How To Start Fish Farming Business In Nigeria: Feasibility & Cost Analysis
Fish farming business in Nigeria has generated a lot of information on the internet but very few of that information are detailed enough to assist a potential fish farmer. This article promises to be in-depth and detailed enough to assist intending fish farmers to get started. Fish farming in Nigeria is one of the leading agribusinesses in Nigeria both in terms of profitability and popularity.
The eras of catching fish in by trial and error in our local rivers and streams are gone. There are now means to grow these fish in the farm while controlling the output. This article will provide the relevant information you need regarding;
- How much does it cost to start a fish farm?
- How to get your fish farming business plan
- Tilapia fish farming in Nigeria
- Mackerel fish farming in Nigeria
- Small scale fish farming in Nigeria
- Profitability of catfish farming in Nigeria
Also Related: How to start rabbit farming in Nigeria
Are thinking of investing your money in agriculture? I strongly recommend your venture into fish farming business in Nigeria. If you are already into farming business in Nigeria, then I encourage you to also add fish farming to your agribusiness. Most especially, if you are already into poultry farming business, you can combine it with fish farming as well. This is because; you can make use of the poultry drops to manufacture feed for your fish.
Why Fish Farming Business In Nigeria?
I know you will be asking,” why fish farming?” Of all agribusinesses in Nigeria. The answer is simple, the benefits of fish farming in Nigeria is just so inviting. Most especially the profitability of catfish farming in Nigeria. Some of these benefits of fish farming business in Nigeria include:
Fish Sells Very Fast
If you are planning to venture into fish farming business in Nigeria but quick you will be able to sell your product. I can authoritatively inform you that fish sell quicker than any other animal products in Nigerian market. Not just that is sells faster; it is also relatively cheaper than meats. This makes fish the number one choice when you talk about affordability.
- Fish Matures Fast
Another benefit of fish farming business in Nigeria is that fish have a very fast growth rate. Farmers can increase the growth rate of the fish in their farm by feeding them with special feeds. This fast growth rate ensures that you harvest your fish and sell within a very short period of time.
Acceptability And Popularity Of Fish Products
When we talk about acceptability, fish is generally accepted by the different religious and ethnic groups in Nigeria. It is consumed all over Nigeria. Fishery products is arguably the most popular animal products in the Nigerian market, making up more than 55% of meat produce in the Nigerian market. You can see that the profitability of fish farming business in Nigeria is not an illusion.
The Profit Margin Is Very High
I believe that by now you must have concluded that fish farming business in Nigeria is very profitable. With good information, knowledge and proper planning; N 1.5 million of investment in fish farming could easily yield N 2.5 million of pure profit just within a short period of six months. What agribusiness in Nigeria commands such profit margin?
No Negative Environmental Impact
If you are of the opinion that fish farming business in Nigeria comes with environmental hazard, you can erase such from your mind. There is no environmental hazard that is linked to fish farming business in Nigeria. You can set up your fish farm anywhere, even within residential areas. Fish farm can be set up in your backyard without any environmental precaution.
Fish Is A Good Source Of Protein And Omega-3 Fatty Acids
Fish contains low-fat high quality protein that is filled Omega-3 fatty acids and vitamins like vitamin D and B2 (riboflavin). Fish is also a very good source of calcium, phosphorous, iron, zinc, iodine, magnesium, and potassium. The omega-3 fatty acids are of great benefit to the human heart. Since the body does not produce omega-3 acids, fish comes to our aid in enriching us with such important fatty acid.
The Breeds Of Fish You Can Farm In Nigeria.
Now that you have seen the profitability of fish farming business in Nigeria, let us then proceed to the different types of fish that you can raise in your farm. In Nigeria, you cannot just wake up one morning and jump into farming any type of fish. For your fish farming business in Nigeria, you must very careful to choosing the breed of fish for your farm.
Considering the growth rate and environmental factors, below are the best fish breeds that you can raise in Nigeria.
Catfish might not be the most popular fish in Nigeria, but it is definitely the most cultivated. It is so easy to cultivate. It has a very good growth rate and profitability in Nigeria. The profitability of catfish farming in Nigeria is so great that many fish farmers are moving in that line.
This is the species of fish that lives in fresh waters like rivers, streams etc. it is the second most popular fish in Nigeria fish farming industry. It is also so easy to cultivate and very popular in the Nigerian fish market. It reproduces very fast and grows very rapidly as well. Tilapia fish farming in Nigeria is also on the increase and farmers are making their money with ease.
Titus ( Mackerel)
In terms of popularity, mackerel is by far the most popular fish in the Nigerian fish market. The bad thing is that is cannot be farmed at this moment. This is because; mackerel is a salt water fish and can only be caught from the “wild”. There is also the possibility of creating an artificial salt water system where one can be able to exclusively raise mackerel.
It is only times that will prove weather this salt water fish can be cultivated artificially. It is recommended that you focus you time and resources on catfish and tilapia for now. Mackerel fish farming in Nigeria is still on the speculative level for now.
Also Read: Poultry Feed Production In Nigeria
Requirements To Starting Your Fish Farming Business In Nigeria
Now that your doubts about the profitability of catfish farming in Nigeria as well as tilapia fish farming in Nigeria has been cleared, below are the important things that you will need I order to start your fish farming business in Nigeria.
Have A Good And Detailed Business Plan
Once you have made up your mind to venture into fish farming business in Nigeria, the number one thing to do is have a well detailed business plan. Without a good fish farming business plan, you will be operating your business blind.
This approach can be very disastrous for the longevity of your fish farming business. For you to really be in business for the future, your fish farming business plan must be in place to guide you all the way to success.
Now that your business plan is ready, you have to source for funds to start your fish farming business in Nigeria. No matter the volume of information that you have gathered regarding how to start a lucrative fish farming business in Nigeria, with the capital, you will go nowhere. So, you must have to plan on how to source for funds to start your fish business.
Secure A Land
Haven established that fish farming have no negative environmental impact, any location is acceptable. You must have to get land in areas that it is sold cheap. This will help you reduce your cost of production and increase your profit margin. An average fish farm can be operated comfortably on half plot of land.
Land is an indispensible component of any fish farming business in Nigeria.
After you have sourced your startup fund and land space, you then proceed to the construction of your fish pond. You can either engage the services of experts or visit other fish farms to get the construction requirements and specifications. You must make sure that the plumbing work off your fish pond must be properly done to ensure good drainage.
Water is the main source of life for fish. Without adequate water supply for your fish, it is a potential disaster in your fish farm. This is because water need to be changed on a regular interval. The best water for fish is natural water from borehole, rivers, and streams. Rain water and tap water that are treated with chemicals is not suitable for fish cultivation.
Without good water supply, your fish farming business in Nigeria is greatly at risk of closing down due to the death of the fish in the farm.
Buy Your Juvenile Fish
The juvenile is the young fish that your need to buy and grow in your farm. You can get these juveniles from another farm that specializes in the supply of juvenile fish. Make sure you buy high yield species of tilapia of catfish from a healthy farm.
If you make the mistake of buying low yield juvenile or sick ones, you will be out of business sooner than you can imagine.
Risk And Challenges Of Fish Farming Business In Nigeria
Just like every other business venture, fish farming business in Nigeria comes with risks and challenges as well. You have to identify these risks and challenges so as to know how to tackle them.
Difficult And Sensitive To Manage
Due to the sensitive nature of fish, any little mistake you make could result slowed growth of your fish or even death. This will automatically lead to loss of profit. Before you venture into fish farming business in Nigeria, you must have adequate training.
Starting a fish farming business in Nigeria, you must have adequate capital. It is more capital intensive than poultry farming business. It may cost up to N 500, 000 to set up a small fish farm while larger one cost up to millions off naira.
High Cost Of Fish From The Farm
Because of the high cost of production, the price of fish from the farm is priced very high. The price of fish by fishermen costs less than the ones from the farm.
If there is large quantity of fishermen’s fish in the market, you will definitely find it very difficult to sell because people will go for the cheaper ones.
There Is No Byproduct
Unlike poultry farming, fishery has no byproduct that can also be sold to other farmers in order to make extra profit. It is just the fish meat that you get from fish farming.
Feasibility Study For Fish Farming Business In Nigeria.
This is a feasibility study prepared for a catfish farm capacity of 5,000. Here, the whole expenses from market construction to marketing considered here.
The pond will have 5 concrete ponds of flow through system and each of ponds will have 1, 000 stocked catfish.
Also Read: Snail Farming Business In Nigeria
Cost Of Constructing Each Pond Is Given Below
Each of the ponds will be 3m x 2.5m x 1.4m, consuming about 210 blocks. One bag of cements produces 30 blocks. Therefore the number of blocks needed for the 5 ponds is 210 x 5 = 1050 blocks. 1,050/30 = 35 bags of cement. At the price of N 2,500 for a bag of cement, 35 bags = 35 x 2, 500 = N 87, 500.
4 trips of sand = N 9,000 X 4 = N 36, 000
2 trips of gravel = N 35, 000 X 2 = N 70, 000
Cost of labor = N 200, 000
Cost of plumbing = N 120,000
Cost of treatment = N 50, 000
The cost of high breed of healthy fingerlings = N 50 x 5,000= N 250, 000
The cost of feeding the fingerlings from first day to the stage of maturity is 110 bags of fish feed = N 600, 000
After maturity when the average weight of the fish was 1.8 kg, it was sold at a price of N 1000 each. The output was 1000 x 4, 600 due to 400 mortality = N 4, 600, 000 million.
The total cost of production is N 1, 413, 000 million. The profit is N 3, 187, 000 million after 6-7 months of cultivation.
From this feasibility study, you can invest N 1.5 million and expect a very good profit after your harvest. The profitability of fish farming business in Nigeria is without doubt. I believe that this article have provided you with all that you need to succeed in your fish farming business in Nigeria.
To really excel in this fish farming business in Nigeria, you need to have a well detailed and complete business plan to help you execute your business perfectly. At Entrepreneur Nigeria, we offer professional business plan writing services that will be available within 2 weeks of your order.
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