How To Start Banana Farming Business In Nigeria: Your Complete Guide
Banana farming is a highly profitable and lucrative agribusiness investment in Nigeria that can earn you millions of naira. Starting your banana plantation business in Nigeria will be a very good way of seizing the opportunities in the agricultural industry. There are abundant lands and favorable climatic conditions in Nigeria for you to excel in your banana farming business.
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Banana farming profitability in Nigeria is really very high, especially when you consider the general acceptability of the fruit. You are definitely going to make good profits from banana production in Nigeria. So, if you are searching for lucrative agribusiness investment in Nigeria, then banana farming is a good pick.
One of the good things about banana farming business in Nigeria is that it has very little competition compared to other agricultural products. Over the years, banana farming business has been really neglected in Nigeria irrespective of its lucrative potential. Banana and plantain plantation in Nigeria has not gotten the attention they deserve, especially considering their high-profit potential.
There is no better time for you to invest in banana farming business in Nigeria than now. The purpose of this article is to provide you with the needed guidance to succeed in banana plantation business. This article has got you covered with all the relevant information on how to start a profitable banana farming business.
Why Start Banana Farming Business In Nigeria?
For the fact that banana farming profitability in Nigeria is very high means that you can make lots of money from banana production. In Nigeria, there is no tribe or culture against the cultivation or consumption of banana. This means that you have a huge market for your farm produce in Nigeria. You should also know that there are lots of business opportunities in banana farming business in Nigeria.
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For example, you can sell your banana in the open market as it can be consumed directly as food. You can also sell your banana to fruit juice manufacturing industries in Nigeria or even export them overseas for bigger profit. Banana farming profitability in Nigeria is something you wouldn’t want to miss out on, especially now.
Requirements For Starting Your Banana Farming Business In Nigeria
There are certain things you need to have in place before starting your banana production in Nigeria. This means that you don’t just wake up one morning and decide to venture into banana farming business. These requirements include the following:
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Banana farming business plan
Without a very good business plan to execute your banana farming business in Nigeria, your chances at success will be very limited. A business plan will serve as both a guide and an “asset” to you in this business. It will be an asset in the sense that you can use it to source for loans and agricultural grants in Nigeria. No financial institution or private investor will consider your business if you have no business plan in place.
As your guide, the banana cultivation business plan will help you to know more about the business you are venturing into. For instance, your business plan will contain the market analysis, financial projections, SWOT analysis, and marketing strategy. All the aforementioned points contained in the business plan will help provide you with a better understanding of the business.
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Land selection
Immediately you have concluded with the banana production business plan and the capital is available, the next step is farmland. You need to select very good and fertile farmland that will favor your banana production business in Nigeria. Banana thrives very well in an environment that is not too cold or hot. So, to have a very profitable banana farming business in Nigeria, you need to select land in the right environment.
Banana suckers thrive in a naturally fertilized soil or thick compost manure. Selecting a land with trees that provide shade for the banana is also good for your agribusiness.
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Buy healthy banana suckers
Unlike other plants, bananas are grown from suckers and healthy suckers will go a very long way in increasing productivity. You shouldn’t buy banana suckers from just any source; ensure you buy from trusted suppliers of banana suckers.
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Transplanting your banana suckers
To transplant the suckers, you need to ensure that the corm or the roots at the bottom is properly trimmed for growth. You should give a gap of 5meters between each banana sucker. It is also important that you water the sucker during the early days but do not over wet the soil. This is because the banana leaves are not yet out for proper water evaporation.
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Taking care of your banana plantation farm
Once you are done with transplanting the banana suckers onto the farm, the next step is to care for your farmland. You need to constantly weed the banana plantation as well as prevent them from strong winds. Fertilizer application is also good, especially organic fertilizer. If well taken care of, you will start harvesting your banana between 13 to 15 months.
The Ideal Species For Starting Your Banana Farming Business In Nigeria
The agbagba or hybrid banana species are always the best breed for starting your banana plantation business. There are about 500 different species of banana as well as plantain known to man. So, there are different types of banana in Nigeria and you need to select the best of them all. Nigeria is the fourth largest producer of banana in Sub-Saharan Africa behind Ghana, Rwanda, and Uganda.
The good thing about the hybrid banana breeds is that they not only yield fruit in time, but the fruits are usually very big. In Nigeria, banana is largely cultivated in the middle belt states like Plateau and Benue. They are equally cultivated in the South-Eastern and South-Western states as well.
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