Groundnut is a crop that is high in demand because it's very useful in the economy and proteinous for the body. Groundnut can be used to make varieties of other product such as, peanut butter, chocolate candy, groundnut cake, groundnut oil, peanut butter etc. Groundnut takes about four(4) months to mature and can be cultivated twice in a farming season.
Let's look at the steps to take to start a lucrative groundnut farm business. You need to first;
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Purchase a Farm Land
You can get a good plot of land at the outskirts of town for a good price of about ₦300,000 (this applies to most states in the country). Get a Farm Land, seek the service of one or two locals and pay them to help clear and drain the land.
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Till the Soil
You can either do it yourself and safe some money or you hire workers to do it for you for a token.
Purchase Seed
Once you have gotten your farm land cleared and well-drained, the next step is to purchase groundnut seeds. You can always get groundnut seeds to buy at the market if you don't have any. The number of Seed you will buy depends on the size of your farmland. You can get seeds for about ₦500 depending on which part of the country your land is.
Plant Your Seeds
Best time to plant your groundnut seeds is in March when there must have been rainfall on the land. When planting, give space for at least 30cm for each Seed to yield good crop.
Weeding
Weeding occur when the plant starts growing after four weeks. You can clear unwanted plant growing around the groundnut and still use it to serve as natural fertilizer for the plant.
Cultivating
If you plant in March, harvesting should be around June or July if you want the groundnut to mature very well. If all goes well, you should be able to harvest about 100 large bags of groundnut.
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Storage and Sales
Once you are done harvesting, the final step is to store the groundnuts in a cool and dry place. Your next assignment is to find out how much a bag of groundnut is sold at the market place.
Let's say a bag of groundnut sells at the price of ₦5,000 and you have a hundred(100) bags harvested. So ₦5,000×100 -- ₦500,000
Subtract other expenses made and the money invested, your profit will still be a reasonable amount.
And this is only for the first three to four months, imagine what you will make in the other quarter of the year ; this is not a bad investment i must say. So what are you waiting for? Get started!
And this is only for the first three to four months, imagine what you will make in the other quarter of the year ; this is not a bad investment i must say. So what are you waiting for? Get started!