CATFISH FARMING BUSINESS

THE CATFISH BUSINESS IN NIGERIA

          Recent records of the United States Agency for International Development (USAID) indicate that Nigerians consume 1.5 million metric tons of fish worth $ 1 billion annually. Available statistics also has it that Nigeria’s total sea food imports in the year 2006 were estimated at $570 million (N75 billion).

Catfish farming is the leading fish farming industry in Nigeria as in the United State of America. In the United State, commercial production of catfish has totaled about 7700 million dollars (about 35 million kg). In Nigeria, the production and consumption of catfish have on the increase since 1976. Nigeria imports 700 000tonnes of fish per annum and an annual deficit of almost half a million tones still exists if the demand supply gap were to be bridged. Current demand for catfish stands at about 3 million metric tons per annum with current production of about 0.8 million metric tons leaving a deficit of about 2.2 million metric tons that are yet to be exploited. This is quite a big vacuum that needs to be filled and that makes the business potentially very promising.

          The wide gap between demand and supply shows a lucrative investment opportunity in catfish farming in Nigeria and Africa in general. The consumption of catfish now in the country is very low because of the high cost of procurement. Supply is therefore reserved for the rich. Catfish consumption now appears in Nigeria to be a delicacy unlike in the mid 1980’s when fish consumption was regarded as being for the poor who could not afford to buy meat.

          Today, the present number to fish farmers is not enough to meet the daily demand of consumers. That makes the catfish business a potentially very promising one with low risk and labor and yet pays off well. It is most certain that fish consumed in this country are mostly imported as frozen fish and those harvested from the sea. “Unfortunately, chemicals used in preserving the frozen fish have harmful effects to the body compared to catfish which you can “point and kill” whenever you wish.” Besides, most wild fish are exposed to toxic materials which may be bio accumulative. When taken by man such toxins keep accumulating in the body system (where although they may be quantitatively small, they may have a negative impact on our lives after long accumulation of these toxic substances due to increase in their concentration after a long period), hence exposing our health to danger.

          The high demand for fish which cannot be met by local production and import has pushed the market price of catfish beyond the reach of ordinary Nigerians, coupled with the attractive taste for fresh fish. Therefore, catfish farming in Nigeria is the proverbial “gold mine” that can guarantee 100 per cent return on investment within 90 days following payback (for fingerling producers).  Despite available local market for the product, great opportunities exist for export of the fish, and its associated product lines, namely: the floating fish feed and smoked fish. Target markets for fish include hotels and restaurants, pepper soup (point and kill) joints, live-fish sellers in market places, cold room operators, supermarkets, boarding schools and other training institutions and private homes. Engage in fish farming business today and make it big.

For help and consultancy call us on 08032861326. 

 

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