How To Rake Millions From Castor Seed Farming In Nigeria
Castor seed farming is another money making agribusiness investment that few Nigerian farmers know about, hence the reason why not many are into it. Castor is cultivated around the oil largely for the importance of the castor oil. The country of India is the leading producer of castor seed worldwide. The global demand for castor oil is mainly met by only India. You should know that Nigeria imports over N30 billion worth of castor oil on a yearly basis.
This is to tell you the amount of money you can make from castor seed farming if you venture into it in Nigeria. Despite the fertile land and suitable environmental conditions for castor seed farming in Nigeria, very few individuals are actually into it. If you consider the castor growers, processors, and marketers associations of Nigeria, then you will see for yourself.
Great opportunities abound for Nigerian farmers into castor seed farming. For a potential farmer or investor in castor seed farming business, you stand the chance of making up to N50 million naira within just 7 years on 10 hectares of land. The objective of this article is to provide you with useful and quality information on how to start castor seed farming in Nigeria.
This article will provide you with answers to questions like:
- How do you grow a castor oil plant from seed?
- What is castor farming?
- What is castor seed?
- Who are the castor oil buyers in Nigeria?
- How can you make castor oil in Nigeria?
- What is the castor seed production per hectare?
Just keep reading as the answers to the above questions on castor seed farming in Nigeria will be unveiled for you to know.
Why castor seed farming in Nigeria?
The question you might be asking yourself is; why should you venture into castor seed farming in Nigeria? Well, the answers to that question are not farfetched.
The large castor seed market
One of the many reasons why you should consider starting castor seed farming business in Nigeria is the large market for castor seed in Nigeria and the world at large. For your information, the domestic consumption of castor seed and its products in Nigeria is currently estimated to be about 300, 000 tonnes.
The castor oil buyers in Nigeria include families, pharmaceutical companies, textile industries, paint industries, aviation industries, and electricity companies. So, now that you can see the list of the castor oil buyers in Nigeria, what could be holding you back from starting your own castor seed farming business?
Castor seed farming is a very profitable business venture in Nigeria
When it comes to the economic benefits of castor seed farming, you are definitely not going to be disappointed. According to castor seed farmer and consultant with Monrole Global, Mr. Akin Famuyiwa; he said that there is even more money in the production of castor oil in Nigeria. According to Mr. Akin, a castor oil producer that has a small machine can make up to N1 billion naira in a year. Astonishing, isn’t it?
Castor plants live for a maximum of seven years. What this means is that a onetime investment in castor seed farming will last for a good seven years. It also implies that you can harvest your castor seeds twice in one year. The castor seed production per hectare is about 1 ton and this is cool money for you.
Numerous products from castor seeds
Another reason you should really consider this castor seed farming in Nigeria is the many products that you can derive from the castor seed. The castor oil which is a product of the castor seed is used in the production of paints, engineering plastics, jet engine lubricants, as well as polymers for telecommunications and electronics.
You should know also that castor oil is the primary ingredient for the production of nylon 11, nylon 610, heavy-duty vehicle greases, polishes, as well as cosmetic, medicinal, pharmaceutical, and chemical derivatives.
How to start your castor seed farming business in Nigeria
Have your castor seed farming business plan
No matter how great the opportunity in castor seed farming business is, without your business plan you are definitely not to enjoy the benefits of this great agribusiness venture in Nigeria. Aside from serving as a guide to you in the course of your business, your castor seed farming business plan will also help you to attract investors and source for funds from both financial institutions and private individuals.
The very good thing about castor seeds is that they grow very well in virtually all the lands in Nigeria. Once you have selected the land for your castor seed farming business, the next step is to clear and till the land so that you can plant your castor seeds. You can also apply fertilizer to the soil if it is not so fertile.
Buy good castor seed variety
There are many varieties of castor seeds available in the market today. In order to have a good and profitable castor seed farming business, you must seek the help of an expert in selecting your castor seed variety. This is to prevent you from starting your castor seed farming venture with a less productive variety of castor seed.
Currently, a castor seedling sells for around N100, although the price changes with the period of the year. You will need about 600 seedlings of castor seed for 1 acre. What it means is that you will require 1500 castor seedlings for 1 hectare of land. The castor seed production per hectare is about 1 ton.
Planting your castor seeds
The best time to plant castor seeds is during the rainy season. During planting, it is recommended that you space your castor seeds by 2.5m apart. If you are asking; how do you grow a castor oil plant from seed? There you have got your answer. For your castor seed to germinate and blossom. Castor seeds require just about 4 major rainfalls to survive; this makes it possible for them to still thrive in Northern Nigeria.
While planting your castor seeds, it is advised you dig a hole of about 40cm. Never allow weeds to grow in your castor seed farm at all.
Harvesting your castor seeds
The maturity of castor is largely dependent on the variety. A large number of the improved castor varieties mature 5 months of plating. One way of knowing that your castor seeds are mature is when one or two capsules in a bunch start drying. You should remove the whole cluster and stack them.
If you harvest an unripe capsule, it will negatively affect the oil production of the castor. The fruits should be collected when they are ripe. After you have plucked all the mature castor capsules, you dry them further under the sun for some days and then thresh them.
Marketing your castor seeds
Just like the aforementioned, there are lots of castor oil buyers in Nigeria today. You can as well contact any oilseed companies in order to market your castor seeds. Joining the castor growers, processors, and marketers association of Nigeria will greatly assist you in attracting castor oil buyers in Nigeria.
For your well-detailed castor seed farming business plan or a business plan on any business niche, contact us at Entrepreneur Nigeria on +2347037281050. Your business plan will be available just within two weeks of your order.
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