How to Start Stockfish (Okporoko) Business in Nigeria
We’ll examine step-by-step guidance on how to start Start Stockfish (Okporoko) Business in Nigeria in this article. In several West African countries, okporoko is quite popular. It complements the grain mainstays fufu and gari in a variety of soups.
It’s commonly found in the Igbo snack ‘UgbanaOkporoko’ in the eastern region of Nigeria. This is without a doubt the cause for the Okporoko’s popularity in Nigeria’s Abia State. The okporoko is quite popular in Abia, and it’s a common element in many local dishes. Many Okporoko importers may also be found in Aba, the state’s commercial capital.
People from Umuahia aren’t left out, as they adore okporoko, especially during festive seasons. The Ukazi soup, which must always be served with okporoko, is the Umuahia people’s favorite dish.
NOTE: The word ‘okporoko’ is derived from the Igbo tribe of Nigeria and refers to the sound made by the hard fish in the pot. It directly translates to “something which makes noise in the pot.”
In a previous article, we provided a detailed guide with practical steps to take in starting a profitable crayfish Business in Nigeria and attain success, and there has been positive feedback, so also we are doing in this article. If you have ever wanted to start Stockfish (Okporoko) business in Nigeria, then this is all you need.
How Profitable is The Okporoko Business?
If you know the basics, getting into the stockfish business is one of the best things you can do. You can start on a retail or wholesale level, depending on your capital.
Connecting with reputable stockfish importers or dealers in Nigeria is one of the first measures you should take. Major stockfish traders may be found in Onitsha’s relief market, Sapele’s market, Warri’s market, Aba’s market, and other riverine market villages. Once you have your funds, you may contact these dealers to buy them for a low price, negotiate the terms, and get your business up and running.
It won’t be difficult to find consumers, especially in areas of the country where stockfish are in high demand. As you progress, you’ll begin to attract loyal customers who will patronize you on a regular basis.
How Much To Start Stockfish (Okporoko) Business in Nigeria?
It depends on your scale; for the purposes of this post, I’m assuming you’re starting a retail stockfish operation. You can start with a capital of N100,000 and grow as your revenues increase. I recommend starting modest and increasing your investment once you’ve sold your first stock. It will assist you in comprehending the intricacies of the firm and, if possible, making changes to the way you manage it.
How To Start Stockfish (Okporoko) Business in Nigeria
Join me as we walk through a step-by-step process for starting a profitable stockfish business in Nigeria:
Get Your Funds Together
Obtaining finance is the first step in launching a business, whether online or offline. Fortunately, Start Stockfish (Okporoko) Business is amongst the lucrative business you can start with 100k. To begin selling on a small or medium scale, you’ll need N100,000 or more, as I previously said. You must first conduct research on the company before determining the money required to get it up and operating. You’ll require some funds.
As a startup, you have a variety of options for generating capital: you can take out loans, borrow from friends, use your personal funds, or even partner with someone.
Locate a Reputable Retail Area
The location of your shop has a significant impact on the success of your business. A location where dishes are being prepared is one of the ideal areas to set up shop. Also, getting a shop in a popular market, especially in open areas, is something I’d encourage.
Overall, try to keep your business in a busy location. It will aid in the promotion of your company without requiring much effort.
Find a Reliable Stockfish Dealer
After you’ve got a shop, the next item you should look for (if you haven’t already) is a reliable stockfish dealer. Someone who can provide you with the type of okporoko you want to sell at a reasonable price. Do you know what I mean? You must obtain them at reasonable prices so that, after deducting your earnings, your consumers will not complain about exorbitant charges.
If you live in Abia State, you can easily purchase at wholesale prices from Aba’s vendors. Onitsha Relief Market also has traders selling at low prices.
How to Distribute Goods to Your customers?
This isn’t required, especially if you’re a retail trader, but I feel compelled to include it in case you (later) decide to get into wholesale sales. When individuals buy large quantities of your goods, you may need to supply them with a delivery method.
Most large resellers are busy, and they may prefer to order things over the phone in some situations, especially if you’ve formed a business relationship with them. You can buy a few automobiles to use in your buyer network to distribute the okporoko. Alternatively, you can utilize a tricycle (Keke Napep) that has been adapted to carry things.
Promote Your Company
Your company is up and running, and you’re ready to start taking orders. Please keep in mind that this strategy, while often overlooked, is just as crucial as the others. Every businessperson’s primary goal is to increase sales, which can only be accomplished through advertising.
What methods do you use to promote your business? It all depends on where you live. First and foremost, you must locate your business in a high-traffic region. Other methods of advertising your business include word of mouth, sticker or poster printing, board advertising, and more.
Stockfish Species Found in Nigeria
Stockfish is available in a variety of sizes and shapes in Nigeria, including:
- Cut body Parts
- Head and Bone only
- Head and ears
- Okporoko fins
- Stockfish head
- Stockfish cod
- White bone
Importers of Nigerian stockfish
To Start Stockfish (Okporoko) Business, you need reliable suppliers. Here’s a list of some of Nigeria’s largest stockfish merchants and importers:
- Success Adventures Limited (Location: Nos. 1248, Azikiwe Road, Aba, Abia State)
- Ekene Ventures Ltd (Location: 149, Kirikiri Road, OlodiApapa, Lagos)
- NollyFysh Limited (Location: SF16, Eziukwu Market, Aba, Abia State)
- FoodHub Africa (Location: Online)
- Stockfish Warehouse (Location: 50 Suez Crescent, Wuse, Zone 4, Abuja)
- Franceo Investment Limited (Location: 6, Enu-Owa Street, Idumota, Lagos State)
There are numerous other sites in Nigeria where you may buy dry stockfish for a low price; ask about it later.
Nigerian Stockfish Prices
The cost of stockfish varies depending on where you go, but I’ll be talking about the current price in Abia State. Take a look at some of the pricing listed below:
- A bag of stockfish heads and ears can cost up to 70,000 nairas.
- The cost of a bag of stockfish without the ears (just the heads) is N40,000.
- A bag of cut-cut stockfish costs between 80,000 and 90,000.
Stockfish prices vary from market to market, as I previously stated. Furthermore, considering the rate at which products costs are rising, you will need to conduct a thorough market survey prior to purchasing the goods.
Is it illegal to Sell Stockfish in Nigeria?
Stockfish isn’t illegal, but the federal government has told importers not to bring it in through the land border. The directive was issued in order to ensure that only high-quality fish products were imported into the country.
With this in mind, you should be aware that the government does not oppose the sale of stockfish, but rather the importation of stockfish across land boundaries.
Capital Requirement to Start Stockfish Business in Nigeria?
You can start with as little as #5,000 and work your way up to millions. The type of business you establish will be determined by your financial resources. Because the stockfish industry is so fast-paced, you can quickly build and extend your firm.
If you don’t have much money, count and buy from wholesalers, then resale for a profit. Assuming you’re starting with a head and an ear, you can keep adding additional varieties until your company grows into an empire.
Profit in the Stockfish Industry
Stockfish is a lucrative business. Thousands of bags can be sold in less than a month. Stockfish, on the other hand, does not go bad no matter how long it is kept, but you must meet the parameters for their preservation. Just because you’re in the crayfish industry, don’t keep them in a moist atmosphere.
The Stockfish Industry’s Challenges
The fundamental issue is a supply shortage. It can be difficult to get more rapidly after selling off the thousands that came in.
Delay in stocking your business is one of the challenges you may encounter when running your firm. Additionally, if your store is not located in a bustling area of the market, you will have difficulty attracting clients.
If done correctly, the stockfish company can be quite profitable. You can begin as a retailer, wholesaler, or even importer/dealer, depending on your financial resources. One of the benefits of life is that there is always room for growth.