Cost Of Starting a Fish Farming Business In Nigeria: The branch of agriculture that is concerned with the cultivation of aquatic produce such as aquatic plants, fishes and other aquatic animals is known as aquaculture. And then specifically, the rearing or cultivation of fishes especially for commercial purposes is known as pisciculture or fishculture. Other related terms include fish farming and fishery.
Fish farming although very lucrative, is a very delicate business. It is not a business of common sense; it rather demands some level of mastery and expertise as it relates to fish farming and maintenance. It is regardless a highly lucrative business. Fish has very high consumption rate in Nigeria and other countries out of preference, spontaneity and recommendations health-wise.
The target market of fish farm produces is almost the entire population. Doctors recommend fishes as having health benefits much more than any other animal flesh produce. It is in fact recommended that for a healthy lifestyle, one should consume fish at least not less than twice in a week. Fish is particularly recommended by the American Heart Association (AHA) for being beneficial to the heart. Fish contains phosphorus, calcium and minerals such as iodine, magnesium, zinc, potassium and iron.
These health benefits of fish also contribute to its high consumption rate. The cost of starting a fish farming business may be calculated based on a number of factors and the requirements for setting up the business. Just like every other business, fish farming business has its own peculiarities and demand and asides the mastery and expertise required, every demand is borne by capital. It would be assumed that before setting up fish farming business, that the mastery and expertise of the business has been acquired to a considerable extent which of course may not be acquired on a free cost.
Below is a budget plan for setting up a fish farming business in Nigeria.
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Cost Of Starting A Profitable Fish Farming Business In Nigeria
1. Cost of Land: Setting up and running a fish farming business does not basically require large acres of land. If you already have a self-owned residential compound then there may not be need to purchase land if you have the space.
Unless you intend to run the fish farming business in a very large scale, that is when you would be spending so much for land. Most people would prefer using their residential area for running of their fish farming business and the reason being for convenience, security and proper maintenance of the fish farm. Fish farming is such a business that requires close attention.
In a case where land needs to be acquired by lease, a budget of N150, 000 (one hundred and fifty thousand naira) should be made. The land is basically for the construction of fish pond and storage facilities.
2. Construction of Fish Ponds: Having secured a land, the next is to construct pond for housing of the fishes. One pond would be enough only when you merely intend to rear one or friendly specie of grown fishes.
If you intend to rear fingerlings, there would be need to have a nursery pond from which the fingerlings would be transferred to the primary pods after they are matured. Also, you certainly would need more than one pond for a large scale fish framing; that is if you intend to rear a large number of fishes especially where the species are mixed.
Where the fishes are of different species, there would be need for more than one pond because certain species might be alien to the other. This is where mastery and expertise comes into play as well. Construction design of fish pond is not a sophisticated building. A budget of N120, 000 (one hundred and twenty thousand naira) should cover for the construction of ponds depending on the number and the space.
3. Plumbing: Plumbing is very essential to the business of fish farming. It is through plumbing that water is connected to the fish ponds. The plumbing is needed to be connected to run through the ponds and transport waters in and out so that as a vital part of fish pond maintenance, the waters must be changed as least once in a day.
There would also be need to connect filter for filtering the waters that runs into the ponds. A budget of N50, 000 (fifty thousand naira) should be made for plumbing which will cover the price for the purchase of plumbing materials and workmanship.
4. Borehole: Water is a very basic essential for the running of a fish farm. It is more economic friendly for a long term purpose to dig your own borehole instead of buying or getting water by any other means. Drilling, digging and building a borehole will cost you a budget of N500, 000 (five hundred thousand naira). This budget should cover for cost for materials and workmanship.
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5. Reservoir Tank: Water still remains of utmost necessity for the setting up and running of fish farming business. A good percentage of the overall budget must go into it. Reservoir tank is needed for the reservation of water. This is necessary because borehole can develop fault such as clusters, infiltration by sand, sumo water pump fault, and so on. Also for convenience, reservoir tank is needed.
Most prefer to connect their water filters to the reservoir tank and then transport the waters from the tank to the ponds. More than one reservoir tank is therefore needed. In all, the expenses should be covered by a budget of 500, 000 (five hundred thousand naira) for 2 – 3 tanks.
6. Purchase of Fishes or Fingerlings: Ideally, fish farming should start from the rearing of fingerlings, although this is of course a matter of choice. Some may chose to purchase grown fishes and start with them. The cost would be nothing for a fish framer who goes fishing himself.
For purchase, a budget of N20, 000 (twenty thousand naira) should be made for fingerlings. The cost of purchasing fishes will always depend on the specie of fishes. A budget of N300 (three hundred naira) should be made for one fish one a wholesale demand and supply.
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7. Feeding: Feeding is a very important expense to be made in a fish farming business. For feeding, a budget of N30, 000 (thirty thousand naira) should cover the expenses for a month.
8. Storage Facilities: In setting up a fish farming business, there would be need to include storage facilities in your budget. The facility is basically for the storage of feeding and keeping of other materials that may be necessary for the running and maintenance of the business. Here, what is required is a building facility (a small store) close to the fish farm.
There is also need for the facilities used to preserve the feeding against spoilage. This would be covered by a budget of N60, 000 (sixty thousand naira). A larger store would cost more.
The Lucrative Nature of Fish Farming
Fish farming comes under agriculture, one of the greatest economy boosters in Nigeria and many parts of the world today. Fish farming is simply the rearing of fishes. Fish farming is otherwise known as aquaculture. The necessity of the product contributes to its lucrative nature. Fish has very high demand in Nigeria to an estimated tune of 3 million metric tons annually. Even with the high demand, fish has limited supply rate which directly affects the cost and the profitability.
In fact, local fish farmers cannot make for the demand of fish in Nigeria. The point is that both the local fish farmers and those involved in commercialized fish farming still do not supply up to the demand. Interestingly, fish farming can be done either on a small, medium or large scale. All are profitable. Fish has varieties, and this makes it more lucrative. This is because, when there are varieties and species of products in the market, options are presented to the consumers, thereby increasing the degree of possible demands.
More so, fish is regarded as a very healthy product. This fact is acknowledged all round the world. There hasn’t been any contention or established evidence against the health benefits of fish. Consumption of fish is most propagated amongst other of its counterparts in the animal husbandry industry. Its established health benefits contribute directly to its profitability.
From the foregoing analysis, some advantages are implicit already. However, it is still necessary to specifically point out some of the advantages of fish farming in Nigeria.
1. Profitability: Fish farming business has all the means and tendencies to yield high profits. The product has high demand and limited supply; and its health benefits contribute to the high demands.
2. Food and health benefit: Fish is a source of food, and specifically, it is predominantly proteinous and healthy. This contributes to the high lucrative nature of fish farming.
3. Fish farming as a means of living: Fish farming is a job for many, thereby reducing the degree of unemployment in Nigeria which in turn impacts positively on the economy. Asides being a fish farmer, one may be employed to render other services necessary for the effective running of the business such as production, preservation, marketing, distribution and so on.
4. Effect on the ecology: Fish farming contributes in maintaining safe environment by preserving the eco system. Because fishes are needed, people undertake the task of rearing them to increase their numbers. This invariably places a check on overfishing.
There is no business without risk, and the major risk facing fish farming business is the risk of mortality of the fishes. If this can be prevented or limited to a considerable degree, a lot of profits would be made. The cost of starting up a fish farming business in Nigeria is an exorbitant one but the investment and output worth the price.
Edeh Samuel Chukwuemeka ACMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.