Investing in plantain, banana plantation
Plantain and banana are another set of food crops that can be grown profitably in Nigeria. These crops have been abandoned for ages, but they are now very precious in the market.
The botany of plantains and bananas do not differ except that storage of carbohydrate in the fruit of plantains is in form of starch while it is sugar in banana fruits.
It has been identified that establishment of plantain and banana plantation is another means of livelihood for Nigerians, hence the need for this write up.
Justification of the project/marketing potentials
Establishment of plantain and Banana Plantation can be justified as follows:
• Establishment of such project will increase food production in the country. This will help in combating hunger, underfeeding and malnutrition.
• It will help in rural development by providing job opportunities for rural dwellers.
• The market is no doubt guaranteed as Banana and plantain are consumed by Nigerians. A bunch of plantation that used to sell for fifty Naira in those days now sells for over four hundred Naira. This can be attributed to population increase (more mouths to feed) and the decline in production level.
• The crops also ship very well, hence their export potentials.
• They are also industrial materials. For example, plantain can be processed into flour and chips, which are another food items.
• Establishment of the project will on the aggregate improve Nigeria’s economy. It will have the multiplier effect on the economy by providing job opportunities for labourers, the market women, the industrial users and help in improving the economic well being of the promoters.
Production technology
To embark on this project, there is the need for a suitable land that has the following characteristics:
• Humid low land
• Deep and well drained fertile soils
• Optimum temperature of 27oc
• Well-distributed rainfall of about 2,000mm per annum.
It must be noted that site for the project should be visited by experts to ascertain their suitability or otherwise.
After land procurement, we do the land preparation either mechanically or by slashing. This is followed by purchase of suckers (the planting materials). Planting is done by digging holes of about 45cm wide and deep after which the suckers are placed in the holes. The spacing between crops should be about 3m.
After planting, herbicide can be applied to control weed growth. Cultural practices involve fertiliser application at six months interval, pruning and regular weeding. Pruning involves removal of unwanted suckers to allow the selected ones to develop well and produce desirable bunches. It takes about 18 months for the crops to mature.
Financial requirements
To establish the plantation 10 Acre land can be used for a start. All projections therefore, are based on 10 Acres.
N
1. Pre-Investments 100,000
2. Land Acquisition and preparation 3,000,000
3. Suckers (10,000) at N100 each 1,000,000
4. Planting 250,000
5. Herbicides and other inputs 250,000
6. Employment of farm hands 240,000
7. Miscellaneous Expenses and other
cultural practices 250,000
Total N5,090,000
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Revenue projection
Under good management, one sucker planted initially will produce one bunch of plantain/banana per annum. This gives a total of 10,000 bunches per annum. A bunch of plantain will sell for a minimum of N1,000. This gives us total revenue of N10 million per annum starting from the 18th month after planting. Cost of maintenance per annum is estimated at N1,000,000.
Promoters will no doubt have over N8 million as profit every year. Plantain plantations can last for a very long time if it is well maintained. This is surely a good means of livelihood for Nigerians. The project is recommended without any reservation. Serious minded investors can be guided to successfully establish the project. The author can be contacted through 08023058045, e-mail: olumakindeoni@yahoo.com
OLUMAKINDE ONI