If you have already made up your mind about starting your own business in Nigeria, then do not consider only oil industry to earn big money. You can also do a very profitable livestock farming business in Nigeria. In recent years, livestock farming is booming and the future of this economic sector is very bright. Let’s learn more about the future prospect of livestock farming in Nigeria and some useful tips how to do agribusiness successfully.
Livestock farming in Nigeria includes pig, snail, cattle, goat, rabbit, chicken and other farming sub-niches. It is a very profitable industry, and its development depends on two major factors: raw materials and technologies used in the production.
These days, the farming sector is controlled by small-time farmers in rural areas and there's a possibility of making millions of dollars every year. Livestock farming is one of the major sources of food for man and there is no doubt that as long as people live on this planet, there will always be a need for producing food. In addition, the farming sector creates more job opportunities and develops the Nigerian market economy.
The Nigerian livestock producer typically is a rural person who can run his business even in his back yard. This person is aware of local animals’ needs and the environment in which they live. To run a livestock business, you should be cautious and pay attention to details.
How to run a livestock business
If you plan to start a livestock business, you need to consider a couple of conditions, before you begin. The future of agribusiness development depends on a couple of circumstances. Let’s take a look at top 3 things you should remember for your business to be prosperous:
- There is nothing more important than land. But if you do not have space, no need to worry! There are different types of farming, and some do not require a lot of space to have in order to start your own business.
- Aside from the land, at the beginning, you will need some initial capital and a good business plan. If you want to have a successful business, you should not aim for large scale business in the beginning, but it is better to try out your ideas on small scale business. A well-written business plan is a “must have” for future development of your business, as this way you can calculate if this livestock farming business is a profitable one or something should be changed in order to succeed.
- The third thing to remember is discipline and dedication. Discipline is an essential for your goals, dreams, and desires to become true. You have to realize that livestock business is very demanding, but at the same time, hard business to manage. Self-discipline makes it more likely for young entrepreneurs to succeed. You will not be able to make long-term plans and succeed in future if you do not like what you do. Be hardworking and choose the area in which you want to develop. No business can be done if the owner has little dedication to do it.
Prospect in different livestock farming areas
Now that you know what you need for a successful livestock farming business, let’s look at the prospect in different farming areas in Nigeria. For every successful investors and business, it is necessary to understand the demands and needs of local and foreign consumers. This way, it is easier to target buyers and make a decision among different markets. When you see that one area is more profitable than another, it is obvious which one to choose and start off own business. But you have to remember that every market and every consumer’s demands are different. Therefore, the right decision should be made according to the market demand.
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These days, almost all livestock farming areas bring in good money. Whatever sub-niches you might choose, it will still be profitable. The livestock farming business in Nigeria or animal husbandry is a very promising type of business, and it is estimated that in future it will be even more prosperous, than the oil industry. Here is the list of top 7 most profitable sub-niches in Nigerian livestock farming:
The catfish farming and tilapia fish farming businesses occupy the biggest retail area when it comes to the fish farming business industry. It is a very profitable farming sub-niche, because of Nigeria’s access to the ocean. If you take a look at a typical Nigerian daily nutrition ration, you will notice that out of 10 Nigerians more than 6 persons eat fish on daily basis.
Among these 6 people, more than half of them consume catfish weekly. The total profit of selling and producing cat fish per week in Nigeria is estimated to be N75 million and in the future it will be even more. Therefore catfish will be even more profitable and high in demand on the fish market.
It is a relatively new livestock farming business in Nigeria and has only started to develop. It is not as large scale as a fish farming business. Nevertheless, it is believed that in the future it will triumph over cattle farming and bring in more than N50billion annually.
This type of farming is a very popular business in every country of the world. It is so profitable due to several reasons. You can sell not only chicken meat but eggs as well. You can raise not only chickens but ducks and turkeys as well. This way, you can satisfy every customer’s need.
Cattle farming is said to be the most common and the oldest livestock farming business in Nigeria. It is especially popular in the northern part of the country. In future, it is estimated to become even more profitable, since these days, more and more people start to consume milk on a daily basis.
Everyone is aware of the health benefits of snail meat. Since it is so good for your health, Nigerian government plans to promote the snail farming industry and involve more farmers into the business. Due to the high demand in foreign countries, in future, it will be extremely profitable to export snail meat abroad.
When it comes to rabbit farming, there is no need to worry about too many requirements. This kind of farming has a very good future and good to focus on. You do not have to only focus on rabbit meat production. Aside from it, you can also concentrate on leather and fur production. Fur for clothes will be in high demand in the near future. It does not matter if you are a farmer or investor, you will always get a good profit out of rabbit farming business.
Goat farming is a very rapidly developing and growing farming sector in Nigeria. People love how tender goat meat is and the fact that it contains almost no fat. Also, it has higher protein content than any other meat. Goat milk can be used for making yogurt, ice cream, cheese, and butter. These are the main reasons why goat farming business will develop in the future and is considered now to be a very lucrative business.
The future problems & changes in livestock farming
As profitable as livestock farming is, so are the challenges you'll face. There are many problems to deal with if you decide to do this business. Let’s see what kind of problems have not been solved yet by the government in Nigeria, and what can you might need to overcome it in the future.
If you decide to get started with your own livestock farming business, be prepared and have adequate capital for it. There are not a lot of programmes funded by government or local banks that can support your initiative. This means that you have to rely only on yourself. The capital is one of the main problems that a farmer faces now and will face in the future. Therefore, if you really want to have a livestock business, you have to find other sources of funding, such as loans or farm grants.
The most painful and complicated problem to deal with is livestock diseases. It is no secret that animals can catch some virus or diseases once in the while. Due to different circumstances, including climate, economic, and infrastructure conditions, these livestock diseases will not disappear in the near future. If your animals get sick, then it will cost a lot of money for you to get them treated. For this reason, you have to care for them and take them for proper vaccinations.
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Of course, you may believe that running a farming business is simple, but in the near future, the farming system will change and get more modern. To cope up with the government standards, you will have to get more training and learn more about modern animal production techniques and tools.
The market conditions should be researched well and studied thoroughly. The Nigerian animal product market is badly organized and this leads to the problem of having expired products or food poisoning. The result is clear – no profit. In the future, there should be product storage system developed and all Nigerian markets must use deep freezers and/or any other modern methods of meat, egg preservation.
The way you transport the meat or eggs is very important. Nowadays, due to a lack of access to the good roads from farms to markets, it is very hard to transfer products. In the future, it is planned to either develop the transport system or to make farmers have their farms closer to the markets.
It is estimated that up to 80% of livestock farming expenses are spent on animal nutrition and supplies. This means that if you want to make profit out of animal production, you have to consider that you need to invest a lot. Also, the dry season also has a big impact on livestock farming business. In future the government plans to help farmers make a reasonable profit. The government advises farmers to minimize the cost of feeds and learn how to do self-feed production.
Although livestock farming is a very promising industry and develops rapidly, there is still room for development. Livestock farming has more advantages than disadvantages. There is no doubt that if you choose any type of livestock farming as a business, you will make good money. At the same time, do not get too excited and be aware of future problems in the livestock market. Ensure you research it well before getting started. Once you make up your mind – get on track! Share this article with your friends and leave your comment below.