10 ways Africans can make big money from food and agribusiness
Agriculture is essential to Africa’s economy and a major source of wealth for many countries on the continent. Agriculture is lucrative for investors and farmers, making it ideal for Africans hoping to generate income.
Are you wondering about some of the realistic ways you can make money from food and agribusiness? Consider these low-risk options, based on verifiable analysis and statistics obtained from reliable sources such as LinkedIn, Glassdoor, Investopedia, etc.
1. Agronomy consultancy
According to a report on LinkedIn, agronomy consultants offer valuable advisory services in exchange for money. The average agricultural consultant in the United States earned $23 per hour in 2021, according to stats obtained from Glassdoor.
In Nigeria, the average salary of an agricultural consultant in Nigeria is N486,000 ($1,153) as of 2022. It’s time for skilled Africans to take advantage of the growing industry and earn high rewards.
2. Investing in a farm
According to the World Scholarship Forum, investment in agriculture is a long-term wealth-building strategy that can elevate your life as an African. The report described agriculture as a highly recommendable safe investment option for everyone. Africans can make big money by investing in agricultural lands and crops like rice, maize, cassava, wheat, corn, and more.
Investopedia said investing in agriculture means supporting food processing, production, and distribution with your money. You can invest in agriculture by supporting crop production with fertilizers, seeds, and equipment for rewards.
3. Selling of farm produce
According to a report by Guardian Nigeria, selling farm produce is lucrative for investors. It is a money-making strategy in Africa because buying and selling farm produce to consumers at a cheaper rate allows Africans to make big money.
You can earn high profits by selling vegetables, rice, coconut, beans, cassava, potatoes, plantain, and more. African can make money as a retailer or partner with a farm in food and agribusiness.
4. Farmland yield
According to report on Harvest Returns, food and agribusiness investors can earn high profits from harvested crops and fruits. The report detailed how investors can secure their yields through long-term contracts with customers or tenant farmers. You can harvest these crops annually or monthly on farmlands.
It’s time for Africans to benefit from the market of unlimited possibilities. Keep in mind that crop insurance protects investors and farmers in the event of a catastrophe. Farmland yield is beneficial to both the investor and farmer.
5. Exportation of Farm Produce
African countries make a lot of money exporting farm produce. According to Nairametrics, Nigeria recorded a 112% increase in agro-food items exportation in 2021 compared to the previous year. The report further disclosed that the country recorded $396.8 million from exporting agro-food items in Q2 2021.
Africans can earn high profits by exporting cowpea, millet, maize, cassava, cocoa, cotton, and more. You can partner with farmers to export harvested goods to other countries or states for money.
6. Packaging and Storing Farm Produce
According to Profitable Venture, you can make big money from food packaging because millions of people across the world consume packaged goods. However, the report emphasised the need of research and a good business plan to guarantee that you will earn high rewards. Africans with good business plans can earn big rewards by packaging and storing farm produce.
7. Farm Transportation
According to Business Day, Sub-Saharan Africa recorded the highest food losses globally due to post-harvest storage and poor transportation. The report further disclosed that food transportation is facing severe challenges due to the effects of the Covid-19 pandemic.
However, Africans can make huge profits by facilitating food transportation via connecting markets. You can improve food transportation by partnering with farmers and providing a fleet of trucks for business growth.
8. Online Farming
Online farming is profitable for investors and will boost farm productivity, according to Asian Development Blog. Online farming involves integrating digital technology into agricultural production from the producer to the consumer.
Africans skilled with internet usability can benefit from online farming by investing and selling harvested products online. With digital strategies, online farming can offer great rewards to Africans.
9. Selling farm equipment
According to a Successful Farming report, there is a shortage of machinery in the agriculture industry. The lack of farming equipment and machinery affects smallholder farmers in sub-Saharan Africa. Africans can benefit from the situation by providing solutions to the problem.
You can earn high profits by selling pesticides, fertilizers, farm equipment, and high production crops and seeds. These pieces of equipment will facilitate the high production of farm products with a desirable income after-sales.
10. Teaching farming classes
According to Best College Online, teaching farming classes is interactive and lucrative. It is ideal for seasoned and retiring farmers to make big money from food and agribusiness. Africans with teaching skills and farming experience can make a living teaching classes online and offline.
If you can impart knowledge to others by teaching, consider earning high profits in the industry. You can start an online tutorial or physical classes from any location on the African continent.
About the author
Olayinka Sodiq is a qualified writer with technical, analytical and copywriting experience gained from 5 years of both in-house and freelancing gigs. He is versed in finance, investments, technology, blockchain, mergers & acquisitions, bankruptcy, etc.
