What is fish farming? How much does it cost to start a fish farm in Nigeria? If you’re interested in finding out, continue reading this post.
Agriculture is one of the trending lucrative business in Nigeria due to the high demand for food. Agriculture is basically a practice of farming to provide food, so, in essence, the solution Agriculture is providing to the society is providing food for daily consumption of everyone.
Get informed about the best money-making agriculture business ideas list.
Since no one can survive without food, this is the reason Agriculture is one of the top lucrative business all over the world. The fish farm business is one of the topmost lucrative aspects of agriculture.
Here’s a great post on the profitability of poultry farming in Nigeria if you’re also interested.
A branch of Agriculture where there’s a lot of focus is Aqua-farming. Aqua-farming is one of the best business opportunities around that one can go into.
In this post, we will be discussing fish farming in Nigeria and how to start fish farming in Nigeria and how much does it cost to start a fish farm in Nigeria. We will also be using catfish farming in Nigeria as a case study
HOW TO START FISH FARMING IN NIGERIA
Fish farming business is arguably one of the most lucrative Agricultural business in Nigeria now or I can confidently say all over the world because it’s in high demand.
One of the importance of fish farming to the world is the fact that it is a great source of protein which the body system needs for growth and maintenance of tissue.
Furthermore, it is rich in Omega 3 fatty acid which is important for the heart and brain aside from the vitamins and minerals.
Fish Farming business is not for the rich class alone to venture into, you can start the business with low capital and also with huge capital.
Depending on individual capacity, it could be done on a large scale where you need to acquire plots of land or at your house on a small scale.
Fish Farming basically entails rearing of fish from fingerlings or Juvenile to big fish for commercial purpose.
There are different breeds of fish, we have Catfish, Tilapia Fish, Mackerel(Titus) but Catfish and Tilapia Fish are the basic once reared in this part of the world and are in high demand.
HOW MUCH DOES IT COST TO START A FISH FARM
Though Fish Farming requires you to go for training before starting it or visit other farms to know how it’s done because it has so many things to consider before going into the business to avoid loss of investment, this is part of the fear of going into the business.
You want to know how to become one of the top fish farmers in Nigeria or how profitable Fish Farming business is in Nigeria?
Let us discuss how to start fish farming in Nigeria, the steps to take in starting a Fish farming business, the cost to start and profit to expect on investment;
SPACE TO USE
This is one part we can’t really talk much about because the space to use depends on how big or small you want to start.
If you want to start small with like 50 Juveniles, you just need a fish farming tank at your backyard or anywhere comfortable in your compound where you will have access to water and if you want to start big like 10,000 juveniles, you will need to acquire plots of Land and do necessary pond construction to take the 10,000 juveniles.
We cannot really discuss the cost of the space to use as this will basically depend on how big or small you want to go, the cost to acquire land vary on location and also cost to construct pond vary on location.
I will advise that you get an expert on the construction of ponds for inspection of your site, get a quotation for the construction of the ponds and negotiate well.
Mini Fish Farming Tanks
For those who can’t afford a big fish farming tank, here’s a video showing one a mini tank made with 1000 litres plastic water tank.
GETTING READY TO BUY YOUR JUVENILE
After construction of ponds for large scale or you have already gotten your tank at the back of your house, there are various things you need to put in place before you buy your juveniles, I will be discussing them below
- DIG A BOREHOLE – This is actually for the large scale, water is what fish lives on, they are aquatic i.e animals that live in water, so they cannot survive without water, your farm needs an adequate source of water and availability of water all the time. Government water, rainwater, or any kind of treated water is not suitable for fish as it may contain chemicals harmful to them. Water needs to be changed at intervals for the fish to be healthy.
- GET AN OVERHEAD TANK AND A RESERVOIR – You will need an overhead tank for proper distribution of water to your fish ponds and also a reservoir to store water for an emergency, the numbers of overhead tanks you will get will be determined by your farm size, you can visit other farms to see how many you need.
- PLUMBING WORK- This is another part that you sure need an expert to handle, Plumbing work includes running of pipework from the overhead tank to the ponds for proper distribution of water to the ponds, if not done well. it will affect the business so I will advise you get an expert that has done it before.
Please note that the cost of the above was not discussed as its a lifetime investment that would be used continuously for a long period of time and the prices to get them done vary on location and individual negotiation power, So I advise you get an expert to help you in that.
BUYING YOUR JUVENILE
First, you need to know the species of fish you want to focus on, I will advise as a starter you focus on one type first then go into others as experience comes in.
The basic fish reared in Nigeria are Catfish and Tilapia Fish, Catfish is the most common with highest demand rate, so I advise you to start with Catfish.
In buying your juvenile for your catfish farming in Nigeria, you must look for the best farm that has healthy fishes. This is for you to have the best fishes with high surviving rate and for them to grow well.
Please make your findings in your location for the best Farm with good Juvenile.
You can start this business at any time of the year as the market is a daily thing and not a seasonal thing.
FEEDING AND MEDICATION
For the growth of any animal, feeding is basically the most important part, they grow well when they are fed well.
Even though there are different feeds for fishes, we will advise you to use foreign feeds (but you can make your findings on good local feeds, there are definitely good local feeds too) as the business is mainly for commercial purpose and you want the fish to grow well in the shortest period for you to get your profit on investment.
On medication, I will advise you get a consultant that is an expert in Fish Farming business to visit your farm at intervals and inspect your fishes and if you notice any abnormalities you call him to check.
Now that you already know all it takes to start a Fish Farming business, and you are still wondering if this is really profitable? Does it really worth my time, money and effort? Can I afford to start one?
So, let us see how profitable it could be and how much does it cost to start a fish farm.
FISH FARMING BUSINESS: INVESTMENT AND PROFIT
Here, we will only be looking at the cost of buying the fish, feeding, maintaining till its sellable, we will not discuss on the purchase of Land, Pond construction and other things needed to start the business as they will be used many times later.
You can likewise use this guide to write your business plan for fish farming in Nigeria.
We will analyse the cost and profit of Catfish Farming alone and our focus will be on 1000 juvenile fish ;
- Juvenile price is around ₦30
- Purchase of 1000 Juvenile at ₦30 = ₦30,000
- Feeding is a bit technical, but let us assume we want the Fish at 1 kg, then you must have feed each Fish 1 kg of foreign floating feed, this means you will need 1000 kg of feed
- 1000 kg of feeds * ₦280/kg = ₦280,000
- Medical and Miscellaneous is always low when you do everything right, but let us say around ₦10,000
- Total spent till 1 kg = ₦320,000 for 1000 fishes
These fishes are sold for ₦600 least, this will yield ₦600,000
Profit = ₦600,000 – ₦320,000 = ₦380,000
This is an over-budgeted estimate, just to be on a safe side, 1000 kg budgeted for feeding will definitely give you more than the 1 kg weight of the fish and you will be able to sell it at a higher price.
You can also get the feeds at a lower price, but all in all Fish Farming is a very profitable business when its done rightly, but I always advise before you go into this business, visit other Fish Farms and see how it is being done, get yourself educated, get the training and it will be a successful one for you.
I hope you now know the answer to the question “How much does it cost to start a fish farm in Nigeria”? What are you still waiting for? Start a Fish Farm and thank me later.