How Profitable Is Fish Farming Business?
To know How Profitable Is Fish Farming Business you need to know that Fish farming is a lucrative business in Nigeria, and you can quickly become successful if you employ the correct methods and strategies for the business. Fish is one of the significant proteins Nigerians consume daily, and many people often settle down for fish as an alternative to meat. Besides, fish is readily available in the market, and many old Nigerians are advised to abstain from eating red blood meats.
Yes, fish farming can be profitable and very lucrative to the fish farmer; however, a lack of information and proper knowledge about the business can lead to huge losses. Nevertheless, with a population of 160 million, Nigeria shows a huge potential market for business in the country.
What is fish farming?
Fish farming is a part of the agriculture business that deals primarily with commercial rearing of fish and for the sole purpose of profit-making. It generally entails breeding fishes such as catfish, tilapia fish, mackerel, and many more breeds. The increasing demands of fish for consumption are easily met through fish farming, which has positioned the business to be a feasible and viable business. The potential target of the fish produced through the fish farming business is vast, majorly because it is one of the significant sources of protein.
How you can start a fish farming busibusiness in Nigeria
Starting a fish farming busibusiness in Nigeria is very easy and relative to minimal effort if you have the right expertise. However, if you are interested in starting this profitable business, you need to develop a plan that captures all the business needs. More so, proper research on the right fingerlings to stock and making necessary calls to the experts in the farming sector to guide you right.
The Cost of starting a profitable fish farming business
Fish farming can sometimes be capital intensive; however, you might save a good amount of money if you carry out your research correctly. Also, you must be aware that the cost you would incur in setting up your fish farming business varies depending on the area you are located, the type of fish you would like to stock and finally, the cost of items in the market. Therefore, here are some compulsory items for you to acquire to starstart a profitable fish farming business. The items include sand, gravel, human labor, water source, plumbing works, water treatment, acquiring high bred fingerlings, fish feeds, construction of the fish pond, land and other miscellaneous items.
How profitable is the fish farming business
On average, if your fish weighs about 1.8kg after being harvested, it can be sold for about N800 upwards, depending on your location and the market size. Perhaps out of 2500 fingerlings that were stocked, you had 2300 survived until the adult stage. Meanwhile, there is the possibility of a fish weighing up to 20kg if the breed is well improved and the fingerlings are adequately fed.
Doing the math, you would have a return of N800 X 2300 = N1, 840,000. Now, if you have multiple ponds and you could account for about 5000 fishes that survived until adulthood, your return would amount to N4 000,000. With this data at hand, you can realize that fish farming is a profitable business with minimal investment capital.
Besides, the business is also profitable because there is a huge demand for fish, it sells out very fast, and the fingerlings mature very quickly. More so, there are little to no environmental hazards to the fish in the pond.