Banana investment is right on the money for finance man

Luke Kinoti, in his farm in Meru where he grows bananas among other crops. Kinoti says bananas are his major crop because they are the easiest to grow and manage. PHOTO | WACHIRA NDIRANGU | NATION MEDIA GROUP

What you need to know:

  • Meru farmer says it is a one-time venture that allows one to make money for up to 10 years.
  • Every month for the last two years since he started harvesting, he has been pocketing at least Sh20,000 from banana sales.
  • Though he has five workers, Kinoti says that he visits his farm weekly to ensure that everything is working smoothly because “telephone farming” is overrated.
  • His next project is farming avocados and he plans to start with 500 seedlings of the Hass variety for export.

Dressed in a grey trouser and a matching shirt, Luke Kinoti walks around his farm in Muuti, Imenti Central sub-county with the gait of a satisfied man.

He stops before a banana plant and studies a huge bunch fruit hanging from the keenly and offers, “This will be ready in a month.”

Besides bananas, the CEO of Suntra Investments — a stocks brokerage firm — grows papayas, oranges, lemons and grapes on 10 acres.

“I have been doing it for over five years now. I always visit this farm with my wife, Dr Mary Kinoti, every weekend unless we are committed in Nairobi. This orchard fills my heart with pride when I see the plants grow, flower and produce fruits,” he says.

Bananas occupy the most acreage with the other fruits taking up only two acres of the farm.

As we tour the farm, one may think Kinoti is a seasoned agronomist as he displays great knowledge of farming fruits. He gained the knowledge from his interactions with various experts.

“My first crop was yellow passion fruit which I grew in 2011 but I faced several challenges and it did not perform well. In fact, I made losses and I took a two-year break.”

He later settled on bananas, which currently occupy three acres of his farm.

“I planted 900 seedlings of tissue-culture bananas of the Williams and Buganda varieties investing Sh156,000, with Sh99,000 of the money going to the purchase of seedlings. The rest of the money was spent on buying manure, investing in an irrigation system, paying for labour and oil testing. I sourced the seedlings from Jomo Kenyatta University of Agriculture and Technology and Meru Greens Horticulture Limited,” says Kinoti, who is also the chairman of Remu Microfinance Bank.

Every month for the last two years since he started harvesting, he has been pocketing at least Sh20,000 from banana sales.

EASIER TO GROW AND MANAGE

“I get on average 70 bunches a month, 20 which I sell directly to my friends in Nairobi. Then the rest I sell to a trader at between Sh250 and Sh300. He then ferries them to Isiolo town,” says Kinoti, adding that the same produce can fetch up to Sh500 in grocery shops in Nairobi.

A father of two daughters and two sons, he says the main goal of his farming project is to inspire the youth.

“I help the farm workers tend to my fruits. If I employ an agronomist, people will say money is working for me. But if I do it myself, I inspire others since I show them that farming is not for the poor,” says Kinoti, who gets his water from Muuti Project, of which he is a founder member. The project serves 300 households. On average, he spends Sh1,000 on water every month.

Kinoti says bananas are his major crop because they are the easiest to grow and manage.

“All they require is water, manure and pruning and then one waits to harvest. The major advantage of this crop is that it is a one-time investment that enables one to continue earning for up to 10 years before thinking of replanting it.”

Though he has five workers, Kinoti says that he visits his farm weekly to ensure that everything is working smoothly because “telephone farming” is overrated.

“If you work in an urban centre and desire to invest in farming upcountry, first invest in agricultural knowledge and then visit the farm as frequently as possible,” he advises.

Another mistake many budding farmers make, according to Kinoti is failing to find a market for their produce.

“The market is always there only that people are fond of copying others. I began selling my produce to friends and acquaintances, including my staff members. After a short while, word spread and now every time I am travelling back to Nairobi, I ferry a pick-up load of green bananas for my customers.”

His next project is farming avocados and he plans to start with 500 seedlings of the Hass variety for export.

***

The clinic

Wangari Kiragu, a senior programme officer at Africa Harvest, says an acre can hold 540 banana plantlets. At present, one plantlet costs Sh120.

There are nearly ten tissue multiplication labs in the country where an interested farmer can source seedlings that are free of pests and diseases.

Bananas grow in areas that are fairly hot, humid and have well-distributed rainfall of 2,500mm or more. The optimum temperature for growth is 27 degrees Celsius. The best suited altitude is 0-1,800m but bananas can grown as high as 2,100m above sea level.

There are numerous varieties of bananas. For cooking, there is Ng’ombe, Nusu Ng’ombe and Uganda Green. For dessert there is William, Grand Naine, Giant Cavedish, Gros Michel (Kampala) and Apple(Kasukari).

Watering, weeding, applying manure and pruning are of utmost importance for a healthy banana plant. Each banana hole should be watered with between 20 and 40 litres of water every three days when it is not raining.

For manure, each hole requires 40kg on planting and the same amount should be applied on the third year after planting. Each hole should not be allowed to have so many suckers coming up.

They should be managed to pseudo stems in each plant to be between three and five at any given time.

With enough water and manure, five stems are recommended. The follower suckers should be of different ages to allow the farmer to be in production throughout the year.

-Mwangi Ndirangu