, industrial caramel, and others.

Its importance was further increased with the exportation of cassava. In 2022, Nigeria exported $733k in cassava, making it the 61st largest exporter of cassava in the world. In the same year, cassava was the 214th most exported product in Nigeria.

The population of Nigeria and Africa as a whole is expected to grow, which will drive up demand for cassava products and boost cassava producers’ income. If you’re looking for an agricultural business that will almost always sell out, cassava farming is a great place to start.

Farming of Catfish

One of the most famous locally grown fish in Nigeria is catfish. This fish is always in demand all through the year, making it one of the businesses to consider when thinking about starting an agricultural business. What also gives it an advantage is that catfish can be bred at home on a small scale. This makes it capital-friendly.

One of the people tapping into the business is Dupe Killa-Kafidipe, founder of Platinum Fisheries, a Lagos-based aquaculture company. In an interview with How We Made It in Africa, she said, “There are 200 million Nigerians that need to be fed, and we currently import 85% of our seafood needs.” With a focus on only the local market, she believes that the company has only started tapping into the significant local demand for fish products.

Poultry Farming

One of the most lucrative and quickly expanding agricultural industries in the world today is poultry farming. It is the best option for people seeking a profitable career in agribusiness. The business is not capital-intensive and can be started at home with as little as two to ten chicks. One thing is assured, there will always be a market and opportunity to cash in every festive period in Nigeria.

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