Fish farming business in Nigeria is not something new. People around Nigeria engage in fish farming business especially those who live in places blessed with abundant fresh water.
Although, Fish farming is a lucrative business which requires time, patience and money. One must be ready to take risks if you must venture into this kind if business. The reason why most fish farmers in Nigeria fail is because they believe the saying that fish farming requires little investment and therefore results in huge profits. I tell you that If it were so easy, everyone would be doing it.
This article contains a complete guide on how to carry out a feasibility study on fish farming business in Nigeria. With this article, we hope to expose some areas as regards to fish farming in Nigeria
Feasibility Study On Fish Farming Business In Nigeria
It is very important to carry out feasibility study on fish farming business if you want to venture into it in Nigeria. This is help ascertain what you would need in order to equip yourself in order to achieve positive results in fish farming business.
The following factors below may vary if you want to start a successful fish farm in Nigeria and they include:
- Cost of labour
- Cost of materials
- Cost of feeding the fishes
- Cost of fingerling (fish seed)
- Type of Water
Location plays a vital role in fish farming as it helps decide the kind of fish pond to be constructed. Usually, areas with swampy environment can be useful for fish farming in Nigeria and earthen pond a good fit for fish farm whether the location is swampy or the have a high water retaining capacity
You should try to avoid bushy areas with lots of trees, unless you have the financial power to do so.
If you opt for a concrete pond, the farmer should make provision for bore hole for water supply or alternatively he or she should buy water. He should also provide a shade for the fishes and fingerlings
COST OF LABOUR/MAN POWER
It could be cheap or expensive based on the location. Unless if you opt for earthen pond which is not expensive to create, concrete pond might require you to spend on labour. Whatever the case might be, cost of labour is a very important factor to be considered when carrying out a feasibility study on fish farming.
COST OF MATERIALS
You are to find out the cost of the materials you are going to use to kick start your fish farming business. for example, if you want to build or erect the pond, you would need to find the cost of cement, bricks, e.t.c
COST FOR FEEDING THE FISHES
The cost of feeding varies. Foreign feeds are normally more expensive than local feeds. Example, cupens is sold above N5,000, while local feeds cost below N4,500. You could also opt in producing the feed locally, as it will even still maintain the the high level of protein in the feed just as in the foreign feed.
The marketing aspect is very vital when carrying out a feasibility study on how to start fish farming business in Nigeria. This is determined by the market forces (demand & supply). One thing you should note in fish business is that the size of the fish determines the market.
Retailers, consumers and restaurant owners would prefer big fishes rather than small fishes. So you would have to invest in your big fishes, which will draw customers for you.
Finally, Feasibility study on the market helps you to know when your fishes are on demand and when you are to supply them and gives a fish farmer an overview of what he needs to know about the fish business after which you can draw a fish farming business plan to help give you a focus on what to do as you start you fish farming business.