November 28, 2018

Why most agribusinesses fail in Nigeria —Toromade Francis

Why most agribusinesses fail in Nigeria —Toromade Francis

Mechanised Agricuture

AN Agribusiness Consultant and Director of Marketing, Rome Business School, Toromade Francis , Nigeria, has revealed that most agribusinesses fail in Nigeria because farm owners and investors focus mainly on the technical aspect of the business without paying much attention to acquiring the cognitive managerial skills.

He said that sound knowledge of Agribusiness Management is the key to a successful, profitable agribusiness venture in Nigeria.

Speaking during the just concluded Masters degree student’s welcome party organised by Rome Business School last week, he explained that, 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.

Toromade further explained that, the mistake most farmers in Nigeria make is 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 etc. before venturing into agribusiness while adding that, all these are what makes the business in Agriculture sensible and profitable.

In his words: “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.

On the other hand, many farmers have managerial skills but lack technical skills. This calls for training that will make the farming business sustainable and profitable.

“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. ”

Toromade revealed that, he is presently working on establishing a world class Agribusiness Management School , where agribusiness owners can acquire the skills needed to achieve a successful and profitable agribusiness venture as is obtainable all over the world.