17 Best Money Making Agricutural Business Ideas to Begin in Nigeria in 2024

Before we talk about the money making agriculture business ideas in Nigeria, we must first establish the fact that agriculture contributes significantly to Nigeria’s GDP.

In 2022, The Vanguard News reports that the Executive Director of the Nigerian Export Promotion Council, NEPC, Dr. Ezra Yakusak, said that the Nigerian agricultural sector currently employs about 70 percent of the country’s labour force, making it the dominant sector in the economy.

So investing in Agriculture is never a bad idea. If you invest right and put in efforts, you will yield a fruitful harvest. 

Food farming, especially, yields great dividends. People need food to survive, so you cannot run out of demand. 

But food farming is not the only aspect of agriculture worth commercialising. Today, we will explore 17 money making agriculture business ideas in Nigeria as of 2024. 

From planting to animal husbandry, these agricultural business examples promise good returns when managed appropriately.

What Are Agriculture Businesses?

Agriculture businesses involve the production, processing, and supply of agricultural products and services. 

These businesses can range from small-scale farms to large commercial operations.

Some agricultural business examples include: 

• Fish farming 
• Leather production 
• Animal rearing 
• Crop production, etc. 

Also read: ThriveAgric Partners with Acorn RaboBank to Generate $56 Million in Carbon Revenue for 30,000 Nigerian Farmers

Features of Agriculture Business in Nigeria

Agriculture business in Nigeria are often characterised by some key features, some of which are listed below:

• Agriculture business in Nigeria can either be B2B or B2C businesses. 

• Each agricultural business in Nigeria has its own unique strategy for production, distribution and marketing. What works for fish farming may not work for crop production, and so on. 

• It is not uncommon for an agricultural business in Nigeria to offer training opportunities to young farmers and/or budding business owners. Some examples are Agricultural Machinery Training Academy and Lagos State Agricultural Training Institute.

• Agricultural business in Nigeria requires a fairly large amount of capital to set up, as its operations are usually capital-intensive. 

• The best agricultural business in Nigeria are beginning to incorporate technology in their operations. This eases the stress and increases output.

Comprehensive Categories of the Best Agricultural Business in Nigeria

The Nigerian government is making key efforts to boost agricultural production in the country.

In 2015, the government launched the Anchor Borrowers Program (ABP). This initiative aims to boost agricultural production and reduce food imports. Since then, more Nigerians now engage in agricultural activities.

Most farmers have even begun to incorporate technology and climate smartness into their production and distribution processes.

Thus agriculture is a profitable sector for investors and entrepreneurs in Nigeria. 

The table below provides some top agricultural business examples in Nigeria.

No.	Categories of Agriculture Business in Nigeria	Agricultural Business Examples
1	Crop production	Maize, rice, etc.
2	Food processing and manufacturing	Baking and canning
3	Agricultural tourism	Vacations on farmlands
4	Agricultural education and training	Farming training programmes
5	Farming supply	Supply of animal feed, fertilizers, etc.
6	Provision of agricultural services	Weed control services
7	Agricultural marketing and trade	Import-export
8	Livestock rearing	Rearing chicken for eggs supply
9	Agricultural technology	Vertical farming

Also read: 40 Hidden Business Opportunities Untapped In Nigeria (Low Capital Needed)

The 17 Best Money Making Agriculture Business Ideas to Begin in Nigeria in 2024

In Nigeria, some aspects of agriculture thrive more than others.

Just like any other business, it is important to assess the benefits and risks associated with agricultural business examples before choosing one. 

Some of the best agricultural business in Nigeria are listed below. These business ideas are listed in no particular order. Each business has its peculiarities and risks. Your choice would be dependent on your capital, preferences, and other factors. 

The 17 best agricultural business in Nigeria as of 2024 are: 

1. Rice Farming 
2. Wheat Farming 
3. Poultry Farming 
4. Agricultural Tourism 
5. Palm Fruit Plantation
6. Fish Farming 
7. Animal Feed Production
8. Vegetable Farming 
9. Mushroom Farming 
10. Dairy Farming 
11. Cassava Farming 
12. Agricultural Technology 
13. Cocoa Farming 
14. Honey Production 
15. Plantain Plantation 
16. Agricultural Equipment Leasing
17. Maize farming 

In the next section, we will elaborate on some of these money making agriculture business ideas. 

A Close Glance at Some Money Making Agriculture Business Ideas to Begin in Nigeria in 2024

In the last section, we listed the best agricultural business in Nigeria as of 2024.

Let us now take a close glance at some of these money making agriculture business ideas. 

#1: Rice Farming

According to the International Trade Administration, Nigeria is Africa’s largest producer of rice.

In 2019, our local production of rice hit about $2 million dollars. 

This is expected, as rice is one of the most common meals in the nation. The demand is always high. 

Thus, there can’t be too many local rice producers to meet the high demand. 

Starting a rice farm promises high returns, especially with tech aids to boost production and distribution. Rice farming is definitely one of the best money making agriculture business ideas in Nigeria. Lack of finance is not a barrier; you may check out the top 10 grants for agricultural startups in Nigeria, and see the one you are eligible for.

Also read: Top 19 Lucrative Business Ideas to Start in Nigeria With Small Capital

#2: Wheat Farming 

Nigerians consume wheat fairly well. 

However, there is a wide gap between the demand for wheat, and the local production. Few farmers in Nigeria produce wheat. We import wheat more than we produce. 

“Overall demand is significantly met through imports, which are estimated at $2.1 billion in 2020, and $2.5 billion in 2021. With the country’s wheat milling capacity at more than 8.2 million metric tons (MMT), Nigeria is the fifth largest U.S. wheat importer in the world.”

—International Trade Administration9

Of course importation is always more costly than local production. This increases the price of wheat in the nation. 

Having more farmers who produce wheat would save Nigeria from importation costs, and also reduce the cost at which wheat is sold.  

Wheat farming is undoubtedly one of the best agricultural business in Nigeria. 

#3: Poultry Farming

Although eggs are more costly in Nigeria these days, they remain a favourite in Nigerian meals. 

Yam and eggs. Noodles and eggs. Plantain and egg, etc. 

It is hard for the average family to go a week without having eggs in at least one meal. 

Poultry farming is the process by which these eggs are gotten. 

Poultry farmers rear birds such as chicken, turkey, goose, etc. The products of these birds, like eggs and meat, are then sold for human consumption. 

There are two types of poultry farmings: 

• Layer poultry farming involves the production of eggs 
• Broiler poultry farming involves the production and sale of bird meat. The most common bird meat in Nigeria is chicken meat, closely followed by turkey meat. 

It is not uncommon to find a farmer who practices a mix of both layer and broiler poultry farming.   

No matter the path you choose, poultry farming is one of the top money making agriculture businesses ideas. 

#4: Agricultural Tourism

Agriculture has more interesting aspects to it than people know or acknowledge. 

Of all the agricultural business examples we have explored, agricultural tourism is one of the most creative. It remains highly untapped, yet can offer additional revenue for farmers.

Nigerians love holidays, adventure, fresh farm food, and cultural explorations. Agricultural tourism can provide all these.

You can build a few inns or short let apartments on your farmland. Every holiday, invite guests for a stay in those spaces. They get to explore your farm, rest from the hustle and bustle of the city, and enjoy lots of fresh farm food and fruits. 

You can have packages for one-day tours, or a couple of days’ getaway. Some farmers even include food festivals!

Agricultural tourism is capital-intensive. It requires a large amount of land. It also requires a large labour force; tour guides, caterers, home service personnel, etc. However, the rewards of this investment are sure to come in heavy folds. With a creative and well-maintained structure, this is one of the guaranteed money making agriculture business ideas.

#5: Palm Fruit Plantation

Palm fruit extracts like palm oil are used to cook lots of Nigerian soups. 

Think of the delicious Ofe akwa, popularly known as Banga soup. How about the Yoruba delicacy, Efo riro? Think of Ofe egusi na akwa. Think of the Yoruba stew, which always has palm oil resting on it like a halo. Palm fruit production surely thrives amidst all these uses.  

Palm fruit extracts are also used in food processing, and in the production of: 

• Biofuel 
• Traditional medicine 
• Ointments 
• Soaps 
• Lubricants, etc. 

Thus, starting a palm oil plantation promises high returns in the long run.

Also read: Top 10 Most Profitable Businesses in Nigeria with Low Capital in 2024

#6: Fish Farming

What is Nigerian pepper soup without catfish?

Okay, agreed, we do have other types of pepper soup-goat meat pepper soup, intestine pepper soup, etc. But we cannot deny that catfish pepper soup is one of the best and most demanded. 

Catfish is also used for stew, barbeque, etc. Other fish like Tilapia and Titus are also common among Nigerians. 

There is a high demand for fish in the country that can hardly be satiated. It is especially suitable for those who do not like beef and its products. 

If your agriculture business specialises in fish rearing, you can supply to both individuals and restaurants. All you need is moderate capital, good water supply, feed, fish tanks, and adequate knowledge.

#7: Animal Feed Production

How about being the one who supplies feed for poultry farmers, fish farmers and/or livestock farmers?

Feed production and supply is one of the best agricultural business in Nigeria. Yet it also quite uncommon.

Due to high demand and limited availability, animal feed in Nigeria is becoming increasingly expensive. As a result, the cost of animals that rely on this feed is also rising daily.

More farmers are producing animal feed to meet the rising demand. Perhaps this will lead to a decrease in the cost of animals and their products, particularly eggs. 

#8. Dairy Farming

Milk is one of the most common sources of protein in Nigeria. 

Dairy farming involves the production of milk, cheese, and other dairy products. 

According to to the excerpt below from Wikipedia:

Dairy farming is a class of agriculture for the long-term production of milk, which is processed (either on the farm or at a dairy plant, either of which may be called a dairy) for the eventual sale of a dairy product.

Dairy farming has a history that goes back to the early Neolithic era, around the seventh millennium BC, in many regions of Europe and Africa.

Milk is often considered a necessity by most families because of their growing children. 

Thus dairy farming can be highly profitable in Nigeria if managed well.

#9: Vegetable Farming

Growing vegetables like tomatoes, peppers, and onions is also one of the best agricultural business ideas in Nigeria. 

The demand for fresh vegetables is always high in Nigeria. 

We use tomatoes, pepper and onions for stews, jollof rice, spaghetti, etc. 

We also enjoy fresh vegetable leaves such as ugwu, bitter leaf, green, saint leaf, etc., in our meals. 

#10: Mushroom Farming

The crave for healthy eating in Nigeria is putting foods like mushrooms in high demand. 

Mushroom is used in soups, vegetables, seafood pasta, coconut rice, etc. In fancy restaurants, it is common to spot mushroom soup as an appetizer. 

Thus, mushroom farming is another guaranteed money making agriculture business ideas in Nigeria.

Also read: NSIA Awards $220,000 to Three Startups

#11: Cassava Farming

Cassava farming is another money making agricultural idea one can venture in in Nigeria. One way or another, virtually every Nigerian consumes cassava, though in different forms.

From the noble garri, which is revered as the ‘president general among the nation’ to fufu, cassava cake, cassava chips, etc., cassava holds an undispensable place in Nigerian dietary habits.

#12: Agricultural Technology

The advent of technological advancements has brought about a new order in many sectors. The agricultural sector is not exempted from these tecnnological disruptions. There is no better time to invest in agricultural technology than now.

#13: Cocoa Farming

Cocoa is an important ingredient in making chocolate. Below is a list of other products made from cocoa:

• Chocolate bars
• Cocoa powder
• Cocoa butter
• Chocolate sauces and syrups
• Chocolate drinks
• Chocolate ice cream

#14: Honey Production

Here is an excerpt from health.com:

Honey has many beneficial properties, like treating infections, fighting metabolic syndrome, preventing artery hardening, and supporting a healthy gut. It may become an alternative to antibiotics. Honey also contains some nutrients and many different ways to enjoy it.

#15: Plantain Plantation

Plantain is essential in the diet of many Nigerians, and is also important in the production of a host of other edible products.

#16: Agricultural Equipment Leasing

Agricultural equipment leasing is a financial arrangement where farmers or agricultural businesses rent equipment instead of buying it outright. This leasing option allows them to access modern machinery without the high upfront costs associated with purchasing.

#17: Maize farming

In Nigeria, maize is a highly versatile crop and is used to produce a wide variety of products. Here’s a look at some of the products derived from maize:

• Food products
• Snacks
• Beverages
• Animal feed
• Industrial products
• Nutritional Supplements

Advantages of Agriculture in Nigeria

Dear Mr/Ms. Farmer, 

Being called a farmer is no shame at all. People often feel that farming is for the illiterate. Perhaps, you have thought about this too. You are skeptical about starting that agricultural business because you don’t want to be tagged a farmer. 

Farming is not for uneducated people alone. That is just a common misconception. You should be proud to be called a farmer because agriculture contributes greatly to the growth of the nation. 

Below are some contributions that agriculture brings to the nation:  

• Food security
• Community development 
• Job creation 
• Technological advancement 
• Economic growth
• International trade relations 

So dear Mr/Ms Farmer, wear your hat with pride and let that agricultural business of yours thrive! 

Also read: $18 Billion Initiative Aims To Establish 10 Tech Hubs Across Africa

Common Issues and Solutions on How to Start Agriculture Business in Nigeria 2024 

Starting an agriculture business in Nigeria in 2024 can be quite daunting. 

Here are solutions to some common questions people often face when considering how to start an agriculture business in Nigeria 2024: 

1: Making the Right Choice 

With the various agriculture business ideas, choosing the most suitable one to invest in might be your strongest bone of contention.

Business owners are often faced with this dilemma. 

If you’re not careful, you might end up making a decision based on sentiments rather than practicality. 

To guide your choice, we have outlined certain factors that must be considered when choosing an agricultural business to begin in Nigeria: 

• The first factor to consider is your budget. It is important to conduct a market analysis to determine the cost of equipment, rental space, labour and other things you would need to start your business. If the cost is too high, then there is no need to proceed further. The beauty of having several options is that you will find one option that your pocket smiles at. With the 17 agricultural business ideas that we listed, some will be within the scope of what you can afford. 

• Consider your strengths. Agriculture business ideas require rigorous work and commitment. It is important to choose a business that aligns with your skills. Also ensure it is also something that you are interested in. Passion plays a critical role in carrying entrepreneurs, helping them overcome setbacks and the temptation to give up. So look beyond the money making agriculture business ideas—also consider your skillset. 

• Ensure you have the right partners and vendors to meet the needs of your business. Ensure that your choice companies have a track record of meeting clients’ needs. Ensure they are trustworthy, timely, and excellent. This will save you from unnecessary disappointment and frustration. 

Getting Capital 

Getting capital is another major challenge for entrepreneurs considering agriculture business ideas in Nigeria. 

The solution to this is to find investors, or to apply for grants. 

Some grants for agriculture business ideas in Nigeria are: 

• The United States African Development and Ekiti State Government Grant
• Pitch AgriHack Challenge
• The Tony Elumelu Foundation (TEF) Entrepreneurship Programme
• The USADF Agriculture Grant
• GAIN Micro Grant for Empowerment

You can also find out about SME loans in Nigeria in 2024 to see the option that best suits you.

Frequently Asked Questions

Conclusion: Money on the Farmlands

Agriculture business in Nigeria is highly profitable. 

These money making agriculture business ideas that we have outlined clearly buttress that point. 

However, you also have to be willing to put in the work. 

None of these agriculture business ideas will thrive without dedication and enough funding. 

So, again, wear your hat with pride, count your costs, and get ready to make money on the farmlands! And if finances are a constraint, we have explained some business loan options for startups; all you need to do is to read up on the information.

Follow us on X or Twitter, @SiliconAfriTech for more business insights and hacks.

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References 

• www.trade.gov – Nigeria – Agriculture Sector 
• www.LinkedIn.com – Top 10 Agriculture Business Grants In Nigeria by Isaac Adegoke