Fish farming is a lucrative business, that’s what I can tell you from personal experience.
I recommend that you learn as much as you can before you enter the business. And, most importantly, you must have passion for it. Every business has its downfalls. Don’t be discouraged if you face a setback. Here are some key points: Fish farming’s success is largely dependent on the following four cardinal parameters.
- Genetics – The quality of the fish
- The quality of the feeds
- The water quality
- Structure of the pond system (space/depth).
If you begin with Juveniles (which I recommend), don’t think about fingerlings and post-fingerlings. In 4 months, a juvenile will be 1 kg (table-size) in weight. It is easy to see the difference between the prices of juveniles and other animals, especially when you consider the costs involved in raising them for 6 months to reach market size.
Feeds will be your biggest expense. For the first 6 weeks of your fish’s life, you should start them with foreign feeds. After that, switch to local feeds. It is easy to find the formula and specifications you need.
As a fish feed extruder is small enough to produce your own feed, I recommend you begin producing your own feed. When you can scale up your feed production and lower feed costs, it makes sense to produce feed.
Analysis of the Profitability of Fish Farming In Nigeria
This study examines the economic performance of catfish production in Nigeria, using profitability analysis with the Federal Capital Territory as the case study.
In the past two decades, Nigeria’s aquaculture production has seen a significant increase. More than half of Nigeria’s aquaculture production comes from catfish farming. However, production has declined since 2015, and some catfish farmers have stopped farming fish.
The survey used a structured questionnaire as well as oral interviews. For analysis of profitability and management, the farms were divided into small- and large-scale. The overall performance indicator assessment showed that catfish farming in the area was profitable. However, large-scale farmers perform better than small-scale ones in all indicators, including Net Farm Income (NFI), Benefit Cost Rate (BCR), Operating Margin (OPM), and Gross Ratio(GR). Large-scale farms score higher than small-scale farms with N2,611,811, 1.25 and 18.5 respectively, while small-scale farms score N-17,247 and 0.97 respectively.
The profitability of farmers was affected by the management of inputs. Small-scale farmers spent on average N703 per kilogram of fish, compared to N598.5kg-1 for large-scale farms. Farmers’ years of experience had a significant impact on the profitability of farms. 84% of small-scale farmers had less than 10 year experience.
The farmers also found that poor performance of the fish was a significant constraint, apart from the cost of operations. It is necessary to improve broodstock management, and conduct a feasibility study for establishing a broodstock-production program that will allow for adequate supply of quality fingerlings. To ensure sustainable and profitable catfish farming in Nigeria, it is important to provide better extension services and training.
Making Your Own Fish Feed by A Fish Feed Extruder
A fish feed extruder not only allows you to greatly reduce the cost of fish feeding, but also you can choose to use local cheap raw materials according to your needs to make cheap and personalized fish feed.
How Much Does It Cost to Start A Fish Farming Business?
It is expensive to start or run a fish farm. Here are some Fish Farming Project/Setup Costs for each one.
- Land:land should be your first step. A better location is essential for your fish farm. Depending on where you live, land might be expensive.
- Pond construction:Fish farming needs different sized ponds. To start, you will need 2 to 4 ponds. Each will cost money.
- Buying and hatching fingerlings. fingerlings can be used for breeding. Here is the Nigerian price for fingerlings.
- Feeding:feeding can be a significant and ongoing expense in fish farming. Feeding your fishes will require you to spend money. Here’s a look at the cost of fish feed in Nigeria 2021.
- Plumbing: A good fish farm should have ponds with good plumbing to allow water to flow easily into and out of the ponds.
- Watering water is an essential substance in fish farming. Without water, fish farming cannot thrive.
You will therefore need to have a reliable water supply for the ponds. This will allow you to change the water easily from the ponds. It will also result in a higher cost.
Nigerian Common Fish Species
Catfish, Salmon and Carp are the most popular fish species in Nigeria.
1) Catfish farming
Catfish farming is Nigeria’s most popular aquaculture industry due to its popularity. Catfishes are a very popular fishery product that is used in African cuisine at many restaurants, events and hotels. Because of their ease of cultivation and high demand, aquaculture farmers tend to focus on catfishes rather than other fish breeds. You can raise it on a small scale or large scale. Catfish farming includes creating ponds, breeding fingerlings or the juvenile to mature stage. People naturally gravitate towards the fish species that are easiest to grow.
2) Tilapia Farming
The fish farming business employs freshwater fishes that live in shallow streams, rivers, ponds, lakes, and other areas. These fishes are becoming more important in aquaculture systems around the globe. These fishes are a profitable breed to grow because they grow quickly and can tolerate high stocking density and low water quality. One of the most common fish species in Nigeria is the Tilapia. This fish is warm-water and has a fast growth rate. It also grows larger than other fishes. Tilapia fishes can grow in freshwater environments like streams, ponds and lakes, but not in brackish. Tilapia is very easy to grow and is very popular in Nigeria. It reproduces quickly and grows very fast.
3) Salmon (Mackerel), Farming
Salmons are freshwater fishes, and they migrate to the ocean to reproduce. They can be caught wild but also raised in fish farms. The majority of Nigerian fishery products are consumed from salmon fishes. These fish are called “Titus” and are used by millions of Nigerian households every day.
4) Carp fish Farming
Carp fish farming can be very lucrative and is a well-known business. Many people make this a full-time business. This business can provide rural residents with great opportunities for employment. Carp fish are traditionally raised in earthen ponds. Today, however, these fish are being grown in tanks.
The market is strong in terms of both demand and price for carp fishes. If you’re looking to start a business, there is no need to worry about marketing.
The benefits of a fish farming business
These are the benefits of aquaculture:
- Source of sustenance–Supporters of aquaculture hypothesize that fish farming is an effective solution to meet demand for seafood. The Global Seafood Market Report estimates that the market for seafood will grow from $113.2 billion in 2020 to $138.7 billion by 2027, despite the Covid-19 crisis.
- Source of income and profitability–Aquaculture is a near $25 billion industry. A third of the seafood consumed annually is from aquaculture. The Food and Agriculture Organization of the United Nations states that aquaculture is growing three times faster than land-based animal farming. As natural fishing increases, fish farming will continue to gain popularity.
- Aquaculture Anywhere – Fish farms can be set up wherever water is available, as long as there are suitable climate conditions. For marine aquaculture tanks can be placed on the seafloor, or left hanging from columns. Freshwater aquaculture can have tanks and cages that are built on the ground or in lakes, rivers, and artificial ponds.
- Avoiding Waste Problems–Aquaculture advocates claim that recirculating aquaculture systems play a significant role in recycling and reducing waste. This is both good for the environment as well as the fish cultured.
Aquaculture: The risks
There are risks in any industry. Aquaculture is no exception.
- Management Sensitivity-Fish can be sensitive pH, total ammonia Nitro (TAN), salt and dissolved oxygen levels. Small changes can cause fish to die or become sick, leading to economic losses.
- High capital–To start a fish farm, you must have high capital costs. This is true even when compared to poultry farming. To be successful, fish farms need a lot money and careful planning.
- High production cost-Fish from farms are more expensive than fish from rivers or ponds because of the high production costs. It may be harder to sell farmed fish in an increase market as naturally produced fish are more affordable.
Different types of fish farming businesses
Extensive fish farming system
The fishes in an extensive fish farm system are raised in a semi-natural environment, which is a natural water body such as a pond, and fed natural foods like earthworms, insects and aquatic plants. A large fish farming system is possible to raise different species of fish, including tilapia fish farms. To increase production, special equipment is required in fish farming. To produce water plants for fishes (algae, planktons), animal waste is used in the extensive fish farm system.
Intensive fish farming system
High fish yields are possible with intensive fish farming. This system allows for the cultivation of large numbers of different species in closed-circulation tanks or flow-through racing ways. Nigerian fish farmers can achieve maximum yields from a very small area of land thanks to the extensive fish farming system. This is not all. The intensive fish farming system makes it possible to control water quality, oxygen and other food supplies, such as pellets, corn and soy. This type of fish farming system might require an extended water purification system.
Flow-through fish farming system
The traditional fry fish farming system, also known as the Flow-through method, is also known. The Flow-through system can be used to raise sport fish. The Flow-through fish culture system allows eggs to be cultured until they reach the fry stage in a tank that is well-constructed and filled with freshwater. While the fry are being fed fish food pellets, they have plenty of room to grow. The farm’s fish species are used to create streams of sport fish.
Fish farming system for the ranch
Ranching fish farming is another method that can increase fish production and make it a more profitable business. The Ranching fish farming system allows fry (or fingerlings) of one species of fish to be kept captive and then released into the water bodies to grow unsupervised. After reaching adulthood, the mature fishes can be harvested. The ranching process is used to raise migratory species as well as non-migratory fish species.