The remarkable adaptability of yam allows it to flourish in almost every Nigerian state, although regions like Edo, Delta, Taraba, Adamawa, Cross River, Oyo, Ekiti, and Imo States are particularly renowned for their thriving yam cultivation and offer more affordable investment entry points. This widespread cultivation potential not only ensures a consistent supply but also creates employment opportunities and contributes to poverty reduction for those involved in the sector.
The expanding hospitality industry further solidifies yam's economic importance. With the proliferation of eateries and hotels nationwide, yam has become a ubiquitous feature on menus, driven by its broad consumer appeal and culinary versatility. Whether enjoyed roasted with palm oil or vegetables, cooked in stews, fried as a popular snack, mashed into pounded yam, or transformed into the thick porridge known as yam pottage, yam caters to a diverse range of palates.
Beyond direct consumption, the transformation of yam into profitable byproducts offers substantial income opportunities. A prime example is the processing of yam into powder, widely known as ‘Elubo’ in Southwestern Nigeria. This processed form extends the shelf life of yam and caters to convenience-seeking consumers.
Dr. Innocent Ihenncho Ogbonna, a lecturer and part-time farmer, emphasized the strategic advantage of securing a reliable yam supply for those venturing into byproduct production. In a chat with LEADERSHIP, he advised potential investors to either cultivate their own yam or establish a trustworthy relationship with a farmer to ensure a consistent source of the raw material.
Dr. Ogbonna also cautioned against the perishable nature of fresh yam, advising against large-scale purchases for resale to avoid spoilage.
Echoing this sentiment, a civil servant and farmer who preferred anonymity recommended that individuals interested in yam byproducts should consider establishing their own small-scale farm or partnering directly with farm owners to maximize their investment benefits. He suggested that a modest initial capital of around N20,000 could enable someone to start a small yam farm within their compound, providing a direct supply for byproduct production catering to a limited customer base.
For larger-scale operations in yam byproducts, the farmer estimated that an investment of at least N150,000 could potentially yield a profit of around N500,000. This highlights the significant return on investment achievable within the yam processing sector.
The versatility of yam, from its cultivation to its diverse culinary applications and profitable byproducts, underscores its potential as a wealth-generating agricultural venture in Nigeria. By strategically investing in yam farming or its processing, individuals can tap into a deeply rooted consumer demand, contribute to economic growth, and reap substantial financial rewards.