Fish farming business plan in Nigeria: how to get started

Fish farming business plan in Nigeria: how to get started

In this article, we will tell you about fish farming in Nigeria. Here is all you need to know about the business plan, types and challenges of the market. It is not so hard to start, so be ready to find out the details and features.

Fish farming
Tilapia. Photo: pixabay.com, @Sirawich Rungsimanop
Source: UGC

Aquaculture in Nigeria has become hugely popular in recent years. Many people start doing businesses in this area, but not all of them manage to stay afloat. What do you know about this type of farming?

Fish farming in Nigeria

Agriculture is the most crucial part of economic development in Nigeria. Thousands of people are involved in this industry. Because of agricultural development, there are more workplaces, and the country follows the path of progress. Aquafarming is considered a part of agriculture, while fish farming is regarded as the most common type of aquafarming, and it is quite popular in Nigeria.

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Benefits of fish farming business in Nigeria

The rearing of aquatic animals recommended itself as a profitable variant. There is a great demand for such products as Catfish, Tilapia, and Mackerel (Salmon).

One more good condition for this business is the government's support that makes this business one of the most successful business areas. Here are the main fish farming advantages:

  • Growing market

African fish market is developed, and according to the researches, it is constantly growing because there is a demand. Fishery products are cheaper than meat, which is a great advantage that makes the product more popular among the more significant part of the population.

  • Low cost of operation

At first, it seems that starting a farm requires a lot of money. Nonetheless, you do not need a considerable sum of money to launch and maintain the farm. For example, the poultry products business requires much more money to start, and there are more threatening vices.

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The main types of fish farming

  • Support from government

There is an extensive campaign in Nigeria to motivate people to make more agriculture investments, so the rearing of aquatic animals is among the most lucrative options to venture into.

  • Source of protein

Consumption of aquatic animals provides many health benefits.

Types of farming

One distinguishes the following types of farming in Nigeria:

  • Catfish farming

Farming catfish is the most popular type of aquaculture business in Nigeria. Catfish is known as an ingredient in many Nigerian dishes. The level of demand and ease of cultivation put it at the top of the market.

  • Tilapia farming

This type inhabits shallow streams, rivers, ponds, and lakes. Tilapia takes second place by consumption in Nigeria as it grows fast, even in bad quality water.

  • Salmon (Mackerel) farming

It is a freshwater inhabitant that is known for migration in the ocean. It can be successfully grown on farms. There is such a known meal as “Titus” in Nigeria. It is made of Salmon and purchased by millions of Nigerians daily.

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Main aspects of the fish farming business

Fish farming in Nigeria
Aquatic inhabitants. Photo: unsplash.com, @Milo Weiler
Source: UGC

When rearing the aquatic animals, one may face specific issues:

  • The issue of location

The main factors in the choosing of the location are:

  1. Security in the vicinity
  2. Proximity to the nearest town
  3. The presence or absence of fish prey
  • Landmass

It is impossible to start a farm without a plot of land. Sometimes, people implement their farming projects even in the backyard. Choose the territory in a not-so-rural area - it is usually available at a lower price.

  • Pond planning

It is better to appeal for the services of an aquaculture consultant. The professionals can determine what kind of pond you need, examine your goals, and provide all the required conditions for setting a pond.

  • Source of water supply

It is one of the main factors of the sustainable development of the farm. You need a proper borehole system near the source of quality water supply. Remember that chemically treated and rainwaters cannot be used on the farm. You need to provide a steady flow of freshwater for the development of your farm.

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  • Storage ystem

The system of storage should be designed right from the onset of your farm. All the feeds need a dry and cool place, protected from any pest.

  • Good knowledge of running a fish farm

It is the most critical point because, without knowledge, nothing will work properly. This type of activity requires specific knowledge about aquaculture and fish farming. You can attend lectures or seminars, communicate with farmers and read the information on the internet. How to start a fish farm in Nigeria?

Step by step implementation of the fish farming business plan

how to start a fish farm in Nigeria
A man with a book. Photo: unsplash.com, @Oladimeji Ajegbile
Source: UGC

If you plan to start a fish farming business, you should have a business plan for fish farming. It usually covers the essential aspects that will automate business functioning, including staff and positions assignment.

To function correctly, the farm needs:

  • Accountant
  • Chief operating officer
  • Field employees
  • Front desk officer
  • General fish farm manager
  • HR and admin manager
  • Sales and marketing executive

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Main problems and prospects of agriculture in Nigeria

Once you developed the written form of a fish farming proposal for your farm, it is time to start implementing the plan. The procedure includes essential steps you should follow to build a profitable business:

  • Step 1

Setup a 10ft X 10ft earth fish pond with a depth of about 4ft to 6ft; for this purpose, you need around $500 to $750. Such a pond can hold about 1,000 aquatic inhabitants. It is also possible to use a concrete pond, drum pond or plastic tank.

  • Step 2

The crucial point is to disinfect your pond with anti-bacterial and anti-fungi.

  • Step 3

Choose and purchase juveniles and fingerlings for your fish pond. The price of good fingerlings is around 20 Naira each, and juveniles cost about 40 Naira each.

  • Step 4

Remember that it is necessary to feed the aquatic animals once or twice a day. Proper feeding intervals can contribute to their quick weight gain. The type of food depends on the kind of fish. It is necessary to study all the details of feeding very well because it is one of the most significant in this business.

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  • Step 5

Sort the fish to create better conditions for life and gloving. Sort it according to the size to ensure equal compete for food and space.

  • Step 6

Be ready to change the water regularly. It will reduce the level of diseases rate and improve the longevity of fish. Change the water every two or three days.

  • Step 7

Always study the market, understand the needs of buyers. Contact potential buyers and find out their requests and desires. Discuss the details of your products about two months before the deal.

The challenges of the fish farming business

When doing this business, one can face specifc risks and issues, including:

  • Poor farm site

Wrong farm location can affect the full potential of farm growing.

  • Poor pond design

Bad quality of pond can lead to leakages or other factors that are very pernicious for the business.

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  • Poor market research

Without knowledge and feasibility study of the market, all the efforts might end up to be in vain.

  • Lack of experience

It is a widespread reason for failure in this business, so communicate more with experienced farmers.

  • High level of competition

The big market dictates its rules. It is crucial to be able to handle competition in this business.

Fish farming is challenging, but it is worthy of all the necessary efforts.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

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