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How You Can Make Your Millions From Fish Farming Business In Nigeria

How You Can Make Your Millions From  Fish Farming Business In Nigeria

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How You Can Make Your Millions From  Fish Farming Business In Nigeria – This is a complete exposé on how to start fish farming business in Nigeria  with business plan & cost analysis. It’s in deed a comprehensive exposure on how to own, manage and make millions from catfish and other fish production. How you can make your millions from fish farming business in Nigeria therefore brings to your notice salient issues relating to fish farm business profitability by highlighting fish farming setup steps, costs and revenue/income generation propositions.

As a matter of fact, fish farming is a profitable business that’s widespread across various parts of Nigeria. The insatiable demand for fishery products like Tilapia, Catfish, and Mackerel (Salmon) in Nigeria has constantly self-promoted the steady growth and expansion of the industry. These factors, coupled with the current support of institutions, the Nigerian government, and several other African countries to promote agriculture and also support fish farmers, make the industry one of the most lucrative agricultural business segments to venture into.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

This post considers the following topics.

1. The benefits of fish farming

2. Types of fish farming

3. Background knowledge for starters

4. Steps in writing fish farm business plan

5. Steps in setting up a fish farm

6. The business risks associated with fish farming business

7 How we may help you in this business

How You Can Make Your Millions From  Fish Farming Business In Nigeria

Obviously, Fish farming has become so much a profitable business in Nigeria recently. Therefore, the business is widespread across various parts of Nigeria now. The consumption of fishery products like Tilapia, Catfish, and Mackerel (Salmon) in Nigeria has constantly been on the increase giving rise to steady growth and expansion of the industry. So, you can see that you can make your millions here very soon if you venture into it.

Before then, let’s take you through the content of this post. They will really make you take a fish farming business investment decision today.

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 1. Benefits of Fish Farming:

As we go through the subheadings under the fish farming benefits, pay attention to the broad benefits you could gain from this business. It’s one that addresses the entire  value chain of this business – Farmers, Suppliers, retailers, consumers and the nation alike. Think along it as food, income and employment generating outfit, family and national growth and development.

a. A Moving Market:

To start with, the market potential in Nigeria, Africa, and many other countries in the world is expanding. Considering Nigeria’s population currently at over 170 million, the market potential for fish farming business cannot be understated. A common man estimation is that over 40% of the population consume fish daily.

Again, fish product is said to be cheaper than meat in Nigeria. This  makes it an affordable meal  especially when the buyer cannot afford to purchase meat. The explosive market size of this business makes it one of the most important agricultural business opportunities for any new or existing farmer. Recall that large market means large turnover which generates employment and income.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

b. Low cost of Operation:

Secondly, the cost of starting and running an aquaculture farm is low. This is not the same with many other agricultural business ideas. In direct comparison to poultry farming, fish farming has lower operational cost because of its cheaper fish feed and running costs. Again, remember that low cost of productions translates to low cost per unit of production.

Again, poultry products re highly susceptible to dangerous diseases like Bird Flu. This could cost the farm owner a lot of wasted investments if not handled properly. But fish farming products have lesser threatening vices.

c. Support From Government:

There is a crusade for preference to agriculture in Nigeria now. As oil incomes fails, government encourages the citizens to turn to agriculture. Most governments in Africa currently are embarking on  large campaigns to motivate the people on the continent to invest in agriculture with attractive capital and tax incentives.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

For these, you can make this moment a perfect time to consider fish farming as a lucrative agriculture business ideas to venture into. Remember that low interest rate or non-interest loans translates into low per unit cost of production which enhances profit.

d. Source of Protein:

As we can see fishery products serve a lot of purposes.  In addition to its financial benefits, they are also great sources of protein. By this it also contributes to health benefits of the general populace.

The more greater proportion of a population consume fishery products every day, fish farming stand out as a healthy proteinous meal with rich health benefits to everyone. A healthy population is a productive population.

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 2. Types of Fish Farming

i. Catfish Farming:

This is the most popular aquaculture business in Nigeria.  Catfishes re the most common fishery products used in African meals at various households, restaurants, events, hotels, and a lot more. The ease of cultivating catfish and demand for it makes most aquaculture farmers to focus on growing it instead of other breeds.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

ii. Tilapia Farming:

This farming business is run with fresh water fishes inhabiting shallow streams, ponds, rivers, and lakes. These Tilapias re the second most popular fishes used in Nigerian meals. They’re increasingly important in aquaculture business all over the world. The fact that these fishes grow rapidly and tolerate high stocking densities and poor water quality, makes them common and lucrative breed for fish farmers to grow.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

How You Can Make Your Millions From  Fish Farming Business In Nigeria

iii. Mackerel (Salmon) Farming:

Salmons re fresh water fishes that usually migrate to the ocean, and return to fresh waters to reproduce. While they‘re generally harvested in the wild, they‘re also grown in fish farms. Salmons account for a high percentage of fishery products consumed in Nigeria. They’re mostly known as “Titus” in Nigeria, and re purchased by millions of households on daily basis.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 3 Background knowledge for starters

a. Fish Farm Location:

When selecting the location for your fish farm consider certain things. Consider its proximity to the nearest town, the security in the vicinity, the presence  of fish prey, and more.

On the whole, ensure the environment of your fish farm is ideal for fish farming business to thrive.

b. Land Mass:

The scale of your operation determines the size of land needed. A plot of land or two is great to start a fish farming business. It’s also possible for you to start small from your yard corner and grow from there.

Acquiring land should be a strategical investment for fish farming. Efforts should therefore be made to get it cheap and not too far away from the city.

c. Pond Planning:

This will relate to pond size, design and construction. Size, number and design of ponds is a another strategic issue that could affect the business result. For a levee-type pond, a flat area that has access to a well could be used. But for watershed pond, steeper areas near natural source of water re to be used.

Therefore, it’s usually best to contact the services of aquaculture consultant. They’d get you full requirements, examine your goals and determine what you truly need. In addition, they will ensure the construction work and general requirements of the fish ponds re properly met.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

d. Water Supply:

The source of water supply to fish ponds is important for proper development and maturity of your fish for commercial use. A good borehole system built in the vicinity will ensure a reliable source of water supply. This is very crucial as the water would have to be changed on regular intervals. As such, lack of proper adequate water supply will endanger the survival of these fishes. Consequently, lack of adequate water supply would lead to a considerable loss in investments.

On the other hand, you must avoid rain water and chemically treated water on the fish farming process. They’re unsafe for the fishes, and cannot be recommended for standard use.

Get a steady flow of fresh water, so your fish farming business will thrive.

e. Storage System:

The storage system for the fish feed and other consumables has to be considered and set up right from the onset. Therefore, ensure the feeds re stored in a cool and dry place. Also ensure they’re not exposed to farm animals and insects that could make holes in the bags and feed on them.

f. A Good Farm Operation:

For your farm to do well, you must have a sound knowledge of how to run an aquaculture business. You could start now to attend lectures or seminars on aquaculture. This could enable you learn a lot more about the rudiments of fish farming. They will also  equip you with good  knowledge and  valuable information about fish farming.

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 4. Steps in writing fish farm business plan

One important aspect of fish farming business you must not neglect is writing your fish farming business plan. This is like doing your building plan. Business plan will articulate your farm operations and its feasibility.

Therefore, plan your business plan early enough. Do your feasibility survey, conduct your market and marketing analysis, assemble your star-up costs, gather your management team, and  prepare your financial analysis. Then, assemble these together in a booklet form and bind.

Keep a timeline that you will always visit for review. If these are difficult for you, then call us on +234 8034347851 or email cfmclimited@gmail.com

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 5. Steps in Setting up your fish farm:

Just pay attention to these.

Step 1:

With100,000 to 150,000 Naira, you can setup a 10ft X 10ft earth fish pond with a mild depth of about 4ft to 6ft. This constructed dimension would be able to hold about 1,000 grown fishes. You can also make this a concrete pond, or use plastic tanks, or drum pond.

Step 2:

Disinfect your pond with anti-fungi and anti-bacteria before stocking your fishes.  You should also balance your fish pond’s organic and ion concentration by fertilization with banana leaves or poultry dungs.

Step 3:

Now purchase fingerlings and juveniles for your fish pond. Fingerlings usually don’t cost above 30 Naira per one, and Juveniles usually don’t cost above 50 Naira per one too. As a beginner, juveniles are better for you.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

Step 4:

Feeding  is done once or twice a day. Feeding carries the bulk of the operating cost. Catfishes in hatcheries re to be fed meals that re properly ground, that is,  feeds that are flour-like, and contain 45 to 50 percent of protein. Small floating pellets (about 1/8 inch diameter) containing about 35 percent of protein should be fed to larger fingerlings. Floating feed of approximately 5/32 – 3/16 inch in diameter containing about 28 to 32 percent of protein should be fed to advanced fingerlings (which are about 5 to 6 inches long). Proper feeding intervals can get the fishes to weigh as much as 1.5kg after five months of adequate care.

Feeding the catfishes is generally about 60% of your entire farm costs. Most of these catfish feeds re imported into Nigeria and cost average of 5,500 Naira per bag of15kg. The way the meals re fed to catfishes have to be carefully executed because 700 two months old fishes can finish a 15kg feed bag in just 10 days! This high cost of catfish feed can greatly affect your profitability.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

Another alternative is to source locally made fish feeds. These usually cost cheaper per 15kg bag. With fewer individuals producing locally made catfish feed, finding and gaining access to these can pose a big challenge.

You have to feed your fishes in such a way that you don’t pollute the water. This can be achieved by practising spot fishing. You shouldn’t also change the water immediately after feeding, to avoid the fishes vomiting their meals. And you should constantly apply supplements like Livestovit and Aquapro to protect your fishes from diseases.

Step 5:

As your fishes grow, you need to constantly sort them to avoid larger fishes feeding on the smaller ones. This is best done by putting fishes of same size inside a pond together to reduce their cannibalistic instincts. This doesn’t just ensure bulk survival only.  But it also ensures adequate growth and development. Such group always compete for food, water, and space.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

Step 6:

Change the pond’s water on a regular basis. This will help to improve fishes longevity, and reduce the chances of diseases springing up. Clean water should be used to replace the existing water every 2 to 3 days. Without proper water management, most of your fishes wouldn’t survive to maturity.

Step 7:

With the cost of catfishes at about 500 Naira per kilogram in Lagos, 650 Naira per kilogram in Makurdi, and 750 Naira per kilogram in Abuja, Nigeria, you need to do a really good market feasibility study to understand the type of buyers that’d most likely patronise your own fish farm. Ideally, this should be the very first thing you do before even starting a fish farm, but assuming you’ve already done this, contact potentially identified buyers, and offer to sell your fishes to them on more favourable terms. Make sure your buyers re aware of your fishery products about 2 months before they’re fully grown, to increase your chances of selling out most of your merchandise quickly.

The ultimate goal of every fish farmer is to grow fishes to achieve a body weight of 1kg within the shortest possible time. If farm is managed and done right, the fishes can achieve this size in four to six months.

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 6. The business risks associated with fish farming business

So far so good. But now you have to note that all that we discussed above become risks if not well managed. So let’s see how some of them play out here.

1). If Farm Site is Poor:

A poor fish farm location can impact negatively on the farm’s full potential for growth. If it;s inaccessible to a city area, sales may slow down drastically.

2). If Pond Planning and Design is Done Poorly:

A poorly planned fish farm can lead to leakages and disorganisation. In fact, this can lead to several other factors that eventually pile up unwanted expenses.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

3). Poor Market Survey:

Without doing a proper feasibility study of the fish farming business, the business could be ruined. Feasibility studies will enable you estimate the size of your potential market, cost of farm products, and a lot more. If these are badly done, you could be headed for failure, or a major loss from the onset.

4). Little to No Experience:

Lack of experience can lead you to waste your entire investment on your fish farm first attempt. So pleas, learn more.

5). Competition from Fisher Men:

With lower costs of fishes being sold by fisher men, the revenues your fish farm generate could be negatively affected. You must learn how to manage this situation.

How You Can Make Your Millions From  Fish Farming Business In Nigeria

Read Also:

How You Can Make Your Millions From  Fish Farming Business In Nigeria – 6 How we may help you in this business:

We could help you in many ways. Complete Full Marks Consultants Limited could help you in many ways. We can register your business with CAC, organise seminars and workshops for you, write your business plan, manage your tax challenges, and your other internal control systems. Call us on +234 8034347851 or email us at cfmclimited@gmail.com

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