How to Start Fish Farming Business in Nigeria – Fish farming in Nigeria is rated among the most famous businesses related to agriculture in the country, and there are many reasons for such fame, which includes that; Fish meat is a popular product, Fish is the main source of protein and several other elements for our health, Fish is the main product that can be sold quite fast, Most fish species have quick maturation rate, fish farming do not have pronounced environmental hazards so long as the farm waste is channelled properly. All these reasons and more support the profitability of the fish farming business in Nigeria.
Considering starting your fish farm in Nigeria? This article serves as a guide and it will give you a full insight on all you need to know about starting a successful fish farming business here in Nigeria.
How Lucrative is Fish Farming in Nigeria?
Fish farming is a very feasible venture, it is a viable and profitable project . The food and agricultural organization of the United Nations (UN) has grouped the business sector as the world fastest growing food production industry.
One sure way of making money annually in Nigeria is by starting a business in aquaculture. With the best of knowledge and practice , a business owner in this area is sure of getting hundred percent return of his or her investment in fish farming.
Fish Species to Grow include;
- Sea trout
- Cyprinids
- Pangas catfish
- Freshwater fishes
- Silver seabream
- Common carp
- Catla
- Greasy grouper
- Bighead carp
- Nile tilapia
- Grass carp
The Fish Species that are suitable for Farming based on Nigerian weather are;
- Carp
- Salmon
- Tilapia
- Catfish
How to Start Fish Farming Business in Nigeria
1. Write your business plan
It is a very necessary part of setting up your fish farming business and should be the first thing to do. Crafting a business plan basically involved that you carry out a feasibility study and documenting goals and objectives, you should conduct market research to learn about the things that are obtainable when considering fish farming business. A well-documented and explicit business plan makes you able to apply for loans and other financial support from the government and from willing investors. In putting down a farming business plan, the following details needs to be well-represented and documented;
- Executive Summary
- Goals & Objectives
- Products & Services
- Location
- Market Research & Strategy
- SWOT Analysis
- Financial Projection
- Size
- Possible business expansion
2. Get your business registered
After the fish farming business plan has been written, the next step to follow is to register your business. By registering your business, you are one of the Certified owners of fish business in Nigeria and with that you can enjoy different benefit that are linked to registered businesses. You will have to register your fish farming business with the Corporate Affairs Commission (CAC), which is the agency saddled with the responsibility of business registration in Nigeria. If you are considering exporting fishes from Nigeria, you will be have to register your business with the Nigerian Export Promotion Council (NEPC). Registering as an exporter are usually done using the e-registration platform. When you visit the page , you will see all the necessary information needed to obtain an Exporter’s Certificate.
3. Get a good level of training on the business you are about starting
To be successful in your Fish farming, you have to gain knowledge, technical skills, and training. Training here do not imply the type of training get from one-day seminars as an adequate training will assist you in identifying a healthy fish, prevent the rate of outbreaks of diseases, it helps you understand the type of medication, the time and dosage of administration of the medication.
In other to run an effective fish farm , you can also work under a practicing fish farmer as an apprentice after which you can work on your own when you become an expert. You can also choose to take some online courses, to read books and conduct lots of research Google.
4. Get a suitable location for the fish pond
After selecting the kind of fish you want to start, the next thing is to get a space for the fish pond. fish pond can be located almost anywhere because fish doesn’t have any environmental disturbance. You can also hire land or buy lands, depending on the category you intend to run it. Also, if you happen to get leftover rooms in your compound that can be able to accommodate two to three ponds, you can make use of it.
5. Construct the fish pond, a borehole, and the overhead tank
As a beginner, it is the best option for you to consult an expert and someone who is already in the field in other to learn about the pond type that is best for you on the basis of where you wish to carry out activities of the farm.
There are 3 major types of ponds; and include earthen pond, concrete pond, as well as plastic tank . Apart from the fish pond, you’ll also build borehole and overhead tank to serve as water supplier for the fish. Ensure you employ experts to do this so it will avoid any mistakes that may have resulted in the future.
6. Choose the species of fish you want to breed
There are many species of fish around globe. All of those species are breed according to the weather and according to climate Nigeria. That is why the most famous fish that are used in this business is the catfish.
The catfish equally have other breeds and species and you are to consult an expert to know which species that would thrive well in your farm locality & environment. Fish Species to Grow includes; Sea trout, Cyprinids, Pangas catfish, Freshwater fishes, Silver seabream, Common carp, Catla, Greasy grouper, Bighead carp, Nile tilapia, Grass carp . The Fish Species and breeds that are suitable for Farming in Nigeria are Carp, Salmon, Tilapia and Catfish.
7. Buy your fingerlings or juveniles
Fingerlings are the small fish breeds that you need to farm and are also called juveniles. The best thing to do if you’re just beginning a fish farm business in Nigeria is to buy juveniles. There are fish farmers that their specialization is in hatching fingerlings and in selling juveniles
8. Select the right fish feed
For a profitable fish farming in Nigeria and fish breed production, you have to supply the fish with good nutritious supplementary fish feed. You can also make use of some of the low cost conventional and unconventional animal by-products and you can use these residues in fish feed.
Can I Export Fish From Nigeria?
Yes!
If you are considering exporting fishes from Nigeria, you will be have to register your business with the Nigerian Export Promotion Council (NEPC). Registering as an exporter are usually done using the e-registration platform. When you visit the page , you will see all the necessary information needed to obtain an Exporter’s Certificate. The Benefits of registering with Nigerian Export Promotion Council include Trade promotion support services, NEPC administered (pre- and post-) export incentives, Numerous training, clinics, seminars, and more, A network of exporters to collaborate and exchange ideas.
Conclusion
There is no business that you can start without taking risk, and the major risk associated with fish farming business is the risk of mortality/death of the fishes. If this can be overseen or limited to a minimum degree, much profits would surely be made.
Frequently Asked Questions
How much does it cost to start fish farming in Nigeria?
In a case where land needs to be acquired by lease, make a budget of N150, 000 (one hundred and fifty thousand naira)
How much can I make from fish farming in Nigeria?
From the market price, for 1kg of fish which is N800 and you can generate sales of N380, 000 (475 X N800).
Which month is best for fish farming?
essays that summer season is favourable for fish growth, but protection against temperature more than 35°C is important. “In north-western regions, March/April to October/November is the best period for fish growth.
How many months does it take to rear catfish?
Usually from 4 to 5 months from fingerlings.
Is fish farming profitable in Nigeria?
One sure way of making money annually in Nigeria is by starting a business in aquaculture. With the best of knowledge and practice , a business owner in this area is sure of getting hundred percent return of his or her investment in fish farming.
Reference
- https://www.africabusinessclassroom.com/fish-farming-in-nigeria-how-to-start-and-make-money/
- https://infoguidenigeria.com/start-fishery-business/
- https://www.agrifarming.in/fish-farming-in-nigeria-fish-species-in-nigeria
- https://fcwc-fish.org/other-news/everything-to-know-about-starting-a-fish-farming-business-in-nigeria
- https://fishfarming.com.ng/how-to-start-fish-farming-in-nigeria/
- https://bscholarly.com/cost-of-starting-a-fish-farming-business-in-nigeria/
- https://wealthresult.com/agriculture/start-fish-farming-nigeria
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