Can I make good profit from plantain farming?
I have 20 acres of arable farm land in Lagos. I just want to ensure there’s good profit before going into it. I have seen a lot of blogs on plantain promising high returns however in most cases, this seem not to be true.
I also hope to add more value by establishing a plantain flour mill including a plantain chips factory
Plantain is a profitable business anytime any day because almost everybody loves plantain. Plantain sellers in Lagos do go as far as Ondo state and other states to source for it. I know what I am talking about you won’t regret venturing into the business.
Thank your answer Chinwe.
Just to start small and minimise exposure to risk, I have budgeted between 2 million and 3 million naira for 5,000 plantain suckers until harvest. The budget covers the following:
- Two borehole systems at 400,000 naira
- Five thousand hybrid/cultured suckers at 100 naira each = 500,000
- Chicken excrete / fertilizer = 500,000 (The land needs nutrients, as it isn’t a virgin land. Hence high cost of fertilizer)
- Labor cost including initial labor and ongoing salary = 500,000
- Generator = 200,000
- Petrol / Diesel = 300,000
- Farm house = 400,000
- Miscellaneous = 200,000
I am looking to cultivate the suckers before the end of May 2017, planned for harvest latest April 2018. All things equal and hopefully a healthy harvest, I assume that we should be able to harvest at least 4,500 bunches of plantain.
How much do you think I can sell each bunch for in April 2018?
A healthy bunch of plantain current sells for N1,600 retail price in Lagos. As a farmer who will be harvesting in bulk, you will sell at wholesale price to the middle men/women. Everything being equal, in April/May 2018 a bunch of plantain should be selling between N800 – N1,000 conservatively.
You’d have to cut on your initial costs. Farm house, fertilizer, etc. These should go for half the budgeted prices.
Thank you for your answer Darlington, much appreciated.
As a matter of fact, I have not had the best of luck with the people I’ve met regarding farm set up. They seem to want to swindle me really, it’s a pity that I don’t have someone that can help me.
Would you be kind to help set up my farm if you’ve got the knowledge or point me in the right direction of an honest person that can help?
Your help will be greatly appreciated.