BATNF and FATE Foundation empowers young agripreneurs with N10m grant

Six successful agripreneurs who applied for the 2023 Farmers For Future (F4F) grant have been awarded N10 million by the British American Tobacco Nigeria Foundation (BATNF), which aims to support young agripreneurs and spark transformation.

The F4F Grant is an agricultural entrepreneurship initiative created to provide equity-free cash and other necessary support to young people (with successful agribusinesses) so they can grow their enterprises.

According to a release, the fact that more than 30,000 applications were received for the F4F program this year “is a resounding testament to the aspirations of Nigeria’s youth in agriculture and the profound impact of the F4F Grant.”

The top prize winner, Adebisi Opeyemi, CEO of Pemnia Wellness, took home N3 million as compensation.

The first runners-up in the competition, Edeh Felicitas, CEO of Felinech Global Company Limited, and Williams Ekwebelam, CEO of Bluefish Farm, each received N2 million naira. The second runners-up, Bernice Oyedele, CEO of Bernice’s Farm, Ideede Nukpugi, CEO of Favorite Fishery, and Idowu Femi, CEO of FMD Agro Concept, received N1 million apiece.

In addition to monetary compensation, the winners will receive all-encompassing support, such as technical help, industry professional mentorship, help registering their business, and admission to the prestigious Farmers for the Future alumni network.

According to the statement, “this holistic approach nurtures both agribusiness growth and personal development.”

The National Youth Service Corps and Fate Foundation collaborated to create this creative agricultural entrepreneurship program, which exemplifies BATN Foundation’s dedication to supporting the development of young Agripreneurs.

Nurturing Growth: How the Nigerian Government Can Propel Catfish Farming

Catfish farming has become a cornerstone of Nigeria’s agricultural sector, playing a vital role in food production and economic development. Recognizing its significance, the Nigerian government has a unique opportunity to bolster this industry through targeted support and initiatives. we’ll explore the key areas where government intervention can make a profound impact on catfish farmers and the sector as a whole.

  1. Education and Training:

Knowledge is power, especially in agriculture. The government can institute comprehensive training programs and workshops to equip catfish farmers with the latest techniques, sustainable practices, and business acumen. This empowerment ensures that farmers are well-prepared to navigate the complexities of modern catfish farming.

  1. Access to Quality Fingerlings:

The foundation of a successful catfish farm lies in the quality of fingerlings. By establishing and maintaining government-operated hatcheries or providing subsidies for high-quality fingerlings, the government can ensure that farmers start their operations with strong genetic stock.

  1. Market Access and Value Addition:

Connecting catfish farmers to markets and promoting value addition are pivotal for sustained profitability. The government can facilitate market linkages and invest in processing and packaging facilities. This strategic move not only bolsters the economic viability of catfish farming but also elevates the industry’s competitiveness.

  1. Financial Support and Credit Facilities:

Farming demands significant investment in infrastructure, equipment, and technology. By offering access to low-interest loans, grants, and financial incentives, the government empowers catfish farmers to make these crucial investments, securing the future of their farms.

  1. Regulatory Framework and Policy Support:

A clear regulatory framework is indispensable for any industry’s growth and stability. The Nigerian government can lead the way by formulating and enforcing policies that regulate catfish farming, ensuring a conducive environment for farmers to thrive.

  1. Research and Development:

Innovation is key to sustainable growth. By allocating resources to research, the government can support the development of improved catfish varieties, optimized feed formulations, and disease-resistant strains. This investment translates to enhanced productivity and competitiveness within the sector.

Conclusion:

The potential for growth in Nigeria’s catfish farming industry is boundless, and the government holds the key to unlocking it. Through a multifaceted approach encompassing education, access to resources, financial support, and regulatory frameworks, the government can catalyze a new era of prosperity for catfish farmers. The impact of this support extends far beyond the farms themselves, contributing significantly to Nigeria’s agricultural and economic landscape. As we look ahead, the future of catfish farming in Nigeria holds promise and potential, thanks to the visionary support of the government.

Entrepreneurship Obstacles Newcomers Should Be Aware Of

Entrepreneurship has become a household name, especially in Nigeria. This is obvious in the searches available in Google Trends in the past 12 months having 100% search between April 7-13, 2019, and of recent 82% search on February 9-15, 2020 (https://trends.google.com/trends/explore?geo=NG&q=Entrepreneurship).

The talk around the subject of entrepreneurship has always been about the opportunities that abound.

Nevertheless, while there are opportunities there are also challenges that come with the terrain and these challenges can be a bit more magnified for newcomers especially if they don’t get mentored by more experienced entrepreneurs.

Highlighted below are some avoidable challenges new entrepreneurs should know and avoid

  • Lack of understanding of the position of money in business: Money is needed in business no doubt! But, what is the use of money if the skills needed to manage it is lacking. Better still, what does a soldier need most: arms and ammunition or military skills? Of course, the military skills because it gives the soldier an advantage in the war front over every other soldier without skills. The skills such as business skills, negotiating skills, and resourcefulness needed to run a business is more important than money.
  • Lack of Personal Development: To remain relevant and up to date with the trends as an entrepreneur you have to prioritize personal development. For newcomers in entrepreneurship, personal development could be having a mentor, buying books, taking online courses, attending workshops, etc. Investment in personal development is a good investment and it helps an entrepreneur to build systems for learning which results in efficiency in the production of goods and services.
  • Being too busy for Proper Cash Flow Management: An average entrepreneur has the mindset that as long as he/she is making sales and he/she is the one managing and handling money then there is no need for proper cash flow management. However, proper cash flow management is more than just handling money. It is an accounting system that shows all the business transactions of a business and it is used to aid decision-making. Cash flow in its simplest definition is the inflow and outflow of cash in the business.
  • Overlooking collaborative Entrepreneurial environment:  We are living in a fast-paced world and it is a matter of wisdom for winning in business to understand that collaboration is the way forward not competition. As a newbie, you will accomplish more if you leverage the strengths of existing businesses through partnerships. However, make sure all your partnership arrangements are documented.
  • The fear of “what if” Robert F. Kennedy said, “Only those who dare to fail greatly can ever achieve greatly.” Being an entrepreneur has its own attendant challenges such as betrayal, rejection, and failure. The fear you have is common to all men, what makes the difference is what fear drives you to do. Newcomers to entrepreneurship should understand that there is no end to “what if” in the course of the entrepreneurship journey and that is what makes entrepreneurship look more like an adventure. Dare to face your fear head-on!
  • Improper Use of Social Media: Social media is a great marketplace! However, many newcomers in entrepreneurship spend a lot of time on social media putting up a front different from reality instead of developing their crafts. The truth is that customers buy value hence, if your ‘social media’ promise is not the same as your delivery you will lose your customers.

Finally, challenges in entrepreneurship did not start today. Hence, as an entrepreneur, you have to be proactive and this means that you have to anticipate these challenges and make adjustments to mitigate them.

Improving the Nigeria’s Catfish Farming Business: Key Areas for Improvement

THE SITUATION

Nigeria has a vast expanse of inland freshwater and brackish ecosystems that encourage fish farming, an enterprise that has endless possibilities to contribute significantly to the country’s Gross Domestic Product (GDP), creating job opportunities and generating income that can lift rural farmers out of poverty.

With a population of over One hundred and Ninety million people, Nigeria is the largest fish consumer in Africa and among the largest fish consumers in the world, with over 3.2 million tons of fish consumed annually. Yet, the country imports over 2 million metric tons of fish because of its limited domestic catch, and a total of 1.1 million metric tons of fish were cultured. Consequently, the country depends largely on the importation of frozen fish, resulting in an annual expenditure of N125 billion on fish imports. The limited knowledge of best management practices in aquaculture, limited access to quality feeds and fingerlings, access to finance, and insufficient market outlets; all contribute to the low output from the fish enterprise.

key aspects that can be enhanced in Nigeria’s catfish farming business

Nigeria’s catfish farming industry has experienced significant growth in recent years, contributing to the country’s economic development and providing a source of livelihood for many. However, there are still areas that require attention and improvement to ensure sustainable and profitable operations for catfish farmers. We’ll delve into some key aspects that can be enhanced in Nigeria’s catfish farming business.

  1. Quality Breeding Stock: One of the critical components of a successful catfish farming venture is starting with high-quality breeding stock. By investing in genetically superior fish, farmers can ensure better growth rates, disease resistance, and overall productivity. Government agencies and private organizations can collaborate to provide access to certified breeding stock and promote best practices in breeding management.
  2. Improved Water Quality Management: Maintaining optimal water quality is crucial for the health and growth of catfish. Regular monitoring of water parameters such as pH, dissolved oxygen, and temperature is essential. Farmers should be educated on effective water treatment techniques and filtration systems. Additionally, the government can establish guidelines for sustainable water use to prevent over-extraction from natural sources.
  3. Feed Formulation and Management: Developing cost-effective and nutritionally balanced feed is paramount for profitability in catfish farming. Research and development efforts should focus on creating locally sourced, high-quality feed options. Training programs and workshops can be organized to educate farmers on efficient feeding practices, including feeding schedules, portion sizes, and feeding frequency.
  4. Disease Management and Biosecurity Measures: Disease outbreaks can have devastating effects on catfish farms. Implementing strict biosecurity measures, such as controlled access, quarantine procedures, and disinfection protocols, can help prevent the introduction and spread of pathogens. Education on disease identification and treatment should be readily available to farmers, along with access to veterinary services.
  5. Market Access and Value Chain Strengthening: Connecting catfish farmers with reliable markets and establishing strong value chains is essential for sustainable business growth. Cooperative societies and farmer associations can play a vital role in negotiating fair prices and ensuring market access. Additionally, promoting the processing and value addition of catfish products can open up new revenue streams for farmers.
  6. Technology Adoption and Data-driven Decision Making: Embracing modern technology, such as automated feeding systems, water quality monitoring devices, and data analytics tools, can significantly improve farm efficiency and productivity. Encouraging farmers to adopt these technologies through training and financial incentives can lead to more profitable and sustainable operations.
  7. Regulatory Support and Policy Reforms: Government agencies should work closely with industry stakeholders to create a conducive regulatory environment for catfish farming. This includes streamlining licensing processes, providing access to subsidies and grants, and enforcing environmental sustainability standards. Policy reforms should aim to address the challenges faced by catfish farmers and promote responsible farming practices.

Conclusion:

By focusing on these key areas, Nigeria’s catfish farming industry can achieve higher levels of productivity, sustainability, and profitability. Collaboration between government agencies, research institutions, private organizations, and farmers is crucial for implementing these improvements. With concerted efforts, Nigeria’s catfish farming business can continue to be a driving force in the country’s agricultural and economic landscape.

Unlocking Prosperity with Poultry Farming in Nigeria: Your Path to Sustainable Agriculture

The Nigerian Poultry Revolution

Nigeria’s growing population and increasing demand for protein-rich diets have catapulted poultry farming into the spotlight. Poultry products, such as chicken meat and eggs, are dietary staples and preferred sources of affordable protein. Here’s why poultry farming should be on your radar:

  1. Growing Demand: Nigeria’s appetite for poultry products is insatiable. It’s a market that’s constantly expanding, offering significant opportunities for poultry farmers.
  2. Economic Empowerment: Poultry farming creates jobs and income opportunities, particularly in rural areas. By starting your poultry farm, you can contribute to local economic growth and empowerment.
  3. Food Security: Poultry farming plays a crucial role in ensuring food security. Your farm can contribute to a steady supply of high-quality protein to communities across Nigeria.

Getting Started with Poultry Farming in Nigeria

  1. Knowledge and Training: Begin your journey by gaining a solid understanding of poultry farming. Attend training programs, workshops, or consult experienced poultry farmers to acquire essential knowledge.
  2. Business Plan: Develop a well-thought-out business plan that outlines your goals, budget, and marketing strategies.
  3. Site Selection: Choose a suitable location for your poultry farm, ensuring access to clean water, proper ventilation, and proximity to markets.
  4. Infrastructure: Invest in well-designed poultry houses, coops, or cages to provide your birds with a comfortable and disease-free environment.
  5. Stocking and Care: Select healthy and reputable breeds. Proper feeding, disease prevention, and good management practices are vital for your flock’s well-being.
  6. Egg and Meat Production: Depending on your goals, you can focus on egg production, meat production, or both. Explore different poultry breeds and production systems to determine what suits your farm best.

Supporting Your Poultry Farming Journey

At Bluefish Farm, we’re committed to empowering poultry farmers in Nigeria. We offer top-quality poultry breeds, feeds, and a wealth of resources and expertise to ensure your success.

Start your poultry farming journey today and become a key player in Nigeria’s agriculture and food security landscape. Contact us to kickstart your poultry farming venture!

Stay tuned to our blog for more insights, success stories, and valuable tips to make your poultry farming venture a resounding success.

Catfish Farming: Nigeria’s Gateway to Prosperity and Sustainable Agriculture

Are you searching for a dynamic and rewarding business opportunity in Nigeria’s ever-evolving agricultural landscape? Look no further than catfish farming! It’s not just a venture; it’s a path to sustainable agriculture, economic empowerment, and food security. In this post, we’ll delve into the world of catfish farming and how you can be part of this thriving industry.

The Nigerian Catfish Revolution

Nigeria’s growing population and increasing appetite for fish have driven a remarkable surge in the catfish farming sector. As the country’s leading source of protein, catfish occupies a pivotal role in Nigerian cuisine. Here’s why you should consider becoming a catfish farmer:

  1. Rising Demand: Nigeria’s demand for catfish continues to rise, and this trend shows no signs of slowing down. Catfish remains a staple in local diets and is a preferred choice for its taste and affordability.
  2. Job Creation: Catfish farming has the potential to generate employment opportunities, particularly in rural areas. By establishing your catfish farm, you can contribute to local economic development.
  3. Food Security: As an essential protein source, catfish farming contributes to food security in Nigeria. Your farm can play a part in ensuring a steady supply of this vital nutrient to communities across the nation.

Getting Started with Catfish Farming in Nigeria

  1. Research and Training: Start by gaining knowledge about catfish farming. Attend training programs, workshops, or seek guidance from experienced farmers to learn the ropes.
  2. Business Plan: Develop a comprehensive business plan that outlines your goals, budget, and marketing strategies.
  3. Site Selection: Choose an appropriate location for your farm, ensuring access to clean water, proper drainage, and proximity to markets.
  4. Infrastructure: Invest in well-constructed ponds or tanks, which are essential for catfish farming success.
  5. Stocking and Care: Carefully select your fingerlings or juveniles. Proper feeding, water quality management, and disease prevention are crucial for healthy growth.
  6. Harvesting and Marketing: Harvest your catfish at the right size and explore various marketing channels, such as local markets, restaurants, or fish processing plants.

Supporting Your Catfish Farming Journey

At Bluefish Farm, we’re dedicated to empowering catfish farmers in Nigeria. We offer top-quality catfish fingerlings, juveniles, and a wealth of resources and expertise to ensure your success.

Embark on this exciting journey today and become a vital player in Nigeria’s agriculture and food security landscape. Contact us to kickstart your catfish farming venture!

Stay tuned to our blog for more insights, success stories, and valuable tips to make your catfish farming venture a resounding success.

Unlocking Success in Catfish Farming: A Guide for Nigerian Aquaculturists

Are you ready to dive into the world of aquaculture and explore the incredible opportunities it offers right here in Nigeria? Catfish farming has emerged as a lucrative and sustainable venture, and today, we’re here to shed light on how you can be part of this thriving industry.

Why Catfish Farming in Nigeria?

Nigeria’s favorable climate, vast water resources, and growing demand for seafood make it an ideal destination for catfish farming. Here are some compelling reasons why you should consider venturing into this exciting field:

  1. High Demand: The demand for catfish in Nigeria is soaring. With a population of over 200 million people, the market for fresh, locally-produced catfish is constantly expanding.
  2. Profitability: Catfish farming can be a profitable venture when done right. Proper management and techniques can yield substantial returns on your investment.
  3. Sustainability: Unlike some other forms of protein production, catfish farming is environmentally friendly and can be practiced with minimal impact on natural resources.

Getting Started with Catfish Farming

  1. Selecting Your Site: Choose a suitable location for your fish farm. Ensure access to clean water, good soil, and proximity to markets.
  2. Choosing Your Catfish Species: Common catfish species in Nigeria include the Clarias gariepinus (African catfish) and Heterobranchus longifilis (Nigerian catfish). Select the species that aligns with your goals and local demand.
  3. Building Ponds or Tanks: Construct well-designed ponds or tanks based on your budget and space. Proper pond construction is crucial for successful farming.
  4. Water Management: Maintain proper water quality and temperature. Regularly check and adjust pH levels, oxygen content, and water circulation.
  5. Feeding and Nutrition: Provide high-quality, nutritionally balanced feed to ensure healthy growth. Consult with a nutritionist or expert for the best feeding practices.
  6. Disease Prevention: Implement biosecurity measures to prevent disease outbreaks. Regularly monitor your fish for signs of illness and take prompt action if necessary.
  7. Harvesting and Marketing: Harvest your catfish at the right size and market them to local restaurants, markets, or processing plants.

Resources and Support for Catfish Farmers

At Bluefish Farm, we’re committed to supporting aspiring and experienced catfish farmers in Nigeria. Explore our range of catfish fingerlings, juveniles, and expert guidance to kickstart your journey to success.

Catfish farming in Nigeria holds incredible potential for those willing to invest time and effort. Join the ranks of successful aquaculturists and contribute to the nation’s food security while building a profitable business.

Ready to take the plunge into catfish farming? Contact us today, and let’s embark on this exciting journey together!

Stay tuned to our blog for more tips, insights, and success stories from the world of catfish farming in Nigeria.

Starting a fish farming in 2023: things you must know

If you are starting a fish farming in 2023, things have changed. The world has changed. Agriculture has changed. The way we used to farm before has changed. Yet Fish farming remains a profitable and safe venture for new entrants into agriculture. Here are 7 tips to keep an eye for as you start your fish farm.

Let us dive in and discuss 7 questions you should answer before you start a fish farm in 2023.

1. Start with the market or sales target.

The world is a global village now.

You can decide to export your fish. The requirements of NAFDAC  mean that you should let the decision of your target market influence the setup of your farm.

If you want to export your fish you know that your ponds water source must be controlled. You cannot use runoff water for the farm. You would need a borehole that can be tested.

If you are raising over 20,000 fish, you know that you would need those clients who buy fish in tonnes. They would always bring buses, so you need parking space close to the ponds. You would also prefer earthen ponds because you would be keeping the fish for at least 7 months.

But if you are doing about 10 thousand fish, you can do mobile tarpaulin fish ponds. You can stagger your fishes because you would sell your fishes little by little rather than the whole pond at once.

To know the number of fish you can raise. Use 700naira as a cost price to raise one fish to 1kg.

That means 1000 fishes is 700,000. Oya realistically, how many fishes can you raise to 1kg?

Please don’t start a farm and then stop short because of funds. It would make you under pressure and then sell at a loss price because you don’t have the funds to continue to feed the fishes.

Start small and let the farm grow.

akinfish and tarpaulin wooden ponds

2. Secure your water.

As I said earlier, water is one of the 3 most important things in fish farming.

It is called Aquaculture for a reason.

Water cannot be rationed, it cannot be managed. You need a borehole or a running stream or a swamp to ensure you have running water year-round. 

Water should always be readily available.

Discuss with your borehole guy, you need an industrial borehole. It must support a 2-horse power pumping machine and at least a 2-inch pipe coming out from the borehole. I am serious! It is better we have one very good borehole than have 3 small insufficient boreholes.

Surface Pumping machine

3. Use production target to determine ponds type and size

There are different fish pond types and they best suit different fish farming activities.

There are tanks, earthen ponds, fiberglass setups, concrete ponds, mobile fish ponds, and recirculatory systems.

Fiberglass setups and recirculatory systems are usually best for fish hatching and the creation of juveniles and fingerlings.

Mobile ponds, Concrete ponds, and Tanks are best for mélange and smoking-sized fish.

Earthen ponds are best for table size fishes and broodstock.

When starting a fish farm in 2023, make sure you calculate your stocking density.

You should know the exact number of fish to put in each pond.

A 10*10*4ft mobile pond would take about 800 fish.

The smallest earthen pond you should do for growing out fishes should be 50ft*30ft depending on water availability. That can take about 500 fish.

Asher different sizes of tarpaulin ponds

4. Innovation: What is your advantage?

Please know that every farm is different, yet every farm is the same business.

As you are coming into the fish industry, what is your comparative advantage?

Is it that you are closer to your consumers so you can serve them better and fresher fish?

Is it that you are close to a water source and so water which is one of the three most important factors in fish farming is not a challenge to you?

Can you use Solar to power your pumping machines rather than a fuel-powered generator?

Would you think of reducing labor costs by deploying an Automatic Fish Feeder and thus your product is cheaper?

Are you thinking of Climate change and its challenges in you starting the fish farm in 2023?

fish cages

5. The almighty Feed issue

Fish feed should be about 70 percent expense on a well-set-up fish farm.

If you set up your fish farm properly then you should have feed expense, water change, cost of fingerlings and juvenile, and cost of labor (staff salaries) as your topmost expense in your fish farm.

Now I know that you have heard that you can make your own feed, it is true.

And I do make my own feed in some farms; however, I don’t make my own feed in all of my farms.

Some of the farms are not big enough to make that venture worth it.

I personally advise that if you are not doing 10,000 fish and above you shouldn’t bother with fish feed-making machines.

The money you would use to buy and run those machines is higher than what you think you would save from buying a normal branded feed.

There are good and economic fish feeds available right now.

 See this article where I talked about how to make a decision on which feed to use in starting your fish farm in 2023.

You can use either imported fish feeds like Skretting and Coppens or made in Nigeria feeds like Vital, Top, Bluecrown or Ecofloat feeds.

fish feeds

6. Fish Processing the superpower

Please, as you are starting a fish farm in 2023, factor in fish processing. This is dried fish or smoked fish depending on whatever you call it. 

Smoked fish brings more proft. 

It increases your profit by about 13 percent.

You would need a fish smoking kiln, some materials such as sealing machine and nafdac grade nylons and you are good to go !

fish smoking kiln2
nylon for smoked fish
smoked fish sealing machine

7. The Source of your Juveniles or fingerlings

This is a big issue that either makes or mars fish farms that are just starting.

Some people unknowingly buy runts and keep feeding and feeding and the fish don’t grow.

This is not always the case as there are other factors that make fish have stunted growth e.g overcrowding or poor feed.

But buying runts as fingerlings is a real possibility for anyone starting a fish farm in 2023. The best way to avoid this is to buy fish only from a reputable fish hatcher.

This article here would teach you how to identify and buy the best-growing fish from any batch of fish.

fingerlings or juveniles 2

8. The Administration of Agriculture

The truth friends is that there is a lot of politics going on in and around our environment that can either be support or hindrance to starting our fish farm.

Government Agencies, Grant and Loan applications, and processes, digital empowerment can be an addition or a blessing to a farm.

Even your staff on the farm can be a hindrance to your business.

I like to put accountability structures when doing business with family.

I trust you as my brother o, but let’s just have proper record-taking for accountability’s sake so that we can show our records to people that can give us a loan or grant sef. You Gerrit?

Health Benefits of Catfish?

Catfish is a low-calorie meal that provides essential nutrients such as vitamin B12, proteins, and omega-3. It is also versatile and affordable.

Catfish is a popular game fish, but it also has many nutritional benefits. It is affordable and available in the US.

These species are known for having sensory organs called barbels that resemble whiskers, making them easily recognizable. They usually live in lakes and streams, although you can also find their nests in deep pools that provide cover for the younger catfish. At night, adults move into shallower water — which is usually when fishers catch them.

People often describe the catfish taste as being milder in flavor than other fishes, similar to sweet whitefish. While this may seem like a disadvantage, it also means that catfish can easily be adapted into your diet through various recipes.

What Are the Benefits of Eating Catfish?

Catfish, like most other fishes, has valuable nutritional properties that make it ideal for sustaining a balanced diet. Paired with its mild flavor and affordable prices, catfish is a fantastic alternative to more expensive meats such as pork.

Low in calories. Catfish only has about 98 calories in a 100-gram portion, making it a great choice for people looking after their weight. This also makes it ideal for replacing other, more caloric meats such as poultry in most recipes.

Fantastic protein source. Like most fish, catfish is known for providing a lot of protein — a 100-gram serving contains 13 grams, representing 26% of the recommended daily quantity. Protein is crucial for maintaining and growing cells and tissues.

High in vitamin B12. Most people don’t consume enough vitamin B12 — a compound vital to nerve function, cell metabolism, and DNA production. Catfish is an excellent source for it, surpassing the daily recommended value in a single 100-gram serving.

Provides healthy fats. While it does have a slight amount of saturated fats, catfish also provides a good amount of healthy lipids in a single portion. Plus, fish is also known to contain omega-3 fatty acids, which help prevent heart disease, dementia, and cancer.

Catfish farming in Nigeria is profitable.

For instance, the United Nations estimates that the worldwide fish business generates sales of over $400 billion, with over $250 billion of those sales coming from fish farming.

Nigeria produces close to 1 million metric tons of fish annually, of which 313, 231 metric tons are generated by aquaculture. According to the most recent statistics from the National Bureau of Statistics, over N1.3 trillion is spent annually on fish and seafood, and the majority of the catfish produced in Nigeria is consumed locally.

If you want to go into the catfish farming, you need to be aware of its costs and profit potential so that you can make the necessary preparation. I’ll be using four parameters to analyze the profitability of catfish farming in Nigeria. These parameters are:

  •     Startup capital
  •     Operation & Maintenance (O&M)
  •     Market
  •     Profitability

In order to do a fair and thorough analysis, I’ll be analyzing the profitability of catfish farming in Nigeria from the standpoint of someone who’s trying to start a catfish farming business with 500 catfishes.

STARTUP CAPITAL

I’ll be making an assumption that you already have land whether on lease or full ownernship. I won’t be factoring in the cost of getting a land.

Catfish Farming in Nigeria startup costs:

    500 fingerlings: N10,000

    Wooden (VAT) tank construction and labour: N150,000

    4-months’ worth of feeding: N150,000

Total startup capital for 500 fishes: N310, 000

profitability-catfish-farming-nigeria

 
OPERATION & MAINTENANCE (O&M)


Catfish farming doesn’t require a very high level of O&M. However, the success of catfishes growth depends on the cleanliness of their water tanks and the quality of their feeds. To keep their tanks clean, you’ll need to have a good drainage system that flushes out their dirty water and replaces it with clean water. This water disposal system is always factored into the construction of their tanks, like the image below shows.

profitability-catfish-farming-nigeria

Their feeds need to be of the highest quality. You can either opt for already packaged feeds or you can choose to manufacture or produce your own feeds. Packaged fish feeds like Coppens, Durante etc. are more expensive compared to producing your own feed.

To produce your own feed, you need a very good fish feed formula to guide you in sourcing ingredients and determining the ration of how these ingredients will be combined. Most catfish farmers guard their feed formula jealously and won’t reveal it to just anyone. Catfishes don’t need a veterinary doctor to check up on them regularly. But if you don’t maintain them well, you can have a disease outbreak. You’ll also need a farm labour to help you with operations and management if you won’t be available to run the catfish farm full-time.

 
MARKET

There’s a very good market for catfishes too. There’s a very high demand for catfishes all year round. The demand is highest from football viewing centers, restaurants and market women who buy in bulk and sell in retail either as live catfishes or smoked catfish. Individuals also demand for catfishes too for personal consumption. With catfishes you’ll never have any problem selling your products.

 
PROFITABILITY

I’ll exclude the O&M costs from these calculations because the variables can’t be accurately forecasted generally, they are specific to each person’s situation.

profitability-catfish-farming-nigeria

Assuming they are well raised and you have a very low death rate or mortality rate (about 5%, which means of the starting 500 fishes, 25 die along the way), you can expect each of your 475 surviving fishes to grow to a minimum of 1kg each, giving you a total weight of 475 kg. The current market price for 1kg of fish is N800 so you can generate sales of N380, 000 (475 X N800).

With an invested capital of N310, 000 and sales of N380, 000, your gross profit margin is 22.58%. Catfish farming doesn’t have a good cash flow. You won’t be able to sell every day or every week. You have to spend a minimum of 4 months raising the fishes before they reach market size of 1kg each.

You can boost your profitability in catfish farming by smoking or canning the fishes and selling them to individuals or supermarkets. You can also export your smoked catfishes to countries like Canada, America, Australia etc. This form of catfish commands a higher price in the market but you’ll have to spend money either hiring someone to smoke them for you or buying the smoking equipment and doing it yourself.

Most of the structure you put in place for catfish farming are fixed assets in nature and their costs would be recovered over several productions.


CONCLUSION

Going by these four parameters that I’ve used to analyze the profitability of catfish farming in Nigeria, catfish farming in Nigeria has an overall rating of A, meaning that it is a profitable business. Catfish farming in Nigeria is a good venture to go into.

The trick in catfish farming is to know the techniques and practices that will reduce mortality or death rate and boost growth and production. The analysis above is not ‘cast in stone’ or fixed. It’s meant to give you a general overview of cost implications and profitability.

You can decide to do away with some items in order to reduce cost and boost profitablity. For example, in catfish farming, you can decide to smoke and package your fishes for export, sales to supermarkets and shops instead of selling to market women. You should also factor insurance to help cover losses from unexpected disease outbreaks.

I hope this analysis helps you to make the decision to start your catfish farming business. There are other things you need to put in place before starting a catfish farming business in Nigeria but the ones highlighted above are the basics.