Nigeria is one of the world’s highest Rice consumption countries. Rice is by far one of the most popular staple food among Nigerians. Almost every family eats rice daily in Nigeria. In 2011 alone, Nigeria spent N991 Billion on Rice importation and the rice we import is said to be nothing less than 10 years old in storage. That means we spend billions of Naira buying Rice that has since lost its nutritional values. Any entrepreneur in Nigeria who goes into Rice Farming and get it right is sure to be smiling to the bank.
A bag of Rice is currently sold at about N25,000 and above depending on the quality. A farmer who is able to invest in Large scale Rice Farming in Nigeria and produce 100,000 bags of processed Rice in a year, sell at whole sale price of about N20,000 per bag, he will be making N20,000 X 100,000 = N2,500,000,000 ($5million).