Today we will give insight into an aspect of Agriculture that many who venture into the trade don’t know or don’t have much details about. This is the BUSINESS SIDE OF AGRICULTURE, AGRIBUSINESS, or AGRIPRENEURSHIP.
Nigeria today has 38 million small-scale farmers, based on the statistics, I can tell you that up to 90% of these small-scale farmers are guilty of not knowing the business side of agriculture. May I say that these 38 million small-scale farmers produce up to 70% of what Nigeria as a nation consumes?
We were told while growing up that Agriculture is the art of rearing animals and planting crops for human consumption. Anybody can be involved in this field but very few can be involved in Agribusiness or be an Agripreneur.
When we talk about the business side of Agriculture, we mean the following:
- You research deep into the venture before taking a leap so that you know if you are able to successfully engage in it
- You know the economics of the venture, the financials, who buys, when they buy, how they buy, and when the price goes up and down.
- Where can you sell? When can you sell and how do you sell?
- If things go out of hand, what can you do to salvage the situation?
- What modern techniques have been introduced into the venture? This is important so that you wont be struggling with hoes and cutlass when you can make use of a tractor.
- Who are the big players in the game? How did they get there? What are their core values and strengths?
- Do you have relevant certifications and registrations?
These and more are some of the things you need to put in place to start your Agribusiness journey. Times have changed and if you and I must succeed in the field of Agriculture, we must understand that Agriculture is no longer at the level it used to be.
Gone are the days when a farmer will sweat it out using crude implements to clear large expanse of land, today ROBOTS can do the job, an AI driven or manually driven tractor can do the job well and better.
Don’t just be an Agricultural practitioner, be an Agribusiness practitioner or an Agripreneur, don’t just be in Agriculture, be in Agribusiness, know the business side of Agriculture.
Am rooting for you to win and you will win.
To your success
Adegbamigbe Adewumi
