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How to start rice business in Nigeria?

Consider this piece of information and invest in your rice processing in Nigeria. If it is your cup of tea, success attend you! Build your dreams and become wealthy!

rice business
The prospect of the rice production in Nigeria is very friendly for any investor who is currently searching for a business to invest. Are you a business-minded individual who is interested in distribution or supply business? Then consider taking Rice distribution or supply of the special business that will enable you to smile to your bank.

READ ALSO: Rice production in Nigeria: when will we achieve self-sufficiency?

Investments

You will agree that there is hardly a household within Nigeria that doesn’t eat rice. It means that there will be good returns on investment and profit will come at once in this business. The importance of rice to an average Nigerian can never be overestimated. This article accents not on rice farming, although, it is also a unique kind of business in Nigeria, on rice distribution or supply. You will get the idea why you should consider it as a very sound investment opportunity.

Although the Minister of Agriculture and Rural Development Dr. Akinwumi Adesina recently claimed that rice in Nigeria would become Africa’s largest business in five years.  It is still a consuming economy with the population that eats tons of rice a day. There are many rice producing states in Nigeria where they cultivate rice plantations.

rie in nigeria

The profit potential

Depending on your financial strength, you can start this business with 5 million nairas or less. Rice distribution company offers you an excellent return on investment. For example, the 50kg  bag of a natural seed of rice in retail price is sold for 8,200 nairas, while the smaller seed is about 8,100.

Now, consider the following profit potential of the business.

As a distributor or wholesaler, you can get a bag for N8,000, N8,100 or probably less from the importers. If you supply 50 bags of rice in a day at the rate of 8,200 nairas, you will be making the profit of 200 x 50= N10,000.

rice in nigeria

Types of rice in Nigeria

Ofada rice

Ofada rice is a generic name used to describe locally produced rice considered by millions of Nigerians as one of the best. It is manufactured in the southwest and southeast Nigeria. Compared to other products, the price is a bit higher, but the demand is high because nutritionists believe that rice is very nutritious.

Stallion/Aroso

Stallion/Aroso rice is one of the largest and widely distributed rice worldwide, with great qualities and special brands across the globe.

The following are some of the Stallion brands: Caprice, Tomatoes King, African Princess, Caprice Gold, etc. These are very common in the Nigeria markets.

rice in nigeria

Basmati Rice

Basmati rice is another kind of rice that is exquisite and of high quality because of the production process.

The good news about this type is that it has a unique, sensational taste, gluten free and contains eight essential nutrients such as amino acid, sodium, folic acid, etc. It has a unique aroma that makes it stand out. It is mostly consumed in African countries.

Brown Rice

The brown rice is a whole grain with a mild, nutty flavor and chewier. It requires a lot of chewing before it can be swallowed.

Brown rice is more nutritious than the white rice, and it is mainly found in supermarkets or mega supermarkets.

rice in nigeria

Where to buy

Presently, there are different kinds of rice in the Nigerian market. Whichever you want to supply, you can get them from the market.

As far as Lagos is concerned, you can find this rice in the following markets: Daleko Market, Mile 12, Alaba-Rago and some other places.

Irrespective of the Nigerian city you are, there are thousands of retailers scattered across the city who are willing to buy rice. So, if you invest in this business, you will smile to the bank.

Word of caution: Try as much as possible not to sell on credit.

rice in nigeria

The level of consumption

The Nigeria population has triggered many investors. In addition to other natural endowments, Nigeria has great business opportunities which now includes rice as an excellent market. The Nigeria population is over 170 million people, according to the United Nations (U.N).

The high level of demand

The country’s increasing population and the rate of food consumption (especially rice) are essential for any business minded individual to make real money. It is important that you take a close look at the Nigerian market. Even in your place of living, there are, of course, many retailers. And when you consider the distance where such goods are transported from to get to their destination, such people will be inclined to buy from you, if you open up a wholesales store in that locality.

You can inform retailers of your business for you to supply the required quantity to them. So, while you carefully consider the amount of credit that could be granted within a short period.

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