Frequent question: How much do farmers make in Nigeria?

On average, 55 percent of a Nigerian farmer’s annual gross income of USD 9 8152 is earned from agricultural activities, among which crop production accounts for 49 percent and livestock keeping adds around 6 percent to the average annual income.

Is farming profitable in Nigeria?

The agricultural sector is one of the most flourishing sectors of the Nigerian economy. With proper strategic planning, any individual having basic knowledge of farming and manufacturing operation can start a profitable agriculture business.

Who is the richest farmer in Nigeria?

Rotimi Williams – Kereksuk Rice Farm

He owns Kereksuk Rice Farm in Nassarawa State which is the second largest commercial rice farm in Nigeria by land size. His farm, which is situated in Nasarawa state in northern Nigeria, currently sits on 45,000 hectares and employs more than 600 natives of Nasarawa.

Do farmers make good money?

According to salary data for farmers, ranchers and other agricultural managers from May 2016, the average salary is $75,790 a year. In contrast, they make a median salary of $66,360, with half getting lower salaries and half being paid more.

How much money do farmers earn per acre?

Using projected average yields of 198 bu. corn and 59 bu. soybeans per acre, farms averaged $673 total revenue per acre and averaged $664 total cost per acre. The most profitable farm made $275 per acre while the least profitable lost $222 per acre.

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Which farming is most profitable?

Here are the Most Lucrative Agriculture Business Ideas:

  • Agricultural Farm. …
  • 10 Most Profitable Livestock Farming Business Ideas. …
  • Vermicompost Organic Fertilizer Production. …
  • Dried Flower Business. …
  • Fertilizer Distribution Business. …
  • Organic Farm Green House. …
  • Poultry Farming. …
  • Mushroom Farming Business.

What is the most profitable business in Nigeria?

Here are the most lucrative businesses in Nigeria:

  1. Oil and Gas business. The simple truth is that Nigeria and to a large extend, the world, still depends on oil and gas. …
  2. Agriculture business. …
  3. Food business. …
  4. Blogging Business. …
  5. Real Estate business. …
  6. Furniture business. …
  7. Hotel business. …
  8. Transportation business.

Who owns the biggest farm in Nigeria?

Rotimi Williams: 39-year-old Nigerian who owns 2nd largest rice farm in the country

  • – Rotimi Williams is making the country proud as his success in the agricultural sector has always been a reference point.
  • – The young man owns the second largest rice farm in Nigeria which is situated in Nasarawa.

What can I plant now in Nigeria?

5 Best Crops to Plant This Rainy Season And Make Huge harvest

  1. MAIZE. Maize is a valuable commodity that is geographically dispersed across Nigeria and suitable for most Nigerians. …
  2. CASSAVA. …
  3. GROUNDNUT. …
  4. YAM. …
  5. RICE.

Which state is best for farming in Nigeria?

Top 3 States In Nigeria Best For Agriculture And Farming Related Businesses

  • Cross River State – Rich in organic fruits and excellent for tourism, Cross River State supplies agriculture products to many other states in Nigeria.
  • Delta State – 3rd largest contributing state to Nigeria’s GDP.
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How do farmers get rich?

Farmers make money by selling consumer products to distributors that bring these products to grocery and retail stores. Farmers have large upfront costs, but if you own the land and assets, you can live off of the income forever.

Can I make money farming?

Using Livestock to Make Money Farming. Livestock is probably the most common way farmers make money from their land. And while animals have a few more expenses and a higher overhead, they usually bring in top dollar in terms of net income. Here are just some of the ways you can make money with livestock.

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