Never before in the history of Agriculture  has there been such a backlog of farm produce yet to be purchased.  Poultry farmers with lots of eggs unsold, fish farmers with fishes unsold and still consuming feed at the farmers expense. This comes as a result of thelockdown.  Prior to this time, buyers and wholesalers buy large quantities directly from the farm  and also distribute the produce to retailers and or consumers.  However, movement and commercial activities have become  restricted because of the lockddown and stay at home practices.  Cause of the backlog Most offices are yet to resume fully. Children are schooling from home, thanks to online school.  So the sales of some farm produce like eggs are reducing. This is not because there is no demand. But rather due to the fact that demand has moved from its usual location (offices, school ,churches etc) to mostly residential areas.  However, this change may have a...

In order to cushion the impact of the coronavirus pandemic on MSMEs, the Central Bank of Nigeria (CBN) introduced the N50 billion  Targeted Credit Facility (TCF) as a stimulus package to support households and  micro, small and medium enterprises (MSMEs) affected by the COVID-19  pandemic.  1.0 Who qualifies for the credit? According to the guidelines , eligible participants includes: i. Households with verifiable evidence of livelihood adversely impacted by  COVID-19; and ii. Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.  iii. Enterprises with bankable plans to take advantage of opportunities  arising from the COVID-19 pandemic. 2.0 Activities Covered Eligible activities under the Scheme include: i. Agricultural value chain activities ii. Hospitality (accommodation and food services) iii. Health (pharmaceuticals and medical supplies) iv. Airline service provide...

Recently, I heard on CNN that the price of crude oil price fell below low a dollar, this was said to be as a result of excess supply. Which happens to be an offshoot of the lock down period when people  are mostly in doors.  I have seen people generally expressing fears about the likely negative outcomes on air and social media. But until we come to the realization of the fact that the new crude oil is in us, we may not see a way forward.  The only thing about this type of crude oil is that it can only be harnessed through creativity and effort.  It lies in your ability to fine-tune whatever you are doing to suite what your existing customers or market currently  need. It is tied to your willingness to learn new skills that will enable you solve existing problems better and even new ones as they emerge.  It is wrapped in your ability to see opportunies in problems both online and offline and then taking action.  It is first of all about ack...

Having an automated business (that is one that can run by itself) is the goal of every entrepreneur. As it is an indicator of business growth. However, one of the major challenges to this particularly in a product based business is theft. That is having some of your goods unaccounted for which can lead to financial losses.  Hence, there is a need to put measures in place in order to safeguard your business.  Stock taking is a major tool that you can use in monitoring sales and  Types of Stock taking.   Four types of stock taking are examined here; 1. Routine stock taking :  This involves taking stocks at regular intervals. This may be done daily at the close of  business or weekly or any scheduled time.  2. Delegated stock taking :  this implies holding someone accountable for each item accepted into the inventory. This type of stock taking becomes inevitable as the business begins to grow. So, the inventory manager accounts for any mi...

WHY YOU NEED TO TRACK YOUR BUSINESS EXPENSES?  Due to the human nature, we find it more interesting pleasurable to focus on money coming into the business (cash flow) than how it is been spent.  In business however, expenses are usually incurred during the course of production of goods and services. Therefore failure to track your business expenses can lead to you short changing yourself. Tracking or monitoring your Agribusiness expenses enables you as a business owner to capture all the cost incurred during the course of production of your goods and services from start to finish.  It gives you the full picture of your cash outflow.  This also allows you to know your TOTAL cost of production and eventually your actual cost price. As it is not enough just assume your cost price or even adopt your competitors cost price as your own.  When you track your expenses,you will be able to fix the RIGHT selling price for your agricultural produce or product so...

Definitely times are changing and every sector is being transformed by the impact of covid 19. In the post covid era, the Agricultural sector will witness changes in the following areas 1)Agro-logistics:  As home deliveries are gradually becoming the new normal for most people, agro-logistics will become an essential part of Agribusiness.  Therefore, Agro logistics will be a very good area to invest in as there will be more need to convey farm produce to customers.  2) Database:  Money will be tied to the database. With predictions of reoccurring lockdowns even after the end of the first, there will be need to bridge the gap between your business and your customers.  So, Agribusiness owners will need to build their database to include contact numbers of  retailers, final consumers and not only that of Wholesalers as they may not be available during total lockdowns. This is because they operate mostly in major mark...

This season of global shutdown has so many lessons enbedded in it. Among which one of the most profound insight for Agripreneurs and business owners generally is to explore more avenues of making money from their business. Before now, traditional approach to increasing revenue in most agri-businesses (especially) in Nigeria were usually tied to business activities that can only be carried out physically.  But at times like these when covid 19 pandemic is challenging all the physical structures of doing business, it has become imperative to have online structures that can keep money flowing in. Here are 5 ways to creating Online income streams in your Agribusiness. 1)Online Orders and sales: Having online platforms where customers can make enquiries and place their orders which results into sales is very essential. However, you must also be ready to listen and respond to feed backs from them. Examples of these platforms includes social media, and websites. 2) Re...