Fish farming business in Nigeria is one of the agricultural businesses that is growing at a much faster and wider rate than any other sector in the industry. Nowadays fish farming is more preferred to poultry judging by the amount of fish harvests that spring up anually.
There is much more awareness about this business than ever before as many studies have been posted about the best way to take proper care of the fish farm, from the kind of fish feeds to proper water management and the type of fish pond; all of which makes productivity profitable.
Most state governments have seen the profitability of fish farming as a source of revenue and employment, that some have developed lands for fish farming that they rent out at subsidizing amount. Now they are some reasons why you should go into fish farming:
Why You Should Go Into The Fish Farming Business In Nigeria
1. Large Market
Fish is one of the most consumed products in the country, thus it sells faster than you might not put much effort into selling your products, all you have to do is make them available. The profitability of fish farming here lies in the availability of a large market where you can sell and merchandise your fish produce.
2. High Nutritional Content
Fishes are very nutritious and one of the major sources of protein. They are also rich in calcium, iron, potassium and other mineral elements. It is a rich source of protein for growing children. Apart from the the taking fish as a food condiment, fish oils can be extracted and used for the production of drugs and other medicinal purposes.
3. Short Maturation Period
Fishes grow very fast and due to recently improved technology, which puts them into practice, you can have a healthy-sized fish in a matter of months. Therefore, by engaging in the fish farming business in Nigeria, one can make profits from investments in just a few months.
4. Healthy for Consumption
This can also be factored under the nutritional values of fish comsumption. However, it has been treated under a separate heading here to emphasize the importance of the fish acids. There is a fatty acid called Omega-3 fatty acid which is beneficial to the human brain. It keeps the brain and heart in good health. This acid cannot be produced by the human body but it is found in large quantities in fish. Ultimately, fishes are the main sources of Omega-3 fatty acid to the human body.
5. Profitability of Fish Farming
Fish farming is very lucrative, as, in just a matter of months with proper maintenance of the fish farm and proper care, feeding of the fish, one can recover the starting capital and also make profits between four to five months.
Starting The Fish Farming Business In Nigeria
Now we have looked at the benefits of fish farming and how lucrative the business can be. As beneficial as fish farming is, it also has its risks and shortcomings like any other business. The Fish farming business is expensive to set up and its profits are periodical, so one should not depend on it as an only source of income.
Fish farming is a very technical business, any slight miscalculation in terms of proper feeding, sunlight, water management, etc, can bring about the degenerated growth of result to the death of the fishes and thus loss in investment.
It is proper to carry out a diligent study of the business before venturing into the business as it is very profitable but with a lack of technical knowledge, one can lose his or her investment. Also, it is advisable to hire a consultant knowledgeable in this field when venturing into the business for the first time. Getting a fish farming business plan is a first step towards success here.
FAQs on the Fish Farming Business In Nigeria
How much do I need to start a fish farming business in Nigeria?
Adequate funding is needed for the breeding, maintenace and overall wellbeing of the fishes. The average cost of starting a fish farm business in Nigeria from scratch is between Four Hundred Thousand Naira (N400,000) to about Five Hundred Thousand Naira (N500,000) only
How much is a fingerling in Nigeria?
A one month old (four weeks) fingerling in Nigeria is sold for Twenty Naira (N20) to Fifty Naira (N50). While a two months old (8 weeks) fish in Nigeria cost between Fifty Naira (N50) to Hundred Naira (N100). Both estimates depends on the location of the buyer.
What is the most profitable fish to farm?
Tilapia is the most profitable fish to farm in not just Nigeria but also most countries of the world. It is a fast selling fish breed and highly consumed by most regions. Other herbivorous fish varieties that are good for fish farming business in Nigeria include Salmon, Shrimp, Prawns, Catfish, Carp, Trout, and Bass.
How long do fish take to grow?
If properly cared for, a fish never stops growing. Some fishes grow fast and reach maturity in a few months while others may take 10 years or more to reach the same adult size. On an average, most large fishes take a longer period to grow while smaller fishes mature quickly. However, there may be varieties to their growth spectra
How much is 1kg of catfish in Nigeria?
1kg of catfish in Nigeria is sold for One Thousand Five Hundred Naira (N1,500) to Three Thousand Five Hundred Naira (3,500).