PLANT, SELL AND GET RICH-PLANTAIN, BANANA PLANTATION

HOW TO EARN7.2 MILLION YEAR FROM PLANTAIN, BANANA PLATATION

The food crisis in Africa and Nigeria in particular is not unconnected with our inability to tap the abundantly available resources at our disposal to solve our food problems. Plantain and banana are food crops which can be grown profitably in Nigeria. These crops have been abandoned for ages, but they are now very precious in the market. The botany of plantains and bananas do not differ except that storage of carbohydrate in plantain fruits is in form of starch while it is sugar in banana fruits.

JUSTIFICATION OF THE PROJECT MARKET POTENTIALS
Establishment of plantain and banana plantation can be justified as follows;
- Establishment of such project will increase food production in the country. This will help in combating hunger, underfeeding and malnutrition.
- It will help in rural development by providing job opportunities for rural dwellers.
- The market is no doubt guaranteed as banana and plantain are consumed by Nigeria. A bunch of plantation that used to sell for N500.00 in those days now sells for over N400.00. This can be attributed to population increase (more mouth s to feed) and the decline in production level.
. The crop has export potentials
. They are also industrial materials for example; plantain can be processed into flour and chips.
. Establishment of the project will on the aggregate improve Nigeria’s economy. It will have the multiplier effect on economy by providing job opportunities for labour market and serve as raw materials to industries.

PRODUCTION TECHNOLOGY
To embark on this project, there is the need for a suitable land that has the following characteristic;
- Humid low land
- Optimum temperature of 27C0
- Well distributed rainfall of about 2000mm per annum.
It must be noted that site for project should be visited by experts to ascertain their suitability or otherwise. After land procurement, we do the land preparation either mechanically or by slashing. This is followed by purchase of suckers (the planting materials). Planting is done by digging holds of about 45cm wide and deep after which the suckers are placed in the holes. The spacing between crops should be about 3meters. After planting, herbicide can be applied to control weed growth. Cultural practices involve fertilizer application at 6months interval, regular weeding, removal of unwanted develops well and produce desirable bunches. It takes about 18 months for the crop to mature.

FINANCIAL REQUIREMENT
To establish the plantation 10 hectare land can be used for a start. All projections are base on 10 hectare.


REVENUE PROJECTION
Under good management one sucker planted initially will produce one bunch of plantain /banana per annum. This gives a total of 18,000 bunches per annum. A bunch of plantain will sell for a minimum of N400. Thus gives us total revenue of N7.2 million per annum. Cost of maintenance per annum is estimated at N500, 000. Promoters will no doubt have over N6, 000,000 as profit every year. Plantain plantation can last for a very long time it well maintained. This is surely a good means of livelihood for Nigerian. The project is recommended

CAPITAL EXPENDITURE / OPERATING EXPENSES
1. Land N 500,000.00
2. Land preparation N 250,000.00
3. Suckers (18,000)@50each N 90,000.00
4. Planting N 100,000.00
5. Herbicides N 125,000.00
6. Employment of farm hands N 240,000.00
7. Procurement of fertilizer N 50,000.00
8. Miscellaneous expenses
Transportation, farm tools,
Wheelbarrow etc N 50,000.00
9. Pre-Investment expenses N 50,000.00
Total N1, 455,000.00

As complied by
ISAIAH UBONG