I know you’re interested in knowing about this, but I’m sad there is no straight answer, and estimate is even risky.
First, because market situations and environments are differ.
Some people will be reading this tutorial from Lagos, others from Imo, Ekiti, Abuja, Kano etc. and countries outside Nigeria.
How do you expect the cost of land to build a fish pond (for example) in Lagos to be the same with that of UYO?
How do you expect the cost of labour in Imo State to be the same with the cost of labour in Kano State?
Even some other things (like fish feeds) you might expect to be of the same price are not, even in the same city.
Second reason why it may be foolish to state that you need xxx naira to start fish farming business in Nigeria is because I don’t know when you’re going to be reading this tutorial.
Imagine this situation.
I was online earlier today to read about this very topic and I saw a particular post where the author stated (to the last kobo) how much you will need to start fish farming business in Nigeria.
When I looked at the date of that post, it was written in the year 2013.
Now you can see. If anybody tells you that the price of a block (to construct a concrete fish pond in Nigeria) is #100 and he was actually talking about 2013, if you base your estimate on that, you will make a wrong plan.
That’s why I will not tell you that you need xxx naira. Instead, I will try and show you what and what you’ll need to get your fish farm started and running.
(The only help we can do is to help you to write a current cost analyses, which will match up with the current fish market situation, as at today. You can ask us for the current estimate HERE)
Fish Farming Equipment
Whether you’re thinking of small scale fish farm or a large commercial fish business, the following are the basic equipment you’ll need to start your own fish farming business in Nigeria;
- Fish Pond. This could be concrete, earthen or tank of different sizes (depending on the quantity of fish you want to farm)
- Good Water. Though water could be a free gift of nature, you may have to spend money to dig a bore hole. There’s what we call “water quality” in fish business and it simply means you must have a good and reliable water for your fish
- Fish Feed. Your fish will eat different kinds of feed at different stages of their lives. While there are many makers of fish feed, we generally use MM to indicate their sizes.
- Fish Net. This is used for harvesting fish.
- Labour. You may not need labour if you’re starting a small scale fish farm but you’ll need some labour if you’re going on a large commercial scale.
- Weight, Bows etc
You can do the pricing of any of the above or contact our team for help
How Profitable is Fish Farming in Nigeria?
Since business is about watching the market trend and taking advantages, it will be good to understand the commercial trend of this agribusiness (business of agriculture)
The world at large is becoming aware of the nutritional value of fish.
When you notice the sensitization about how fish is the good source of omega_3, Vitamin D, Vitamin B2 (even though lay men may not know what all that means, they trust their medical practitioners and then eat more fish)
More and more people are abandoning red meat (because we`re told it`s bad) and embracing fish.
This is the reason why the world aquaculture (farming of aquatic organisms) remains a fast growing sector, yielding nearly 60 million metric tons (MT) with the estimated value of $119.4 billion (in 2010).
How can this figure make meaning to the Nigerian fish farmers?
We follow the world and we are big.
What I mean by that is this.
If you notice a definite change in the United States, United Kingdom or any other respected country of the world, be sure Nigerians are following.
The other side of it is, we are very big… the 10th or 9th biggest country in the world.
Just as you may know, the population of any given place determines the level of the business opportunity there.
That is the reason why fish farming business could be a very profitable business in Nigeria if you approach it as business.
I know some people will be expecting me to write the exact profit they can make in this business.
You can see some writers who are trying to do that but I won’t.
The reason is because, profitability in business is subjective to many factors, your location, selling price in your market, the competition in your market, season of the year, your business skills etc.
Just as the cost of starting fish farming in Nigeria is different from place to place, so does the profit a fish farmer can be different.
I am sure you understand this!
Let me answer some other questions you may want to ask.
Where Can You Locate Your Fish Farm in Nigeria?
When I wrote about poultry farming the other day, I talked about how poultry drops can cause great odour, which is the reason why you cannot have a poultry farm near home.
When it comes to aquatic farming however, we don’t have this problem. Your fish can be even in your bedroom i Have One Just By The Side Of My Wifes Room.
Your fish farm can be anywhere from your backyard to anywhere else, and there will be no problem. Though the waste water coming out of the pond have bad odour, this can easily be controlled into a nearby drainage system.
As a business minded fish farmer, you will need to consider how near your farm is to the market (where you want to sell to).
It is always a good business decision to first investigate your market, understand the demand, price, your competitors and how you`ll outsmart them.
All these will influence your decision as per, where to situate your fish farm, the cost and the likely profit.
Is Integrated Farming Possible With Fish Farming?
Integrated farming is a situation where we have one or two livestock or any other related farming in the same farm.
I know you may not be asking this question.
Yes, poultry farm is usually a good match for fish farm. Why? Because poultry drops could be food for your fish, though not always a good practice.
I’m not saying you should start both the poultry and fish farming together, now.
You may just have to have a vision of that in your business plan.
Must You Join Any Association to Start Fish Farming in Nigeria?
Yes, there are some “professional associations” that are about fish farming in Nigeria.
You might have heard about Association Fish Farmers and Aquaculturist of Nigeria (AFFAN), United Fisheries Association of Nigeria (UFAN), Association of Fingerlings Producers of Nigeria (AFPON), Nigeria Union of Fishermen and Seafood Dealers (NUFASD), Association of Ornamental Fish Exports of Nigeria (AOFFN), Fisheries Society of Nigeria (FISON).
Must you join any of these association before you can become a fish entrepreneur in Nigeria?
Not necessary, except you see any advantage in doing so.
However, it`s very important you register your farm with the Corporate Affairs Commission (CAC)
This registration is easy and not expensive.
You may not have to register for a Limited Liability Company.
All you need may be a registration of business name which may not be more than #20,000 (please, confirm this price in your area because things may be different over there)