How Much is a Bag of Groundnut in Nigeria?

Here in this post, you are going to find out detailed information on how much is a bag of groundnut in Nigeria. We hope you find this informative.

If you are interested in finding out how much a bag of groundnut is in Nigeria then we’ve got you covered in this very article as we will discuss comprehensively how much groundnut is sold in Nigeria as well as where you can get it.

Highly nutritious with great economic value Groundnut is a very important and reliable source of quality and edible oil.

Read Also: 5 Steps to Start Groundnut Business in Nigeria

Groundnut oil can be used in more than 100 ways be it blending it with other materials to produce pomade or deep frying, can also be used for cooking and many other domestic and industrial uses.

Nigeria currently produces more than 1.55 million metric tons of groundnut per annum which equally ranks them as the highest producers of the crop in entire Africa and sitting at the fourth position in the world groundnut producers ranking.

Several years ago some parts of Nigeria solely depended on groundnut as their main source of revenue, for instance the northern part of Nigeria and middle belt as well where major producers of groundnut and greater part of that area were developed from the funds acquired from groundnut importation and internal sales, something that has changed now thanks to the over dependency on crude oil.

Read Also: How Profitable is Groundnut Farming in Nigeria?

However, groundnut business still stands out as one of the most lucrative businesses in the country as most people who are into this business make a lot of income be it from selling it in a raw state or the processed type.

Groundnut farmers most especially in the northern and middle belt here in Nigeria harvest as much as 5 metric tons of groundnut per hectare of land but same cannot be said about groundnut farmers in the south and east as well as west as the soil in those areas seems not to be a little bit deficient in nutrient demanded by this crop. Groundnut tends to do well in arid or semi-arid areas which is why most of the products in circulation are cultivated in places like Benue, Kanu, Adamawa, Taraba, Kaduna, Bauchi, and Borno.

Though some other places like Cross River, Akwa Ibom, Edo and Ogun still produce some quantity of this crop but not as much as those once I earlier mentioned.

So how much is a bag of groundnut?

What is going to do here is a clear analysis of how much you can buy a bag of groundnut with the fact that I have a clear knowledge about this.

A 50kg bag of unpeeled (that is the ones still in its shell) is sold for N3,000 when bought directly from the farmers.

A 50kg bag of peeled groundnut is sold for N25,000

Now, here is it; five bags of un-peel groundnut are what makeup one bag when peeled. So if you buy five bags of the unpeel groundnut at the price of N15,000, peel them and sale for N25,000 then you make N10,000 as interest and that’s exactly how much suppliers of groundnut make with each bag.

Read Also: 6 Steps To Produce Groundnut Oil In Nigeria

Though it all depends on the peeling method, if you are peeling manually then you make as much as you have it there but you probably will have to spend more time doing that, but if you are peeling with machine then you will have to spend up to a thousand or two except you have the peeling machine yourself. Whatever the case may be groundnut sellers still make up to N8,000 interest from each bag of groundnut.

So, the price for a bag of groundnut in Nigeria currently stands at N25,000, it may change with time.

Which variety of groundnut is better?

Well, there are two popular species of groundnut in Nigeria (big grains and small grains) and there is no clear confirmation as to which one better but commercial buyers prefer the small grains claiming it is very rich in oil while those who buy little quantity for consumption prefer the big grains saying it is sweeter and if their claim where to be true then you now know which of them to select in accordance with what you intend to do with it.

Where can I buy groundnut in Nigeria?

We have mention several places that groundnut are largely grown here in Nigeria (Benue, Kanu, Adamawa, Taraba, Kaduna, Bauchi and Borno) and you can choose any of the above to go buy your groundnut in any quantity you want. However, one reliable place to buy groundnut in Nigeria is Vandeikya local government of Benue state.

Read Also: How To Prepare Groundnut Soup

Conclusion

Groundnut is one the most lucrative business you can think of here in Nigeria. You can make a whole lot of money if you decide to go into it but you just need to put a few things in place and be ready to overcome the challenges that you may encounter when starting the business.

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