Rice Farming Business Plan

Rice Farming Business Plan

In Nigeria rice farming is a highly lucrative business venture which requires little training and has a very high crop yield as a farm size of one acre can produce up to 100 bags of rice during harvest. Sales of rice is at high demand as it is the most consumed staple food in many countries including China, Indonesia, Thailand and Nigeria.

Rice is undoubtedly the most consumed staple meal in the world. It is also the oldest known food that is consumed worldwide as it dates as far back as 5,000 BC. This extraordinary demand for the cash crop makes it highly lucrative for any farmer in Nigeria, Africa, or around the world to venture into, especially as it is also one of the most lucrative farming businesses in Nigeria. Its high demand has attracted a large number of investors from different sectors into the business of rice farming and processing; and with different varieties to choose from, investors have taken advantage of the crop grow their investment.

Utibe Rice Farm is a world class and registered commercial rice farm that will be based in the outskirt of Lagos, Nigeria. We have done our detailed market research and feasibility studies and we were able to secure a well-situated and suitable farm land to start our commercial rice farming business.

Our commercial rice farming business is a going to be standard commercial rice farm hence will be involved in commercial rice cultivation, processing and packaging of rice. We will be involved in organic commercial rice farming.

Apart from processing our own rice, we will partner with other farmers that do not have processing facilities to process their rice. 

The Company will create a rice farm (using modern technology) located in Papalanto area of Ogun State. Its initial capacity will be 10,000 bags of rice and will be harvested 5months after planting and in future the company will also move into non-organic commercial rice farming and processing.

Table of Content

Table of Content3

1.0 Executive Summary5

1.1 Objectives6

1.2 Mission6

1.3 Keys to Success7

2.0 Company Summary7

2.1 Company Ownership7

2.2 Location and facilities7

2.3 Start-up Summary8

Table: Start-up Funding8

3.0 Products9

3.1 Competitive Comparison9

3.2 Future Products9

4.0 Market Analysis Summary9

4.1 Target Market Segment Strategy10

4.2 Market Segmentation10

4.3 Industry Analysis11

4.3.1 Barriers to Entry11

4.3.2 Competition and Buying Patterns11

4.3.3 Main Competitors11

4.4 SWOT Analysis12

4.4.1 Strengths12

4.4.2 Weaknesses12

4.4.3 Opportunities12

4.4.4 Threats12

5.0 Strategy and Implementation Summary13

5.1 Value Proposition13

5.2 Competitive Edge13

5.3 Marketing Strategy13

5.4 Sales Strategy13

5.4.1 Sales Forecast14

Table: Sales Forecast14

6.0 Management Summary15

6.1 Organizational Structure15

6.2 Management Team15

6.3 Personnel Plan16

7.0 Financial Plan16

7.1 Breakeven Analysis16

7.2 Projected Profit and Loss17

Projected Cash flow Statement – Year two19

Projected Cashflow Statement -  Year Three20

7.4 Projected Balance Sheet21

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Resources, A. (2024). Rice Farming Business Plan. Afribary. Retrieved from https://afribary.com/templates/rice-farming-business-plan

MLA 8th

Resources, Africana "Rice Farming Business Plan" Afribary. Afribary, 25 Mar. 2024, https://afribary.com/templates/rice-farming-business-plan. Accessed 23 Jun. 2024.


Resources, Africana . "Rice Farming Business Plan". Afribary, Afribary, 25 Mar. 2024. Web. 23 Jun. 2024. < https://afribary.com/templates/rice-farming-business-plan >.


Resources, Africana . "Rice Farming Business Plan" Afribary (2024). Accessed June 23, 2024. https://afribary.com/templates/rice-farming-business-plan