Rice is the worlds most important cereal crop after maize, on the basis of the global volume produced annually.
According to data gathered by Statista, approximately 480 million tonnes of rice is produced annually, with China the leading producer of rice with an approximate 206 million tonnes per annum.
In Africa, Nigeria boasts as one of the largest producer and consumer of rice. Interestingly, Nigeria is also the largest importer of rice on the continent.Depending on the variety, a rice crop usually reaches maturity at around 4 to 5 months after crop establishment. One hectare of farm land usually yields approximately 3 tonnes (60 50kg bags) of processed rice.
Rice farming is the business of growing rice in large quantities for sale and consumption. This will basically involve planting, growing and harvesting rice in large expanse of land commercially. It is undoubtedly the most profitable business in the Nigerian agricultural sector because of its high demand. Nigerians consume around 7million tonnes of rice annually, of which 3.6 million tonnes are locally produced. Currently, we spend roughly ₦653bn yearly importing the remaining 3.4 million tonnes, this is because local production is unable to cater for the huge demand for rice in Nigeria.
Research has also shown that due to population increase, the demand for rice in Nigeria could propel to approximately 8.5 million tonnes annually, while the volume of 3.6 million tonnes produced locally set to remain the same, creating a huge imbalance in the rice market.
Considering the fact that Nigeria has a huge and ready target market for rice. Rice farming and investment presents legitimate money making opportunities. We currently offer a 30% ROI on rice investment for each planting season.