Fish farming, or aquaculture, has attracted the attention of farmers, landowners, homeowners and investors as a money-making agriculture enterprise. And like in any farming business, fish production involves capital investment, labour, management and risks.
If you are considering fish farming, the checklist provided in this article can help you determine whether a fish farming enterprise is feasible for your particular situation. This list includes the most important factors to consider when starting a fish farm in Nigeria, but it does not cover all possibilities. This means so answering yes to most questions won’t guarantee success, just as answering no won’t mean automatic failure.
But to have a higher chance of success, most of your answers should be YES before you startup a fish farming operation in Nigeria.
Product Questions
Some questions you must answer about fish and pond maintenance, labour and product costs.
- Is your fish farm located near your residence to allow frequent and timely observations?
- Can you acquire the skills necessary for fish farming at reasonable cost?
- Are eggs, fry, or fingerlings available from local dealers?
- Can you raise your own eggs, fry, or fingerlings?
- Is it biologically feasible to raise the desired fish in your area?
- Are good quality feeds available at a competitive price?
- Do you have equipment for storing feed?
- Do you have a source of supply for drugs and chemicals needed?
- Are you prepared to handle water quality problems?
- Can you make or purchase aeration equipment?
- Is the water temperature suitable all year for the fish you want to raise?
- Is dependable labor available?
- Are dependable services available for disease diagnosis?
- Are you aware of the government agencies and industry organizations that can provide educational and technical services?
- Can you handle the stress resulting from risk management and additional demands on your time?
Economic Questions
Some questions you must answer about access to land, water and capital, and government regulations.
- Do you already have suitable ponds or a site suitable for ponds?
- Is enough water available to fill the ponds and replace losses?
- Is the water of proper quality for fish production?
- Will your incur the costs of pumping to supply your water needs?
- Is the topography and soil suitable for a fish farm operation?
- Do you have most of the equipment and machinery needed?
- Do you have the necessary financial resources? or
- Can you secure capital and operational loans for fish farming from your bank?
- Will investment and operating capital interest rates permit a reasonable profit?
- Is fish the best alternative for the land you intend to use?
- Is the profit potential of fish higher than that of other potential investments?
- Will the expected profit be enough to cover your risk, labour and management cost?
- Are you able to absorb occasional losses?
- Are you willing to devote daily labor and management required?
- Do federal, state, and local regulations allow and encourage fish farming in your area?
Marketing Questions
Some questions about demand and promotion you must answer.
- Do you know of an established market for your fish?
- Is there a high market demand for your fish?
- Do you know the market price and existing supply rate of the fish you plan to produce?
- Is there a market for your fish at the time of year you plan to sell them?
- Can you be flexible and harvest fish in the off-season?
- Do you have suitable arrangement for harvesting fish?
- Do you have an alternative marketing strategy to fall back on?
- Can you transport your fish to the marketing point?
- Could a cooperative be formed in your area to help market fish?
- Are you able to clean and dress your fish for market?
Summary
Above all, there are only five elements essential to a successful fish farming business in Nigeria.
Under the right circumstances, fish farming can be a profitable and rewarding occupation in Nigeria. So, after setting up your farm, you must be willing to put in the time and work to meticulousy manage all processes in the business. This means from larva to fry to juvenile to broodstock, and from production to customer must be supervised properly to be able to to sell to the large and profitable fish market that already exists in Nigeria.
Frequently Asked Questions
1. Suitable land
2. Suitable water
3. Money
4. Market
5. Management time and skills
Contact us @ 08036966909 or visit our office at Victory Plaza, 57 Obafemi Awolowo Way, Ikeja, Lagos.
