Agriculture remains the bedrock of Nigerian economy generating about 70% of employment and constituting over 40% of the Gross Domestic Product {GDP} of the country.
The country has a land area of 98.3m hectares. At present about 34m hectares or 48% are under cultivation leaving a good portion uncultivated. There is no doubt that considering the vast area of uncultivated land coupled with the natural fertility of its soil, Nigeria has great agricultural potentials.
To say then, that Nigeria’s economy is agrarian does not mean that Nigeria is agriculturally advanced. Peasant farming characterizes agricultural practice in Nigeria.
Farming families engage in subsistence farming in which family needs determine the scale of production and wherein small plots of land are cultivated by individual owners or sub-owners following age-old methods without much control on the yields. Family farming uses mainly family labor which could be augmented with minor hiring of labor and labor exchanges with other farmers at peak seasons.
The essential factors of production – land, labor, and capital are provided within the family. This system does not make adequate use of modern farming techniques, capital input, advisory services and market information.
The technology of production is not modern and involves a lot of drudgery. Also there is the problem of lack of or inadequate infrastructural facilities. This type of peasant agriculture involves 95% of Nigerian farmers, while farmers employed on corporate and government supported large-scale farms account for only 5 percent.
This situation therefore presents a viable opportunity for savvy investors to take advantage of the opportunity presented by providing agricultural equipment for leasing in Nigeria.
Some of the equipment that can be leased includes
Tractors
Processing Equipments
Storage Facilities
Some of the incentives the government has put in place to encourage investment in the agricultural sector in Nigeria includes
o Finance Credit
o Tax Holdings
o Reduced Customs Charges on Imported Inputs
o Technical Support through Research Institutions
o Export Financing and Guarantee
o Agricultural Insurance Scheme
o Extension Services
———————————————————————————————————————
Foraminifera Market Research Limited (www.foramfera.com) is part of a family of businesses, which includes several brands such as
Hausworth Nigeria Limited owners of
365 Home Improvement — www.365homeimprovement.com (Nigeria’s One Stop Home Improvement Portal)
365 Property Portal — www.365propertyportal.com (Property listing, building materials sales and movers in Nigeria)
Kyneli Business Support Services owners of
365 Campaigner is a complete suite of social collaboration, communication and management tools for your team. From List building solution to event announcement and CRM, 365 Campaigner provides everything you need to boost sales, step up productivity and manage all day-to-day activities.
365 Campaign is the one stop shop for digital marketing solutions for businesses, politicians, religious organizations and individuals.
———————————————————————————————————————
At Foraminifera Market Research (www.foramfera.com), we provide bespoke and up to date market research reports. 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.
Access our other Market Research Reports or investment opportunities in Nigeria by clicking on the link below
– MARKET RESEARCH REPORTS IN NIGERIA
– INVESTMENT OPPORTUNITIES IN NIGERIA
Do you require a business plan or feasibility report on the subject matter? Contact us with any of the details provided below to arrange a meeting
Office Phone Number: 01- 295 24 13 (Monday – Saturday; 8 am – 5 pm)
Mobile Number: +234 (0) 8033782777;+ 234 (0) 908 335 7733 (Monday – Saturday; 8 am – 6 pm)
E-Mail Address: enquiries@foramfera.com
CC: foraminiferamarketresearch@yahoo.com
Office Address:
61-65 Egbe- Isolo Road,
Iyana Ejigbo Shopping Arcade,
Block C, Suite 39,
Iyana Ejigbo Bus Stop,
Ejigbo, Lagos.
