So, this week, I would love to talk about a business I am particularly interested in and that is pig farming. I have had engagements with a lot of people in this business and I couldn't help but wonder why a lot of people are yet to see the opportunities in this sector.
With Nigeria being the largest economy in Africa and predicted to remain so in the coming years (source: Bloomberg UK), there appears to be an opportunity to tap into a pork market still experiencing a low number of players who are predominately small-scale farmers.
Demand and Supply
Nigeria produced only 303,000 metric tons of pork in 2020, putting it as the highest producer of pork in Africa in the year (source: statistics), yet, in 2022, Nigeria opened up its market to some US pork products such as sausages. In a recent post made by the Guardian News, there is a tremendous increase in the demand for pork as more Nigerians begin to explore alternative sources of animal protein, which has led to a substantial increase in the price per Kg of pork from N1,600 to N3,000 in a few months. This supply-demand gap offers an opportunity for pig farmers to capitalize on market dynamics and secure profitable returns on their investments. In my interaction with some Pig farmers, I noticed that the cost of raising pigs isn't that high compared to the return on investment, especially when compared to raising other livestock like chickens.
Challenges and Opportunities for New Players
Even though there's a growing demand for pork in Nigeria, the pig farming sector faces some problems. But hey, these problems can be great chances for new folks to get into the game! Right now, not much pork is being exported from Nigeria, mainly because the quality isn't up to snuff compared to other countries. Plus, farming methods here could use some upgrading.
Now, I'm pretty excited about diving into pig farming myself. I'm planning to start my pig farm soon, and I'm digging deep into this industry. From figuring out the best ways to raise pigs to exploring how we can sell pork overseas and even looking into cool new farming tech, I'm covering it all. If you're curious about pig farming in Nigeria as well and want to join me on this adventure, stick around, subscribe to my newsletters, and get notifications when I make a new post on this topic! Together, we'll learn all about this fascinating business.
