To understand this post you have to read the ‘Going Pro‘ post. In the previous post I mentioned that I would discuss what it has cost me so far. Below is a tabular representation…. The size of the farm is 1.23 hectares.
| Farm Expenses | Cost (₦) | Cost ($) |
| Land Clearing | ₦ 112,000 | $700 |
| Land Preparation (Contractor 1) | ₦ 45,000 | $281 |
| Transport cost | ₦ 20,000 | $125 |
| Land Preparation (Contractor 2) | ₦ 50,000 | $313 |
| Planting | ₦ 25,000 | $156 |
| Total | ₦ 252,000 | $1,575 |
I’m also working on registering my business. The first step of the process is checking for a business name availability. The process is fairly quick, you get a confirmation approximately 2 days after you submit your form. Quite frankly I think this step should be completed online. If your business name is approved, you complete a business name registration and pay for a Business Certificate. If everything goes smoothly the process can be completed within 2 to 3 weeks. You can choose to use the services of a lawyer, but I completed this process on my own. There are still a few more hurdles to cross though and this will more than likely require the services of a lawyer.
| Business Registration | Cost (₦) | Cost ($) |
| Name Reservation Form (500 per form) | ₦ 1,500 | $9 |
| Business Name Registration Form | ₦ 250 | $2 |
| Business Certificate | ₦ 10,000 | $63 |
| Total | ₦ 11,750 | $73 |
Lessons learnt….
- Every contractor has to be closely monitored.
- You have to monitor the small amounts that often go unaccounted for. They tend to add up.
- Statement of works should be drawn up and funds released on completion of each stage. No sentiments attached because once the funds has been transferred, it’s highly unlikely to come back…you have been warned 🙂
Thanks for stopping by 🙂
6 Comments
beemey_201@yahoo.com
November 27, 2013Welldone kofo. This is a very good one you have ventured into. Your write ups have been very informative and inspiring in some ways.ThanksSent from my BlackBerry wireless device from MTN
Kofo Durosinmi-Etti
November 28, 2013Many thanks for your kind words…much appreciated. Pls stay connected.
Wole (Niyi's friend) lol
January 8, 2014Hi Kofo, i have a couple of questions for you:1. why did you choose to plant cassava first before moving to other crops.2. how much were the seeds (for lack of a better word) you used for your land, and what would you suggest per hectare?3. did you have any security/transportation issues?
Kofo Durosinmi-Etti
January 9, 2014Hi Wole, glad to see you here…1. Cassava is really a stopgap, I chose it because it’s a hardy crop that does not require a lot of attention and gives me enough time to create my farm and business plan.2. We planted cassava cuttings :-). It cost me ₦400 approx. $2.22 per bundle and for 1.23 hectare I used 60 bundles. That’s a total of ₦24,000 approx. $134. However I got it free :-). Another farmer hooked me up…yayy!3. I haven’t experienced any security/transportation issues. However let’s see what happens at harvest time.Stay connected!
Joseph
April 21, 2014hi Kofo just stumbled on your blog and hv been reading from page to page just to catch up. I have a question concerning ur expenditure. U did not mention hw much it costs u to acquire 1.23 hectares of the land u r using. Is it on lease to it? thanks.
Kofo Durosinmi-Etti
April 21, 2014Hi Joseph, I’m really glad you found the information on my blog useful. No it’s not on lease. It’s a farm settlement and it cost approx. half a mill naira.