Is Onion Business Lucrative?
You can make a profit of over 400,000, minus the cost of labor and other logistics when you harvest up to 20 bags at the end of the season.
This numbers however, are not limited as farmers have sometimes been able to harvest 200 bags.
This will mean a profit of over 4 million naira at the end of the season..
Why is onion so expensive now?
It is because the crops have been damaged due to rainfall and flood. I think onion prices will further increase by Rs 10-15 per kg as supply will not increase till Diwali,” an onion trader told ANI. … The supply chain had subsequently become expensive resulting in a frequent hike in the vegetable prices.
Will Onion prices increase?
People in the business have said that onion prices may go up as high as Rs 120 per kg as its production has been affected in most of the key states. This is likely to continue till February net year till the new crop season arrives.
How much is a bag of onions in Lagos?
The persistent increase and scarcity of onions in major markets have become a rather interesting topic in recent times as the price of a big bag of dry Onions sells for an average of N80,000, while some markets sell for as high as N85,000 in Lagos State.
How much is a bag of onions in Jos?
At Farin-Gada market in Jos, Plateau State, a bag of onion which sold for N17,000 before now costs an average of N60,000.
How much is a bag of onions in Kano?
A bag of old onion, from 2019 harvest, which was previously sold for N18,000 now costs N57,000 while a bag of newly harvested onion costs between N38,000 and N40,000.