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An economic evaluation of investment in Mucuna solannie production
(2016) Uwaezuoke, N.; Obah, Boniface; Onwukwe, Stanley I.; Igwilo, Kevin C.
Mucuna solannie, a perennial crop, is a Fabaceae found in the South East of Nigeria and in some African and Asian countries. It exhibits interesting properties as a food additive, where it serves as viscosifier. It has, hence, been tested and used to formulate a drilling mud. The drilling mud formulated from it compares quite fine with other muds; with excellent rheological properties. It is suitable for top hole sections. The purpose of Mucuna solannie farming, as a cash crop, is to maintain adequate supply for continued application in the drilling industry; hence, it is a business venture. Also, a comprehensive list of processing equipment has been provided. The study gives the first pass assessments of the requirements for production and processing, necessary for sustained supply. A suitable farm location has been found in South-East Nigeria. Square planting pattern, on 10 hectares area of land, based on one plant per hill, with no filler crops, has been shown to yield 63.9 metric tonnes per year. An initial minimum investment of about $820,920 is required for seeds, land rent, equipment costs and other contingencies; with projected minimum revenue of $283,500 per year, at 22% DCF ROR, if the venture must remain profitable.