Soybeans are one of the cheapest sources of protein and are very essential for the nourishment of both adults and children. Soybeans farming is very easy to establish and does well in most soils in Nigeria. We want to take a look at how to grow Soybeans in tropical regions like Nigeria, Ghana, Kenya, Ivory Coast, and others. But before then, let’s look at the benefit and profit potential in soybeans farming.
Benefits of Soybeans Farming
Apart from human consumption, soybeans are used for the production of nutritious animal feeds of different kinds in the market. Approximately 98 per cent of the soybean meal that is crushed is further processed into animal feed with the balance used to make soy flour and proteins. Of the oil fraction, 95 per cent is consumed as edible oil; the rest is used for industrial products such as fatty acids, soaps and biodiesel.
Why is soybean so useful? Soybean is one of the few plants that provide complete protein as it contains all eight amino acids essential for human health. Soybeans contain the highest amount of protein that can be found in any legume or grain. They also contain a decent amount of carbohydrates, fat, dietary fibre, minerals, and vitamins. It is equally used for the treatment of many chronic diseases.
Soybean is indeed the powerhouse of goodies and cultivating it means cultivating good food and powerful medication for humans and animals. No one who engages in such farming can escape smiling home with wealth.
Soybean is one of the products you can export and make dollars but unfortunately, Nigeria is not yet exporting this valuable product despite being the highest producer of this crop in Africa. The reason is that we are not yet producing enough. The world market for soya is about $42 billion and Nigeria is currently producing soya worth $86 million. Can you see the gap now?
If a farmer could take it to the next level and begin to farm this product in a very large quantity, he would have enough to export and make foreign currency from the over $40-billion global annual market. Even if you decide to sell locally, there is a huge market for it in Nigeria too. Many products in the market are being made with soybeans such as soya milk and soya vegetable oil.
The price of soybeans in Nigeria per metric tonne is about N100,000. If you produce 20 metric tonnes in a season, you will be making N2,000,000. You can produce 20 metric tonnes of soybeans in Nigeria with N700,000. That means in a season you will be making N1.3 million naira from the modest investment of N700,000!