SOME AGRIPRENEUR OPPORTUNITIES IN NIGERIA
Despite the economic downturn, if you look closely around you, you will notice that there are numerous opportunities for entrepreneurial development, including the following:
1. Farming and processing of catfish: As a young entrepreneur in the agricultural sector, venturing into catfish farming is a lucrative way to be self-employed and add value to the economy by employing others. Catfish can be processed and packaged for other entrepreneurs who lack technical expertise in fish production but would love to make ends meet by selling it off.
2. Poultry Production: Raising poultry birds such as broilers for meat production, layers for meat and egg production, broilers, and turkeys is another excellent Agribusiness idea that, if practiced seriously, can transform entrepreneurs’ lives.
3. Hydroponics is the cultivation of plants without the use of soil; it has been shown to be beneficial because it results in significantly healthier and higher-quality fruits and vegetables, as it enables plants to grow vigorously and rapidly. Acquiring and applying the knowledge of this business or tutoring others who are unaware of it may present you with financial opportunities.
Other Agripreneur opportunities include selling agricultural equipment such as poultry cages and managing poultry pens, purchasing, and selling animal feed and feed additives, purchasing and selling fertilizers used to germinate plants, and purchasing and selling agricultural raw materials such as cassava to be reprocessed into cassava flakes. The list is endless.
CONSTRAINTS FACING ENTREPRENEURS IN NIGERIA
Nigeria was ranked 131st in the World Bank’s 2019 ease of doing business index, out of 190 countries. The top twenty countries have regulations that are simpler and more business friendly. Mauritius is Africa’s best business destination, ranking among the best in the world. Nigeria is the eighth-ranked country in West Africa, behind Ghana. According to this research, entrepreneurs in Nigeria face a variety of challenges when conducting their businesses.
The list of barriers appears to be endless. It refers to a variety of issues, including paucity of capital, difficulty obtaining financing, and a deplorable state of infrastructure. Government policies that are inconsistent, a lack of knowledge about how to conduct a business, difficulty formulating a marketing strategy, and a lack of patience are all issues. We go into greater detail about three of the above-mentioned points:
1. Inadequate Infrastructure: This is a serious issue for Nigerian businesses. The primary infrastructure concern is power supply. A reliable power supply is critical to the operation of many businesses. As a result, many entrepreneurs have been constrained by insufficient power supply. The primary issue, however, is not simply a lack of electricity, but also the high costs associated with it. This resulted in many entrepreneurs turning to generators as a less expensive alternative to generating power, which reduces revenues. Most entrepreneurs operate at a cost that exceeds their means, which results in the liquidation of numerous businesses.
2. Limited access to finance: Financial institutions are one of the most viable sources of capital. Banks, which are supposed to make starting a business easier, are making it more difficult, as they are unwilling to lend to startups and, if they do, charge prohibitively high interest rates. Financial institutions frequently prefer to lend to established businesses over entrepreneurs who have recently acquired skills and are ready to establish themselves and solve people’s problems.
3. Economic Instability and Incoherent Policies: Effective policies foster an environment that is conducive to business expansion. Contradictory policies in Nigeria have resulted in business closures. Today, the government suspends imports and shuts down logistics the next day, depriving businesses of time to diversify. Government inconsistency also complicates long-term commercial decisions.
RECOMMENDATIONS FOR PROSPECTIVE ENTREPRENEURS
Several of the obstacles that an entrepreneur may face have already been mentioned. To start a business, you must first identify a well-defined problem to solve and a feasible strategy for resolving it. A business’s ability to thrive and survive is determined by its ability to resist the temptation to put profit ahead of customer satisfaction. Second, an aspiring entrepreneur must be aware of potential impediments to realizing his or her business concept. Making yourself aware of these concerns in advance may enable you to plan and devise innovative solutions to overcome these obstacles.
Additionally, a successful entrepreneur should resist the temptation to focus exclusively on profit and instead focus on problem solving. It is critical to obtain an education prior to starting your business and to ensure that you are doing something you enjoy. Generally, it is critical to seek advice from individuals who have achieved success in their businesses. While a mentor can be a priceless asset to any entrepreneur, not everyone has the opportunity to meet with one in person. In the twenty-first century, you do not need to wait until you have a personal business adviser; you can browse 80% of your problems and find practical solutions.