Recently, the rush into fish farming business in Nigeria made it look as if it is the most lucrative business in Nigeria. Though is lucrative. A lot of Nigerians more especially retirees jumped into fish farming business in Nigeria. Unfortunately, over 80% of them got their fingers burnt. I meant they lost huge amount of money to the venture.
Therefore, in this post, you’re going to learn why lots of them lost their money. And how to start profitable fish farming in Nigeria. You’ll equally learn the right fish farming in Nigeria tips and how to write a bankable fish farming business plan.
Everything topic I discuss here is mainly on catfish.
Before I proceed, I will like to ask, do you really want to make the best out of fish farming? If your answer is yes, then read on. To help you start on the right track, I consulted a professional fish farmer of 25 years of Experience.
He is the person of Mr. S.W. Ajimy and the owner of Ajimy lakes. An author of the bestselling fish farming business book in Nigeria titled “Practical Guide to Profitable Fish Farming Business”. He is an award winner of 2004 and 2005 best fish farmer in Bayelsa State under Central Bank of Nigeria Agricultural Credit Guarantee Scheme fund (ACGSF).
Mr. Ajimy was a mathematics lecturer with Bayelsa State College of Arts and Science Yenagoa. And a former General Manager Port-Harcourt flour mills, before going into full time fish farming. So, he has all it takes to give you the best on how to start small scale fish farming in Nigeria and grow it to large scale.
Why Do Lot of People Lose in Fish Farming?
Fish farming business in Nigeria is like every other business you can think of. As such you’ve to start with the understanding of every detail about it. There are two reasons most people lose money in this business and the reasons are:
- Falling into the wrong hands of those claiming to be experts
- Lack of a proper or practicing mentor
Falling into the wrong hands of those claiming to be experts
I observed that it was those who just have faint ideas of fish farming in Nigeria tips went around blowing their trumpet that they have lucrative business for the masses. Invariably, they are just information marketers and people just fall victims in two ways. Firstly they paid high for a classroom fish farming seminar. Secondly, they lose money in the act.
Lack of Proper of Practicing mentor
Most people just jump into this business without guidance from anybody. Without proper education on how to start and grow it, which means they only want to learn through the hard way. Thereby, losing their money or capital to the venture while learning.
So, What Are The Tips to Start on The Right Track?
To start a profitable fish farming business in Nigeria, you need to have a practicing mentor by your side. In fact, you must be under his guidance for at least 4 months, learning directly under him using his farm or your own.
You need a bankable fish farming business plan. Remember, if you fail to plan then you’ve planned to fail. Therefore, your business plan will contain a blueprint or step by step guide on everything you must do to succeed. No matter how small or big you want to start, you need a roadmap from an expert.
What Really is Fish Farming?
Fish farming is the act of raising species of fish in a controlled medium of water. It can be done on a river, lake, pond, cages, tanks and pens. Your environment largely depends on the type of fish farm to establish.
We in the riverine areas practice lake, river and pond, while people in the northern areas of Nigeria can use pens and river. But whichever method you want to use, I strongly advise you to use cage because it helps in easy harvesting. The principles of fish farming business in Nigeria is the same no matter where you intend doing it.
How Lucrative is Fish Farming Business in Nigeria?
I will say fish farming in Nigeria is very lucrative because there is always readily market for it. The demand is usually and always higher than the supply all year round. Financially, it is rewarding because you can always make up to 40% ROI every 4 to 5 months.
Let’s do small mathematics on a possible return on investment. In my fish farm estate, I rent out a cage for N50, 000 per 6 months. A cage can comfortably contain 1000 fish. To avoid high mortality rate, you go for post fingerling, which is around N45 per fingerling.
In other to harvest fish that weighs up to 1kg at the end of 4 months, you need to feed them with 30 bags. Each bag cost N6, 500, so let’s sum everything.
Mind you, all these figures are at the time of writing this.
Renting of cage and pond…………………………………………………………………N50, 000
Fish Feed…………………………………..N6, 500*30……………………………………..195,000
Expected Total Expenses……………………………………………………………………290,000
Each 1Kg fish goes for at least N700.00 (seven hundred Naira). Therefore expected revenue will be:
700 *1000 = N 700,000
N700, 000 – 290,000 = N410,000
As you can see, you can make over 100% ROI in 4 months. The figure above is real if you didn’t record mortality. With right knowledge, you may record some deaths but it will be very minimal.
If you’re to make the pond and other logistics, then starting a fish farm can be a bit expensive. To start a small scale fish farming in Nigeria you need between N1-N500, 000. You need an investment of N500, 000 –N5, 000, 000 for a medium scale fish farm in Nigeria. Lastly, you need an investment of 5,000,000 and above for a large scale fish farming business in Nigeria.
What is The Major Risk Associated With Fish Farming Business in Nigeria?
Illiteracy here means that a lot of people go into fish farming business in Nigeria without being properly informed. Therefore, it is a very big risk because they will definitely lose out in the business. To get it right they need a real mentor and a good fish farming business plan. Do you know that over feeding kill fish? This and many other things are what every intending fish farmer must know.
To solve the problem of fish dying from over feeding I developed fish feeding formula that is widely accepted across the country. You can only find that in my book.
You need to establish your farm in a well secured area or else others will harvest it for you. To prevent thieves you need a fenced farm or employ the services of local security men.
What is Your Final Advice to Intending Fish Farmers in Nigeria?
As I earlier said, fish farming business in Nigeria is lucrative but it is not a get rich quick business. They need to put much effort, persistence and endurance to start reaping from this business.
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Be ready for the worst, it is not usually as we plan but with time and patience you will always be smiling to the bank monthly. Imagine having up to 10 cages. Multiply it by the expected profit, money will run into millions. It is simple but not easy.
So, I strongly urge those going into fish farming business in Nigeria to look for a practicing fish farmer for an intensive training.
Fish Farming Business in Nigeria- Editor’s Opinion
Here we go, Thank you Mr. Ajjimy for this wonderful eye opener. For those seeking for one-on-one consultation or training, you can contact us to connect you with Mr. Ajjimy.
Also, you can also contact us for a bankable fish farming business plan at affordable rate.