BUYING A FARM LAND FOR AGRICULTURAL PRODUCTION IN NIGERIA
IS IT A GOOD OR BAD TIME TO BUY LAND FOR AGRICULTURE?
The Nigerian economy is blessed with series of natural resources, we have an abundance of fertile land. It’s no news that the Nigerian economy has shifted its gaze from petroleum to explore other sectors for foreign exchange and its economic development, with agriculture being one of the major focus. The Agricultural industry in Nigeria is a huge business that has several sub-sectors; Seed trading, fertilizer and allied products, storage, transportations and logistics etc.
In 2010 up till 2016, the Government of Nigeria began to reform the agricultural sector. To refocus the sector, the Government implemented a new strategy, the Agricultural Transformation Agenda (ATA). That intervention, the ATA, served its core purpose of helping refocus Nigeria’s attention on agriculture. Even with the progress of ATA, it is apparent that additional work is still required to meet our objectives. For these objectives to be met, the private sector will remain in the lead while government facilitates, as well as provides supporting infrastructure systems, incentives, control processes, and oversight, hence the question above; “is it a good or bad time to buy farm land in Nigeria”
Without land, agriculture cannot be possible; a land is a bedrock of which we lay the foundation for agricultural production and efficiency. The process of getting land for agricultural production is like getting any land for other purposes, however certain peculiar factors need to be considered
1. The first thing to consider doing, is finding a quality farm land in your preferred location. The best locations for farm lands are rural areas. Bear in mind however that because of it being a farm land, you are to get a real estate agent that will take the time to seek out critical information, one that knows about farming and the details that are important like soil types, land location etc. Many real estate agents are knowledgeable only about city property, so finding a good agent experienced in land purchasing for necessary investment.
2. Infrastructure Is another point to note. You should consider the road network of the locality for the agricultural land, how far away is human settlement, water, phone reception, etc. All these listed are important even some as trivial as network reception.
3. Proximity to Markets. When getting a farm land, put into consideration how close the farm is to your local markets and distribution channels. This is important to relive you of stress long transportation, it also saves time, cost and energy.
4. Soils Assessment on the proposed agricultural land is also a good idea. information related to the soils on the land, its classification, type, drainage class, various crops that can be planted on the land etc. It is important to know what your soil limitations may be before buying your land. Also, if you are interested in organic production, it would be wise to test your soil for residues and other heavy metals that may inhibit your ability to grow organically. This can be expensive but worth the investment.
Just so you know, exports of agricultural products from Nigeria to other countries of the world is a very lucrative business.
For example, there is an increase in demand for the Exports of SHRIMPS AND PRAWNS. According to the national bureau of statistics in its third quarter report of 2016, the exports of shrimps and prawns for the period of July and September 2016 were worth over 5 billion Naira more than any agricultural products. An increase in the demand for shrimps was recorded in United States, Europe, Russi, Japanpan and South Africa. Also, SESAME SEEDS also ranked as the second highest earning of agricultural export for the country. It was estimated to worth over 4.8 Billion Naira. For CASHEW NUTS, the income flow from exports cashew nut was over 2 Billion Naira
Listed below are other exportable agricultural products that are lucrative in Nigeria:
Cocoa
Yam
Ginger
Charcoal;
Cassava;
Kolanuts;
Palm Kernels;
Soya Beans.
From the above, we can see that agriculture is the future of Nigeria. It is however safe to conclude thus; “it is indeed a very good time to invest in land for agricultural purposes”.
To be a part of this investment opportunity, contact ibejulekkilawyer.com for advice and consultation services. Email ibejulekkilawyer@gmail.com or Call 08034869295.
