Giving the not so great nature of the Nigerian economy, a lot of Nigerians are investing in other sources of income, especially considering that clinging to a 9-5 job alone is not enough for many people to survive.
Some of the businesses that a lot of people are venturing into include agriculture, livestock, and fish farming.
Fish farming in Nigeria has proven to be a very lucrative business for many people who did it the right way.
As regards fish consumption, 97% of households in Nigeria consume fish with catfish topping the charts. Catfish is used in making soup and a variety of local and international delicacies. If you are looking to go into fish farming in Nigeria, the question of the profitability of catfish farming must have been on your mind.
Because it is important to have some arrangements in place before you start your catfish farming business, let us see what do we need to start and get the idea of how much does it cost to start a fish farm.
You need enough space for your fish farm. If you do not have a piece of land to set up your farm, you can use your backyard for a start and progress to a bigger space when you start making the profit and expanding. The idea is to have enough space to set up your farm with all the necessary instruments. You can learn more about fish farming construction.
The fish pond is a controlled pond, a kinda artificial lake where you keep the fish.
If you don’t know how to make a fish pond you need to hire the services of a professional pond construction technician to build it for you. Here are the considerations when building a fish pond.
The catfish needs enough water, so getting an overhead tank is vital for their survival, and the survival of your business. Kindly bear in mind that chemically treated water is out of bounds.
Fingerlings are the young, tiny fish (about the size of a finger) that you put in the pond.
It is important to carry out extensive research as regards the best sources to get fingerlings before you proceed so you do not purchase fingerlings that are not disease resistance. This article explains things to watch out for when buying fingerlings for your fish farm.
Get the Knowledge
Researching extensively before investing in any business is essential. You need to do more findings. You can even understudy a catfish farmer who is thriving in the business if necessary. That way, you will learn the ropes of the business and know the dos and don’ts for your business when you are about to set it up. You will also have an idea as regards how it works.
Cost of Starting Fish Farming in Nigeria
How much does it cost to get fish farming equipment in Nigeria and start your business?
A good estimate can go like this: let’s say you are starting with 10,000 fingerlings, which 1,000 would be for one pond. The fish farming setup costs, including the fish feeds, is roughly 2 million Naira. Kindly note that the more the fingerlings, the more the chances of survival as not all of them will survive.
With that estimate, if you sell one fish from 700-800 Naira and calculate that with the number of fish that will survive, you could be raking millions in 6 months.
If you have 2 million Naira and you have wondered what kind of business to start with it, fish farming could be your best bet. Catfish or tilapia fish farming in Nigeria are more profitable because fish is constant demand, and it sells faster; the gain is lucrative, it grows more quickly than other animals; it is not very time consuming, and it is bought in bulk as it is essential in health and beauty products.