Fish farming in Nigeria is one of the most profitable businesses one may enter as a Nigerian entrepreneur to re-strategize for the challenges of 2021 in terms of job creation and economic survival.
Fish farming is the process of commercially growing fish in tanks, raceways, ponds, or other enclosed areas for the purpose of providing food. It is the most common form of aquaculture, though some approaches can be classified as mariculture.
This article claims to be unlike any other you’ve read about fish farming because it includes a full guide about how to do a feasibility study before proceeding with any other aspects of the business.
We hope that by publishing this post, we will be able to shed light on certain aspects of fish farming in Nigeria.
Nigerian Fish Farming Business Feasibility Study
If you want to start a fish farming business in Nigeria, you should do a feasibility study first. It will assist you in determining what you would need in order to equip you to produce beneficial outcomes properly.
If you want to start a good fish farm in Nigeria, you should consider the following factors:
• Manpower cost
• Materials cost
• Feeding cost
• Fingerlings cost
• Water type
• Marketing & Distribution
The location influences the type of fish pond to be built. In Nigeria, areas with a swampy climate are typically good for fish farming. An earthen pond is also a great fit for a fish farm since it also has a high-water retention potential.
Moreover, avoid densely bushy or forested areas. If you go for a concrete pond, you’ll need to plan for a borehole or buy water. It is also essential to provide shade for the fish and fingerlings.
Depending on the location, the workforce may be cheap or costly. A concrete pond will necessitate manpower, so you may opt for an earthen pond, which is less costly to construct.
Whatever the case may be, the cost of manpower is a critical consideration to remember when doing a fish farming feasibility study.
It would be best if you determined the cost of the materials you will use to begin your fish farming operation. For example, if you plan to erect a reservoir, you’ll need to figure out how much cement, bricks, and other materials would cost.
Feed prices vary. Feeds from other countries are usually costlier than feeds made in Nigeria. Coppens, for example, costs more than N7,000, while local feeds cost less than N5,000.
You could also choose to produce the feed domestically, which would keep the high protein content of the feed the same as the imported feed.
Marketing & Distribution
When conducting a feasibility study on how to start a fish farming business in Nigeria, marketing is critical. The business dynamics (demand & supply) have an effect on the market.
However, one point to keep in mind is that the size of fish produced determines demand.
Big fishes are preferred by retailers, customers, and restaurant owners over small fishes.
As a result, you’ll need to invest in your big fish, which will get you sales.
Finally, a business feasibility analysis allows you to determine whether the fish are in demand and when you can distribute them. It gives you a general idea of what you’ll need.
You should make a fish farming business plan to help you concentrate on what you need to do before you even start your business.