What do you know about the business of fish farming in Nigeria? Where does one have to start it? What are the secrets of this business growth in the state? Learn more about it here.
If you think that fish farming is all about going to the nearest pond or a river and catching it with a fishing rod, then you could not be more wrong. Nigerians love fishes and no wonder, given how much access they have to places where fish grows. That is why more and more people opt to turn occasional fishing trips into a steady-growing business. So, if it sounds like something you would like to try out, then here is all the information one has to bear in mind about it.
Advantages of fish farming in Nigeria
It is a promising market. It is probably not a secret that there are many Nigerians in the country who live on the edge of poverty. They cannot afford to get meat on a daily basis. That is why, in a problematic economy of Nigeria, fish is a perfect alternative to meat.
- Considering the need fish farming meets, this business is a very promising one. It can provide people with the daily nutrition they need. It does not cost as much as the meat, so it’s a good thing that fish farming develops in Nigeria at the moment. People who start such business get high revenues, so if you want to benefit from it too, you can enter this market as well.
- It is affordable. It does not cost too much to start such business. We will talk more about the business plan for it as well as the equipment one has to purchase before he launches the business. However, now to put it short, we will just mention that getting the fish for a farm is affordable. Besides, if talking about the risks, there is always a chance of getting some flu or viruses inside the farm. However, such risks are significantly smaller for those who own fish farms, as there are fewer diseases which can affect fish than those which can affect poultry.
- Protein substance. Not all of you know but as we mentioned above people can get all the protein they need on a daily basis from fish. For this reason, people choose fish over meat as it is a substantial meal which has numerous health benefits. So, given this way of thinking, business owners will have significant revenues for running this farming business.
- The country helps such businesspeople. The thing is that the state head strives to cover the deficit in supplies, so they support people who want to enter this market and start farm-fishing. There are different things they do to help such people out like giving them credits and offer great conditions for those who think of investing in agriculture in Nigeria.
Fish farming business plan
There is nothing superficial about creating a plan for starting such a business. Besides, there is no a lower limit where to start. You can start with as much money as you want to. Specialists even mention that it is better to start with smaller amounts, as this way a businessperson eliminates risks in case something goes wrong. He won’t go into debts in case the plan fails to become rewarding.
- Build a fish pond
- Get some fish for the starters.
Then after several months of running this farm, you will get to realize how well you can run a business of this type, what errors you should eliminate as well as what improvements should be done immediately.
Before you launch a big-scale project here, make sure to explore everything about the labor you should hire, licenses you should get an additional equipment you want to get. After you see that everything works well, you can get more fish and run a bigger business.
Problems of fish farming in Nigeria
Even though the market is quite promising and business people have all the chances to make the profit out of it, there are still several problems which one should take into account when thinking of starting a business in this area.
- Since it is a developing market, sometimes farmers fail to get all the revenue they wanted because they have to feed the fish for as long as it stays in the pond. Thus, after some time, they end up spending much money on feeding the fish and maintaining the equipment.
- Limitations on credits fish farmers can get can be another problem for the development of such business in Nigeria. The thing is that it is a growing niche, but not the major one in the state, and since there are markets which bring higher revenues, the authorities tend to give loans to them instead of the fish farmers. The only solution to this issue is in encouraging better cooperation between the farmers and the government.
- The farmers can hardly ever use the fish they produce for export given all the commissions and other fees as well as the lack of proper equipment for this purpose. Besides, the governments do not give farmers a chance. So, to fix this, entrepreneurs should seek an opportunity to establish better international trading conditions using the help the government can offer to them.
- There are troubles with producing different types of fish. People can only grow several particular species, and such limitations sometimes cause the businesses to fail.
- Different natural issues can also be a problem. It is hard to take care of a pond during seasons which bring floods and other catastrophes. So, sometimes such unfortunate turns of events can result in the serious financial loss for farmers.
- The fact that some people fish for wild species also hinders the profitability of fish farming in Nigeria. Thus, instead of buying fish from people who invest money in its feeding and production, Nigerians often purchase it from those who got it in an illegal way.
Despite all these issues, fish farming is still a great business one might opt for. So, if you are interested in starting it, here is a list of things you will need to run it.
Decide whether you want to start a fish farm in the natural water source like the nearest lake or a river. If so, then all you need for such a farm is special barriers which will let the water flow but will prevent the fish from swimming away from the specially constructed zone. However, there is always a possibility to create special fish farms above the surface in tanks designed for such purposes. Then, read on to learn more about those opportunities.
- Floating boats are what people use in such cases. They have enough space for fish to grow and develop while giving the farmer a chance to feed it and move from place to place when needed.
- You will also need docks where the fish would live as well as where you will be able to harvest them when the time comes.