‘Why most Agribusinesses fail in Nigeria’

A renowned Agribusiness Consultant and Director of Marketing, Rome Business School, Nigeria, Pastor Toromade Francis, has said attributed the reason why most agribusinesses fails in Nigeria to inability of farm owners to pay attention to managerial skills needed for sustaining such business. Rather, he said farm owners and investors focus mainly on the technical aspect of […]

A renowned Agribusiness Consultant and Director of Marketing, Rome Business School, Nigeria, Pastor Toromade Francis, has said attributed the reason why most agribusinesses fails in Nigeria to inability of farm owners to pay attention to managerial skills needed for sustaining such business.

Rather, he said farm owners and investors focus mainly on the technical aspect of the business.

According to him, sound knowledge of agribusiness management will help an agribusiness owner to lower costs of production, boost profits and ensure that food products are grown and distributed effectively.

He told our correspondent at the just concluded Master’s degree students’ welcome party, organised by Rome Business School.

Pastor Toromade further explained that the mistake most farmers in Nigeria made was venturing into agribusiness, believing that the technical knowledge they have is enough to run the business.

He pointed out that many agribusiness owners do not possess agribusiness management skills like human resource management, supply chain management, marketing and sales of agric products, agribusiness finance and management among others before venturing into agribusiness while adding that, all these are what makes the business in agriculture sensible and profitable.

“I have discovered that many people just go to school to study agricultural science; they learn about how to rare chicken, cattle, grow crops etc. but the business management aspect of agriculture, there is a gap and this has affected many agribusinesses in Nigeria, making them unprofitable and unsustainable,” he said.

In the opposite, he said many farmers have managerial skills but lack technical skills. This, he said, calls for training that will make the farming business sustainable and profitable.

According to him, “While the culture in agric can keep you in motion, the business in it will keep you moving. Therefore, there is need for an agribusiness owner to have sound knowledge of agribusiness management in order to effectively run his business from both the technical and business sides. That way, he will not be easily bamboozled or cheated by staff, partners or associates. “