Starting any business in Nigeria can be a hassle sometimes. And starting a fish farming business can even be more stressful and risky especially if you don’t how. This blog post will show you simple steps you can take to start and get your fish farm running successfully in Nigeria.
By the end of this post, you will know what you need to start a fish farm business, types of fish to farm and questions you must ask yourself before you begin your fish farming operations. The best part is, there is a comprehensive fish farming business plan you can download in PDF which will help you plan out your actions step by step.
Imagine what it would be like starting with all the right information before you start a fish farm. Keep reading.
Reasons to start a fish farming business in Nigeria
There are many reasons for starting a business – to follow a passion, self-employment, or you just like fish. But one reason stands out, and that is to make money. Business is literally defined as any endeavour carried out to make profit. So if you are reading this, just know there is good money in the fish farming business, that is if you simply follow the best practices.
But why fish farming?
Fish is profitable – As said earlier, there is good money in fish farming and selling. If there is a constant demand for your type of fish and your marketing is right, you should have no problem selling them off profitably.
Fish is popular – Surveys say that fish constitute about 60 percent of the meat market in Nigeria. This may be because it’s relatively cheap as opposed meat, and also because it’s savoury. And you know delicious things are always popular in Nigeria.
Fish sells quick – Because of it’s popularity and affordability, fish is the number one choice for many Nigerians when they visit the market.
Fish matures quickly – Within 6 – 12 months, your fish, depending on the type, can go from fingerlings to grow-out. There are even practices in fish farming that make it possible to accelerate fish growth by giving them certain types of feed.
No environmental hazard – Unlike in poultry farming, you can set up a fish farm anywhere, even in your backyard. And depending on where you live, there may be no law against it. Though, you will have to properly channel the pond water because of the bad odour.
Other reasons are: Fish is also very nutritious since it contains high levels of protein and omega-3. Fish entrepreneurs can start small from their backyard.
Types of fish to farm
Because all the depths of the ocean have not been fully explored, there are uncountable species of fish we still don’t know about. Some of the ones we discovered are sea trout, cyprinids, all sorts of catfish, silver seabream, carp, salmon, greasy grouper, tilapia, shrimp (and there are thousands more).
However, most of the species of fish are not suitable for fish farming business in Nigeria, either because of their nature or because of their low demand in the fish market or the profitability of their species. That’s why the most common fish species fish farmers in Nigeria grow for commercial purpose are shrimp, salmon, tilapia and catfish. Of these four, catfish and tilapia are the most common species in Nigeria.
Types of fish farming business in Nigeria
Catfish Farming
Though not the most popular in the Nigerian market, still, catfish is the most farmed fish. And because it is easy to cultivate fish entrepreneurs tend to start with catfish farming. There are several species of catfish including, blue catfish, channel catfish and flathead catfish.
Tilapia Farming
Being the second most popular fish in Nigeria’s aquaculture industry, Tilapia are tropical fish that require warm water to grow with the ideal water temperature between 28 to 30 degrees Celsius. They are more resistant to diseases and parasites and are also rich in proteins and vitamins. They grow fast too.
Shrimp Farming
Most shrimps in Nigeria are imported which could be because there is low local supply compared to the high market demand. So you can consider shrimp farming to create a new market in your area for shrimp since there is already high competition for catfish and tilapia. Make sure to carry out a survey to know if people in that location would buy shrimp.
Mackerel (or Titus)
Being the most popular fish in the Nigerian market, they are highly profitable. Only that titus fish are not cultivated artificially in ponds, they are wild-caught from the sea because the sea’s natural salty environment is where the mackerel can survive. And until that type of environment can be created artificially, your only options are catfish, tilapia and shrimp.
Risks & challenges to fish farming business in Nigeria
Management risks
Lack of proper management is the major reason many fish farmers have shut down their farms in Nigeria. We at Everlush have heard of fish entrepreneurs who had to close down their businesses because of one management issue or the other. It is usually the bigger fish eating the smaller ones, or mass fish death due to dull monitoring. Someone even said frogs ate all his fingerlings, and he had to cover that pond and dig in another location.
Proper management is essential in a fish farm business, and will single-handedly guarantee the success and profitability of your fish farming operations. Don’t joke with it. The best practice is to know your fish and live close to your fish farm to avoid losing all your hope of profit.
Capital Intensive
Setting up a fish farm can be capital heavy. This is because the major equipment needed to start and run are relatively expensive. And even if you have tanks and steady water supply ready, the cost of feed, water management and other running costs will still sum up to a heavy amount depending on your farm size. So make sure that before you even buy fish fries, you have the necessary pond equipment and enough cash to purchase feed.
Personnel Risks
Because we sell aquaculture products to many fish farmers in Nigeria, we have heard stories of employees in a fish farm who stole their oga’s fish. And because the owners sometimes cannot count how many fish are in the ponds, the thieves may get away with it. The best practice to help avoid this is to only hire workers you can trust to avoid stories that touch.
No By-product
Unlike in poultry farming where their farmers can harvest the drops (or poop) and sell as fertilizers, fish farming has no by-products. In the end, it’s just fish and unclean water you must drain at the end of each farming cycle.
Other challenges are pure risks that happen due to unexpected circumstances such as outbreak of diseases, unexpected extreme climatic factors, malicious damage and legal actions against the farm. And business risk which directly affects the production of fish like faulty equipment, late delivery of feed, lack of technical information and expertise, unfavourable government policies, changes in operational costs. In addition, there are market-related risks such as poor quality of fish, and consumer-related risks like change in the taste of consumers, and competition from alternative commodities.
What you need to start a fish farm
These are the most important equipment for a commercial fish farming business in Nigeria
Training
Usually, the difference between success and failure in any business is knowledge. You need to know your fish and its market really well. Try to network with fellow fish farmers, vets and feed retailers to boost your knowledge of the industry.
Land
Basically, you need a place to put your pond. When selecting a pond site, evaluate the topography in order to minimize costly soil removal. The pond site should be located in a flat, well-vegetated drainage basin land, ideally above the flood plain. This is to prevent flooding and washing away of the farm during heavy rains.
Ponds
There are several types of ponds:
Earthen pond 
Plastic or rubber tanks 
Tarpaulin polytene pond 
Concrete fish pond 
Cage ponds
- Earthen ponds are artificial dams or lake constructed for different species of fishes in order to retain some features of the natural aquatic environment.
- Concrete Ponds can be constructed below or above the earth surface and are the most popular in urban areas.
- Tarpaulin or synthetic leather ponds are a form of rubber/leather carpet supported with iron bars. Small tarpaulin ponds can be carried and moved around since they are mobile. Some farmers use large polytene nylons to cover an earthen pond.
- Rubber or plastic tanks can be used to raise fishes almost everywhere because they can easily be moved from one place to the other. They are cheap to maintain and can be used to raise fingerlings before they are transferred to the main ponds which can help beginners learn.
- Cage ponds are constructed and placed in the middle of a large water body to replace their water environment in an enclosed cage. They are used to raise a large number of fishes at a large scale.
Borehole
Of course, you need a borehole for pumping clean water with good pH levels. Overhead water tanks – You will also need water tanks to store water. This is particularly useful if the borehole develops a fault and you need to change the pond water. Juvenile fish – You could buy fries, fingerlings or juveniles. But for starters, you should buy juveniles to save you from the high death rates you may experience from fingerlings. Make sure to buy juveniles from a healthy farm.
Before you start fish farming business
Before venturing into fish farming, it is important to take a number of factors into consideration for success. Rearing fish is not merely about buying fingerlings and dumping them in a pond and then feeding them thrice a day.
You should know that there are 3 things that make up a business: what to sell, where to sell it and a constant stream of customers. So, from the outset, a farmer must figure out these 3 things by deciding on the following:
Type of fish
This is what you will sell. Whether catfish, salmon, tilapia, fish, etc. which are all popular in Nigeria. Choose your product(s).
What level in fish farming
There are fish farmers that specialize in raising fries to fingerlings and then selling them. There are farmers who buy fingerlings and raise them to grow-out stage before selling. And then there are farmers who raise their fish throughout their life cycle from fries to adult stage. Choose your level.
Quality of fingerlings or juveniles
Just like for other animals, fish juveniles are of different breeds. It is important that the farmer takes his/her time to identify fast-growing and disease-resistant breeds of fingerlings to ensure profitability. Consult a specialist in juveniles and physically evaluate many from several farms before making a pick on the stock of juveniles. Make sure your product is of great quality.
Feeding program
How many times will you feed your fish at every level in their life cycle? What will you feed them? Know that your highest running cost in the business is feed since it’s an everyday cost. The prices of fish feeds vary based on the type of feed. Natural feeds are developed in the pond like plankton and tiny aquatic insects by adding fertilizer. Other types of feeds are supplementary like fish meal and vitamins.
Pond design
Cultivate your fish in a properly designed pond, or you will stress yourself making up for pond deficiencies and risk mass fish death. If you will be using artificial ponds like plastic tanks, tarpaulin tanks or concrete ponds, you must design them in a way that water can be drained without stress. So get a plumber or engineer to put drainage pipe at the bottom of the tank or concrete pond. Check out this pond design
Also, build your pond to accommodate the number of fish you wish to cultivate. Too much fish than a pond can handle will increase competition for resources like food and oxygen. This means some fish will grow way bigger than others and in the end, lead to cannibalism – or fish eating fish.
Also, you could have a harvesting slump so you won’t have to jump in the pond every time you want to pick or harvest the fish.
Water management
How will you make the water suitable and healthy for the fish? Using an artificial pond means you have created a home away from home (sea) for the fish, so you need to make it as conducive as possible. Test the water’s pH levels frequently because acidity can kill fish really fast without you even noticing. Some farmers even take extra caution to test water hardness, nitrate and ammonia levels. It’s that important.
Markets for harvested catfish
Finally, the fish market is all about selling in the right place to enough customers. The 3 major customer segments for fish are individual buyers, departmental stores, supermarket or cold rooms, and restaurants and hotels.
This is why it is important to get training – so you can get familiar with the business environment before starting your own business.
Have a business plan
Add everything stated above to a business plan which will also include your business targets, potential market demand, competitor research, etc. Also, make sure to register your business with the Corporate Affairs Commission (CAC) before you start operations. Click download button to get your business plan.
After you begin fish farming
After you have considered all these things above, then you can begin farming operations.
- Undertake regular inspection on fish farming facilities. It is possible for infrastructure to break down unexpectedly; so it is very important to inspect ponds regularly for damages to prevent the sudden collapse of ponds.
- Monitor water coming into your ponds i.e. test pH levels, to make sure that the quality is healthy for the fish and can sustain aquatic life.
- Regularly disinfect equipment used within the farm to handle fish to avoid transmission of disease-causing agents.
- Proper management techniques such as control of stock density and nutrition that minimizes the stress of fish and maintains healthy populations in the ponds should be employed.
- Careful monitoring and observation of fish behaviour for any irregularity (e.g. fish off feed, erratic swimming) will provide sufficient warning that a problem is looming.
- Look into insuring your fish farm. An insurance policy protects your farm from the impact of loss that may be sustained in the event of unanticipated disasters. With an insurance policy, you can manage your fish farm without the fear of risks.
- Remember that fish farming is a business that involves risks that need to be managed. Whether you are new to fish farming or you are an experienced fish farmer, it is necessary to manage the risks involved in fish farming.
Wrapping Up
To conclude, at every stage of building a fish farming business – before, when and after you begin – your attention must be 100% focused on your business. Go make plans, get capital and start building since you now know how to start a fish farming business in Nigeria. Don’t forget to be aware of the business risks at every stage and manage them properly, and you will see that starting a fish farming business in Nigeria is really not a hassle.
This is interesting.
How can one get the PDF of the entire write up.
Thanks.
Hello , I would like to test fish farming , can you please guide me . THANKS
Helloo, I want to ask, can I build the pond under a decked room, ? Watdsap 08033085075, and how much could a bag of feedcost