How To Rake Millions From Castor Seed Farming In Nigeria: Secrets Revealed
Castor seed farming in Nigeria is a profitable money-making agribusiness investment that few Nigerian farmers know about. Hence the reason why not many farmers are into this very lucrative business. The country of India is the leading producer of castor seeds worldwide. The global demand for castor oil is mainly met by only India.
This is to tell you the amount of money you can make from castor seed farming if you venture into. 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 seven 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. With the increasing impact of the African Development Bank on Agriculture, the sector is currently experiencing a positive turnaround.
The botanical name is Ricinus communis. It is called Ogili Ugba in Igbo, Cikagida in Hausa, and Ilara/Iru in Yoruba.
This article will provide you with answers to questions like:
- How do you grow a castor oil plant from a 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?
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 your question are not farfetched.
- The large castor seed market
One of the many reasons you should start castor seed farming in Nigeria is the large market for castor seeds. The domestic consumption of castor seed and its products in Nigeria is currently estimated to be about 300, 000 tonnes. Do you know that Nigeria imports over N30 billion worth of castor oil on annually? If yes, what is stopping you from leveraging the business opportunity that castor seed farming provides?
The castor oil buyers in Nigeria include families, pharmaceutical companies, textile industries, paint industries, aviation industries, and electricity companies. Business establishments like Oyinloke Farm, Biotop Green Oils & Importers in Nigeria, Tayoliads Enterprise, etc. can buy your castor seeds.
There are lots of castor oil buyers in Nigeria who will be happy to do business with you. The castor cultivation profit is enormous, and you wouldn’t want to miss out on such benefits. There are several castor oil uses in agriculture, and you will always find a market for your farm produce. The presence of many castor oil buyers in Nigeria makes your castor seed farming more profitable.
- Castor seed farming is a very profitable business venture in Nigeria.
When it comes to the economic benefits of castor seed farming, you are not going to be disappointed. According to a 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.
Mr. Akin said that a castor oil producer could make up to N1 billion naira in a year. This is astonishing, isn’t it?
Castor plants live for a maximum of seven years. What this means is that an onetime investment in castor farming business will last for 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 fresh money for you. T
- Numerous products from castor seeds
There are many products you can derive from the castor seed. The castor oil derived from castor seed is used in the production of paints, engineering plastics, and jet engine lubricants. It is also used as polymers for telecommunications and electronics. This explains why there are many castor oil buyers in Nigeria.
You have to know that castor oil is the primary ingredient for the production of nylon 11, nylon 610, heavy-duty vehicle greases, and polishes. It is also used in the production of cosmetic, medicinal, pharmaceutical, and chemical derivatives.
How To Start Your Castor Seed Farming Business In Nigeria
- Have your castor seed farming business plan
Although the opportunity in castor farming business is huge, without your business plan, you may not succeed. Your castor seed farming business plan does not only serve as your guide in the course of your business. It will help you attract investors and source for funds from financial institutions and private individuals.
- Land preparation
The excellent thing about castor seeds is that they grow very well in virtually all the lands in Nigeria. Once you have selected the ground for your castor seed farming business, the next step is to clear and till the ground 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. To have a good and profitable castor seed farming business, you must seek the help of an expert in selecting the best 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. Considering the castor seed production per hectare, you can envisage your castor cultivation profit.
- 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 a seed? There you have got your answer. Castor seeds require just about four significant 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 bean seeds
The maturity of castor is mainly dependent on the variety. A large number of the improved castor varieties mature five 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 those mentioned above, there are lots of castor oil buyers in Nigeria today. You can as well contact any oilseed companies 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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