Catfish Farming Business Plan In Nigeria Feasibility Study
– commercial culture and sales of fresh water African Catfish from fingerling stage to table-sized fish for consumption to member of the public.
-The intended market include commercial market fish sellers, ‘point and kill’ fish operators, Restaurants, smoke fish processers and fast food operators.
-The potential financially of a business of this commercial capacity (500,000 fish) is an annual turnover of 250,000,000 Million Naira.
-If 500,000 grow-out fish or table sized fish is going to be produced annually with an average of 41,667 Kilogram of Catfish, at an average of 1Kg per fish (table size) at harvest, which obviously could be more per fish when ideally managed by an expert fish scientist, it amounts to an annual sales of 250,000,000 Million Naira, and 750,000,000 sales, or turnover in 3years; with the profit of 125,000,000 Million Naira annually, and 375,000,000 Million Naira respectively.
– 1 Billion Naira Requested.
– 400,000,000 Million Naira start up cost.
– 1,800,000,000 Billion Naira sustenance amount for three years.
-Loan would be used for land acquisition, pond construction, Machineries, purchase, and installations, feed purchase , bore-hole drilling, wages, stock (fingerling and Broodstock) purchase and startup taxation.
– Funding would be sourced from the bank.
– The loan repayment period is expected to be two years.
– A list of the success factors include:- Ideal land siting, use of fast growing strains of the Clarias gariepinus fish species, employment of professional fish scientists with practical management skills, Low cost of production due to self-made feed, lower selling price per kilogram weight of fresh fish, and ideal (huge) customers and clientele base.
– The assistance required to launch this project is the issuance of the funds (Loan) applied for.
(2). ENTERPRISE DESCRIPTION .
– The large scale culture of Catfish from fingerlings to table sized fish with a culture period of 5-6 months for sales to customers fresh in measured form of Kilogram weight of cultured fish at harvest (Cropping) time.
– My inspiration came because of the huge market that is yet to be harnessed in this area of Agriculture, as the federal government still spend hundreds of billions annually just to subsidize for imported fish (frozen) into the country and the hardiness and easy to culture-nature of the African Catfish.
– As an experienced farmer (C.E.O Synergy farm), I would use my managerial experience to employ more fisheries professionals that I know would perform; a step that has been limited by funds. Also the customer based relationship I already have with existing clients in the Fisheries business and my never-say-impossible positive business mindset that has helped synergy farm thus far.
– I know there is real need for fresh catfish, an Nigeria presently is producing only 42% of the countries local fish demand.
– I see the business bridging the gap between demand and supply in Nigeria in the nearest future and even exporting to neighboring countries in the long run.
(3). PRODUCT OR SERVICE DESCRIPTION.
– The product being the sales of fresh water African catfish, cultured in concrete ponds setting operated with a clean bore-hole water source, with a culture period of 5-6 months, and sold at a subsidized price of 500/kg weight to commercial customers, and the species used is the clarias gariepinus.
– The services we offer that is innovative is the organic culture of our fish from start to finish without any artificial growth hormone as could be the case, leading to harmful health issues to consumers. Also the constant monthly sales of Catfish to customers.
– Our product distinguishing features, lies in itstaste and fish skin (flesh) firmness due to good management practice and right feed administration.
– 3 unique selling points include:-
(i). Cheaper selling Price
(ii). Superior taste (palatability).
(iii). The Natural culture of the fish from start to finish.
The product would satisfy clients need through the above mentioned unique selling point.
(4). INDUSTRY ANALYSIS.
– The sector (Aquaculture) is as huge as Nigerian Oil industry if properly managed, but could be seen as small due to underproduction i.e. inability to meet local demand.
– Hundreds of companies already exist, but yet to meet 50% of Local demand.
-The sector is growing, but at a relatively slower pace compare to what stands to be harnessed.
-The increased consumption simply means more demand of the product and more money for my business.
-The government policy that might affect my business is the proposed ban of fish importation into the country by next year (2016), and this would definitely affect my business positively.
-This sector would still be profitable for new entrants, but they might suffer temporary setback due to inexperience of the sales strategy in Nigeria.
(5). COMPETITIVE ANALYSIS.
– My major competitors are Obasanjo farm, Maizubi Farm, and Jovana farm.
-Their main strength is their longer staying period in the business and more financial availability at their disposal. Their weakness include Poor maintenance culture, and main managerial staff retirement to start their own farm, causing or leading to newer managerial hands periodically with new styles or method of farm management.
– I intend being different by employing fisheries professionals who only agree to sign a long term working agreement with Synergy farm and i would locate 2% of the farms profit for maintaining farm structures periodically.
-My competitive price policies include:- 50 Naira Cheaper selling price per kilogram of fish sales and also non-price hike during festive season.
– It affects my sales favourably.
– My main competitors are Obasanjo farm, Maizubi farm, and Jovana Farms. Their estimated market share are 2, 0.8, and 1.2% respectively.
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