How to Start Fish Farming Business in Nigeria [Step-By-Step]
In Nigeria, fish farming is not a new agricultural business. People have been raising fish for thousands of years for food and commercial purposes. Fish farming is a profitable business idea in Nigeria because of its abundant aquatic resources.
People can raise fish in freshwater lakes, swamps, ponds, and rivers. You can export to most European countries if you can raise freshwater fish in significant quantities. However, we have taken our time to come up with all you need to start fish farming in Nigeria.
You can also check out how to start a piggery and the equipment needed. Below is what you need to know to start a fish farming business in Nigeria.
Contents
Why You Have to Start Fish Farming?
In Nigeria, the need for fish farming is growing because of the high demand for fish daily. Fish prices have continued to rise in our markets as supply has not been able to meet for growing Nigeria population.
With this in mind, it is clear that there is a gap, or opportunity, for entrepreneurs to meet the demand of this growing industry.
Aquaculture and small-scale fisheries offer unique opportunities for the prosperity of Nigeria’s rural economy and poverty reduction.
Fish farming is becoming an increasingly popular form of aquaculture in Nigeria. Its practices offer the farmer many commercial opportunities.
Fish farming, also known as pisciculture, is a type of aquaculture that involves raising fish for personal or commercial purposes in tanks, ponds, cages, and irrigation ditches.
Types of Fishes for Fish Farming Business in Nigeria
Different fish species are good for fish farming. The most common fish species raised are salmon, carp, tilapia, catfish and cod.
Different fish species mature within a particular time. Do your research to find out when the species you are rearing and when it can be harvested. Fish harvesting can be done from the pond by draining the water or using a net.
In the above list of all the fishes mentioned, catfish stands out for some reasons: below are the reasons.
Characteristics of Fish Farming Business in Nigeria
- Your fish farm must be around your targeted markets.
- Have a plan for harvesting and selling the fish.
- Use the help of technically skilled and expert personnel for your fish farm.
- Profits, yields, and productivity should be the center of your management strategy.
- The farm must be for-profit purpose.
- Write down costs of all expenses, including owner labor.
- Keeps and analyses cost of productions and incomes.
- Farm records provide the information needed to make management decisions. The primary management tool is the farm’s records.
Two Important Factors to be a Successful Fish Farmer in Nigeria
Below are the two primary factors to be a successful fish farmer. it will be nice to put them into consideration.
Fish Market/Buyers
As a fish farmer, ensure your buyer are ready before your fishers are due for harvest. One of the most common mistakes many fish farmers make is looking for buyers only when the fishes are ready for sale. Your pond will have reached its maximum capacity by then, and all the fish will have stopped growing.
The lower the profit margin, the longer the fish remain in the pond once they are fully grown. You will spend more money feeding them to keep them from losing weight (which will affect your selling price).
For commercial fish farming, the market is the key factor. You must find a viable market in which you can make a profit. The market determines the price of the fish produced, the quantity produced per period and the frequency of sales.
Therefore, the target market defines the amount of money spent in fish farming, the species for fish farming, the size of the harvest, and even the size of the pond.
Therefore, the scale of the farm and equipment the farmer’s need for production management can sometimes be influenced by the market his targeting.
Decision Marking
There are some decisions a fish farmer would have to make depending on the resources he has at his disposal: However, to make a good decision ask yourself the following questions below.
- How many ponds do I need to meet my market targets?
- How should I construct a fish pond, taking into consideration its size and design?
- What should be the length of my production cycle?
- How many numbers of these ponds can fit on my property?
- Is my farm able to meet the needs of my customers?
- What management methods should I use to harvest my fish on time?
- What would be the optimum size of fish to produce?
- Is it a good idea to join forces with other farmers to meet market demand?
Common mistakes made by fish farmers in Nigeria
Many studies are needed to minimize risks and avoid the mistakes that Nigerian fish farms make. Here are some of the most common mistakes made at the beginning.
- Insufficient water flow.
- There are too many fish in the pond.
- To save money, fish farmers use low-quality food.
- There is a lack of ventilation.
When it comes to fish farming, the hardest part is getting started. The rest is easy once you have built the pond and add the fish. However, market your fish business so that when the fish are ready to be, sold you have a ready market.
In conclusion, if you want to go into Start Fish Farming Business, especially in Nigeria, you read and pay attention to How to Start Fish Farming Business in Nigeria before you begin.
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