Plantain Cultivation and Plantain Flour Production in Nigeria; The Feasibility Report.

Nigerian agriculture is characterized by considerable regional and crop diversity. Analysis of this sector, particularly the food sub-sector, is fraught with serious data problems. However, the available statistics provide a broad overview of development in agriculture upon which we can make some broad generalizations about its role in economic development and structural change in Nigeria.

In the 1960s, the agricultural sector was the most important in terms of contributions to domestic production, employment and foreign exchange earnings. The situation remained almost the same three decades later with the exception that it is no longer the principal foreign exchange earner, a role now being played by oil.

The sector remained stagnant during the oil boom decade of the 1970s, and this accounted largely for the declining share of its contributions. The trend in the share of agriculture in the GDP shows a substantial variation and long-term decline from 60% in the early 1960s through 48.8% in the 1970s and 22.2% in the 1980s. Unstable and often inappropriate economic policies (of pricing, trade and exchange rate), the relative neglect of the sector and the negative impact of oil boom were also important factors responsible for the decline in its contributions.

On its diversity, Nigerian agriculture features tree and food crops, forestry, livestock and fisheries. In 1993 at 1984 constant factor cost, crops (the major source of food) accounted for about 30% of the Gross Domestic Products (GDP), livestock about 5%, forestry and wildlife about 1.3% and fisheries accounted 1.2%.

One of the food crops grown in Nigeria is plantain. Plantains are a member of the banana family. They are a starchy, low in sugar variety that is cooked before serving as it is unsuitable raw. Plantain is among the foremost sources of carbohydrates in humid tropical Africa and contained 35% CHO, 0.2 to 0.5% fat, 1.2% protein, and 0.8% ash.

Plantain is an important staple food in many developing countries, especially in Africa. It provides food security and income for small-scale farmers who represent the majority of producers. Only about 15% of the global plantain production is involved in international trade; most production is consumed domestically.

Nigeria is one of the largest plantain-producing countries in the world. Despite her prominence, Nigeria has not been featuring among plantain-exporting countries because it produces more for local consumption than for export. National per capita consumption figures show its importance relative to other starch staples. However, these figures do not show regional reliance, which is often very important for highly perishable crops that are usually consumed in or near areas of production.

The consumption and exportation of plantain has risen tremendously in Nigeria in recent years because of the rapidly increasing urbanization and the great demand for easy and convenient foods by the non-farming urban populations.

Besides being the staple for many people in more humid regions, plantain is a delicacy and favoured snack for people even in other ecologies. A growing industry, mainly plantain chips, is believed to be responsible for the high demand being experienced now in Nigeria.

CBN (2003) indicates that plantain is one of the major stable food in Nigeria, it had the highest percentage increase in output over years 1999 to 2003, implying the existence of market potential but increase production in the country.

This report seeks to examine the financial viability or otherwise of establishing a plantain plantation and plantain flour production in Nigeria. The farm would produce both plantain flour and plantain suckers.

The size and locations of the farm is ninety (90) hectares of land located in Ogun State. Eighty (80) hectares would be used for the farm while the remaining ten (10) hectares would be used for the construction of the office, warehouse and other civil works.

The farm would start harvesting plantain fruit after twelve (12) months and plantain suckers in the second year of operations.

The proposed production volume of the plantain flour is one and half tons (1.5) tons/day at one hundred percent (100%) capacity utilization and the plant would operate at eighty percent (80%) of the installed capacity for a single shift of eight (8) hours per day for three hundred (300) working days per annum. The input output ratio of 1:0.3 (0r 30%) was assumed from raw unripe plantain to plantain flour.

Table of Contents

EXECUTIVE SUMMARY 1.0 Business Overview 1.1 Description of the Business 1.2 Vision and Mission Statement 1.3 Business Objective 1.4 Value Proposition 1.5 Critical Success Factor of the Business 1.6 Current Status of Business 1.7 Description of the Business Industry 1.8 Contribution to Local and National Economy 2.0 Agricultural Practice 2.1 Collection of stems 2.2 Planting 2.3 Manures and Fertilizers 2.4 Weeding and Herbicides 2.5 Climate / Irrigation 2.6 Harvesting and Yield 2.7 Soil Type 2.8 Mulching 2.9 Propping 2.10 Diseases and Pests 3. Marketing Plan 3.1 Description of product 3.2 Product packaging and delivery 3.3 The Opportunity 3.4 Pricing Strategy 3.5 Target Market 3.6 Distribution and Delivery Strategy 3.7 Promotional Strategy 4. Cultivation / Production Plan 4.1 Description of the Location 4.2 Raw Materials 4.3 Cultivation / Production Equipment 4.4 Cultivation / Production Process 4.5 Production Cost 4.6 Stock Control Process 4.7 Pre-Operating activities and expenses 4.7.1 Operating Activities and Expenses 4.8 Project Implementation Schedule 5.0 Organizational and Management Plan 5.1 Ownership of the business 5.2 Profile of the promoters 5.3 Key Management Staff 5.3.2 Management Support Units 5.4 Details of salary schedule 6. Financial Plan 6.1 Financial Assumption 6.2 Start - up Capital Estimation 6.3 Source of Capital 6.4 Security of Loan 6.5 Loan Repayment Plan 6.6 Profit and Loss Analysis 6.7 Cash flow Analysis 6.8 Viability Analysis 7.0 Business Risk and mitigation factor 7.1 Business Risks 7.2 SWOT Analysis

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