Over 30bn worth of Castor oil is imported from India alone to Nigeria every year, while Nigerians watch as foreigners come into the country to collect our money in raw cash. We have arable land suitable for Castor seed farming. Let’s take advantage.
Castor (Ricinus communis) is a seed cultivated round the world because of it’s oil from the seed. Opportunity is numerous and Castor farmers could earn up to 50m on ten hectares of land over a period of 7 years.
Uses of Castor oil
Because of its tremendous demand from critical industries. The current consumption and it’s derivatives in the local domain is put at 300,000 tonnes. Castor oil can be used in paint, jet engine lubricant, polishes, perfumes, soaps, hydraulic brake fluid, pharmaceutical and cosmetic products also. Potentials castor farmers are advised to seek expert advice before venturing. who will teach you how to get good seed and marketing it.
Castor oil is also sold to electric companies, textile industries, paint Industries, aviation industries and pharmaceutical companies just to mention a few.
Castor is a 7 years plant and the current price of 1 tonne is about $800 – $1,200. It’s depends on the kind of species you plant, which means you harvest about 15 times for 7 years. It can be harvested twice a year.