1. Yoghurt production
First on the list of what Nigerians can do this year is yoghurt production. Yoghurt production is a neglected area, but statistics show that 98 percent of Nigeria’s dairy needs, including milk, are imported into Nigeria.
According to Aliko Dangote, president of Dangote Group, who is also a dairy maker, only 2 percent of the country’s dairy needs are met by local companies. Official data show that $1 million worth of milk is imported into the country every day. With dollar scarcity and roadblocks to importation in the country, yoghurt production is a sure bet.
Yoghurt is a healthy source of milk, and capacity to produce a low-sugar brand for the aged and diabetic as well as a moderately sugar type for other classes is an advantage.
Producing yoghurt could cost between N2 million and N10 million, depending on the type of equipment used and their sources. Yoghurt production requires major machinery such as motorised stainless steel mixer, incubator, pasteuriser, filling machine, UV Lamp, transfer pumps, PH Meter, shrink wrapper and weighing machine. Some of the machines are imported into the country, but many of them are fabricated locally by the Federal Institute of Industrial Research Oshodi in Lagos or Projects Development Institute Enugu (PRODA). Local fabricators can also help.
According to FIIRO, return on investment is 46.1 percent, while return on equity can go as high as 115 percent. Payback period is 34 months and 19 days, while break-even point is 51.8 percent.
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