Nigerian agriculture is characterized by considerable regional and crop diversity. Analysis of this sector, particularly the food sub-sector, is fraught with serious data problems. However, the available statistics provide a broad overview of development in agriculture upon which we can make some broad generalizations about its role in economic development and structural change in Nigeria.
In the 1960s, the agricultural sector was the most important in terms of contributions to domestic production, employment and foreign exchange earnings. The situation remained almost the same three decades later with the exception that it is no longer the principal foreign exchange earner, a role now being played by oil.
The sector remained stagnant during the oil boom decade of the 1970s, and this accounted largely for the declining share of its contributions. The trend in the share of agriculture in the GDP shows a substantial variation and long-term decline from 60% in the early 1960s through 48.8% in the 1970s and 22.2% in the 1980s. Unstable and often inappropriate economic policies (of pricing, trade and exchange rate), the relative neglect of the sector and the negative impact of oil boom were also important factors responsible for the decline in its contributions.
On its diversity, Nigerian agriculture features tree and food crops, forestry, livestock and fisheries. In 1993 at 1984 constant factor cost, crops (the major source of food) accounted for about 30% of the Gross Domestic Products (GDP), livestock about 5%, forestry and wildlife about 1.3% and fisheries accounted 1.2%.
One of the food crops grown in Nigeria is plantain. Plantain is among the foremost sources of carbohydrates in humid tropical Africa and contained 35% CHO, 0.2 to 0.5% fat, 1.2% protein, and 0.8% ash. In terms of gross value of production, plantain is one of the most important fruit in developing world. CBN (2003) indicates that plantain is one of the major stable food in Nigeria, it had the highest percentage increase in output over years 1999 to 2003, implying the existence of market potential but increase production in the country and Foraminifera Market Research seeks to expose the investment opportunity in the supply of the product to local industries in Nigeria through feasibility report.
As one of the major staple food in Nigeria, plantain products in the chef of many Nigeria families include dodo (fried ripe pulp), chip (fried unripe pulp) and as plantain flour.
Plantain flour has advantage over other starchy foods because it contains protein, mineral and vitamins and medically plantain can be used to cure a lot of ailments including sore throat, tongilolitis diarrhea vomiting and it is said to be a major diet in the production of soy-musa which can be used in the treatment of kwashiorkor.
There is a great potential for the processing of plantain. It could be processed to food/foodstuffs such as breakfast cereals, baby food, (soymusa), flour, chips and snacks food. Industrial product of plantain processing includes wine/beer, syrups, vinegar, biscuit, among others.
The situation highlighted above has created a large and expanding market for the sales of unripe plantain in Nigeria and an opportunity for savvy investors to take position.
The return on investment on the trading of unripe plantain is estimated between 10%- 15%.
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for beginners and on-going businesses in different sectors of the Nigerian economy.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on unripe plantain trading to local industries in Nigeria by clicking on the link below.
Report Title: HOW TO MAKE HUGE PROFIT SUPPLYING UNRIPE PLANTAIN TO LOCAL INDUSTRIES IN NIGERIA.
Report Code: FORA/08/2012/108
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