Fish farming, or pisciculture, is the process of raising fish for commercial purposes or personal consumption. It is one of Nigeria’s most profitable agricultural businesses, and you can start it with little capital.
Fish is a lot healthier than beef, so many people across the globe consume it. This means you can make this business as big as you want it to be with the right strategies and determination.
However, no matter how profitable fish farming is, without the correct information, you may not excel in it. That is why this guide discusses the steps you can take to start your fish farming business in Nigeria to ensure success and profitability.
Choose the Type of Fish for Your Farm
Considering the fact that your fish farm will be in Nigeria and only a few types of fish are sellable in the country, you need to determine the type of fish that will suit your fish farming business. You also need to find out what type of fish sells very fast, but you can consider raising different kinds of fish if you have the resources.
Here are five popular fish species suitable for fish farming and are profitable:
- Catfish.
- Tilapia.
- Trout.
- Carps.
- Salmon.
Register Your Business
It is best to register your business with the appropriate authorities like the Corporate Affairs Commission (CAC) for business registration and the Federal Inland Revenue Service (FDRS) for tax registration to ensure that it is legal and on track with the laws of the country. This can help you build trust with investors and customers since they will be sure your business is legit.
Get Training
Fish farming is very easy to start and run, but if you do not have any experience with it, it may become challenging for you. So before you go into this business, we recommend you get some training. You can do this by working with other fish farms or taking short courses on fish farming to help you understand what the business is about and how best to care for your fish farm.
See also: 12 Work-From-Home Jobs in Nigeria With Little Or Not Start-Up Capital
Get all the Requirements Ready
Now that you have sorted out the basics, it is time to get everything you need to establish your fish farm, and the requirements are discussed below.
Capital
A fish farm is capital intensive; you will have to buy fish, feed, and everything else you need to run the farm successfully. So yes, there may be businesses you can start without capital, but fish farming isn’t one of them. Therefore, before you progress further into this business, you must ensure you have your funds ready.
Now if you are wondering what it would cost to start a fish farm in Nigeria, it all depends on your budget. You can create a small, medium-sized or large fish farm. The estimated cost of starting a small fish farm in Nigeria is N400,000. However, remember that the cost will vary with a number of factors like your location, size of the farm, type of fish, and available natural resources.
Location
If you have your funds ready, the next thing you should provide for your fish farming business is a good location. Unlike poultry farming, fish farms do not produce too much noise and, if well taken care of, will not produce any offensive smell, so you can even have the farm at the back of your house if you have enough space.
But you need a safe and accessible location with a good drainage system because you will be disposing of a lot of water, and you don’t want this water to cause problems in that environment.
Pond
A fish pond is the habitat for your fish; of course, you know a fish cannot survive on land, so you need to create a home for them. There are different types of fish ponds you can create for your fish. Just choose the one that will be very easy to manage.
Water
A good water source is one of the most essential things you should put in place to have a successful fish farm. You can get water from a borehole, well or natural sources like streams and rivers but ensure the water is clean and healthy.
In addition, you need to confirm the PH of the water before putting your fish in it. A very high or low PH can cause problems for your fish. The best PH for your fish pond should be between 6.8 to 7.8.
Power Source
You may be wondering why you need electricity for your fish farm; if you own a large commercial fish farm, you will need to pump water out from the fish pond and also add clean water back into the pond, and you will need electricity for this. So if it’s an area that doesn’t get consistent electricity, you can get a generator or install a solar system to get electricity.
Overhead Tanks
If you are starting small, an overhead tank will be necessary to store clean water for emergencies. There may be a time when you won’t get access to water for reasons like power failure, but you will rest assured that you have a backup plan for such situations.
Nets
A net is the next thing you need for your fish farm; although it is not entirely compulsory, you may need to cover your pond with nets to protect your fish from predators and stop them from escaping.
Fish
Everything is set now for your fish farm. It is time to get the fish and stock up your ponds. You can buy fish of any size, from fries to fingerlings or juveniles, as long as they are from a reliable source.
Feeds
Aside from water, feed is another thing your fish cannot live without, so ensure you get the right one. There are different feeds for different types and sizes of fish. Buy the one recommended for your fish.
Personnel
The final requirement for your farm is staffing; you need people who will share the workload with you, and owning a fish farm does not have to be a full-time job; get people who will run the day-to-day activities of the farm, and you will have time to focus on other things.
Market and Sell Your Fish
If you have created this fish farm for commercial purposes, you must market and advertise your business for people to patronise you. Your target market can be bars, restaurants, market women, individuals, hotels and so on. However, remember you will make better profits if you focus more on wholesale rather than selling the fish in small quantities.
See also: Checklist for Opening a Restaurant and Staying Profitable
Congratulations if you have followed this guide to this point because you are on your way to becoming a successful fish farmer. Remember that you will have a lot of learning to do in the first year of your business, and you will make some mistakes, but it is nothing to worry about; learn from them and do not repeat them. So that’s all for a fish farming startup in Nigeria; if this guide has been helpful to you, leave a comment below.
