Overview of Fish Farming Business in Nigeria

Fish is a healthy and nourishing source of protein which is recognised all over the world. Commercial fish farming, or aquaculture, offers practically half the seafood all over the world and this is anticipated to increase with time as more people are accepting fish farming because of its profitable nature.

Among one of the most profitable businesses one can embark on is fish farming business. Fish farming can likewise be described as aquaculture. Fish farming is just one of one of the most usual kinds of farming. Fish farming business is the system where fishes are raised either sale or for consumption. A great way to venture into the agriculture market and generate some great income is via fish farming.

Potentials of Fish Farming Business in Nigeria

Fish is just one of the primary sources of protein. It is commonly eaten on a huge scale. Therefore, the demand for fish is steady throughout the year. Fishes are understood to grow rapidly. So, having a fish farming business will lead to big patronage and source of cash flow.

It is a well-known truth that fishes are less expensive when compared with many meat products and thus, sells much faster. It is an appealing venture as it continues to be the top choice for customers in regards to affordability.

The growth pattern of fish is fast. This singular characteristic of fishes ensures that fish farmers can harvest and sell quickly. Fish farms are very easy to setup. It can be set up in residential locations as well as on a large scale.

How to Startup a Fish Farming Business in Nigeria

1. Get a Land Any location is fine since fish does not cause any type of ecological disturbance. Try to look for a land where you can get it low-cost and buy. Depending on the ability you intends to operate, half plot of land is simply good enough for an average fish farm. Nevertheless, you might opt for something bigger like complete plot or more if you can pay for it probably for convenience sake. If you already have a compound with leftover space you believe can suit two or three fish ponds, you might use it.
2. Construct Fish ponds You have to involve the service of professional fish pond construction engineer or you go to another fish farm to get the sample and construction requirements. The plumbing work should be correctly done to ensure appropriate drainage.
3. Dig a Borehole Sufficient supply of water is the lifeline of fish farm and absence of it might lead to disaster since water has to be changed at regular intervals. Normally, available sources of water such as borehole and river water are the most ideal. Rain water and tap water from chemically treated source is not suggested for fish cultivation.
4. Install Overhead Tank This is the water storage where water is provided for your ponds. This storage container needs to be linked to your fish ponds with plumbing system ensure it hassle-free for water to flow into your fish ponds when required.
5. Buy Juvenile Fish Buy your juvenile or fingerlings from another farm that into supplying it. You have to opt for the high yield specie of catfish or tilapia and ensure you are getting it from a healthy farm. Make sure you are not buying tadpoles instead of fish as they both have the same form at their early stages.
6. Get Training Not the type of training you receive from one day seminars; you have to get attached to a fish farm for correct apprenticeship. For you to correctly learn this trade, you need a minimum of two months training on this. Keep in mind that your investment is at stake, trial and error is bad in business except you have unlimited funds to experiment with.

Overview of The Template

The Template gives concrete financial plan and projections for setting up a Fish Farming shop. Real business insights are included in this financial template to attract investors, grants and loans to make the business concern a reality.

The excel template is easy to use and modify. Current Real life prices were used in drafting this template by our team of seasoned accountants and financial analysts. The template is suitable for small and emerging businesses who see themselves giants in the various industries in 5 years time.

Features

1. Comprehensive Income Statement (Trading, Profit & Loss Account)
2. Statement of Financial Position (Balance Sheet)
3. Cashflow Statements

Use Scenarios

This excel template is most suitable for the following:

1. Promoters of existing and New Start-up Businesses that need funding in form of grants,loans,partnerships etc. from governement agencies and venture capitalists.
2. Business and Financial Analysts working on viability and feasibility of a Fish Farming business in Nigeria.
3. Business Administration and Entrepreneurship students who need a comprehensive financial plan for a Business Plan.
4. Investors and Venture Capitalist who need financial analysis of the Fish Farming business for informed decision making.
5. Entrepreneurs who need expansion ideas for their businesses.