‘How I will make my first million from fish farming’

Why did you venture into fish farming?I ventured into fish farming because I got tired of waiting for a white collar job. I must say I am happy I took that decision because if I had not, I would still be relying on my elder siblings for my up-keep.But why fish farming when there are […]

Why did you venture into fish farming?
I ventured into fish farming because I got tired of waiting for a white collar job. I must say I am happy I took that decision because if I had not, I would still be relying on my elder siblings for my up-keep.
But why fish farming when there are so many other businesses you would have ventured into?
Fish farming is a zero risk business and has a 100% profit margin as long as you follow the dos and don’ts of the business including changing the water in the fish tank twice a week. If a fish farmer follows all the rules, he will defiantly succeed in the venture.
When did you start the business and what was your starting capital?
I started the business in April this year and so far I have spent N320, 000 on the 2000 fishes I plan to dispose very soon because they have reached their full growth required before they are sold out.
How did you get the funds to start the business?
An opportunity came to me at the right time when I was opportune to be among the trainees for the Nigerian National Petroleum Company (NNPC) Youth Empowerment Scheme (YESAP) programme. The programme had different fields of study but I chose to study fish farming and poultry and after my programme, I decided to put it into practice. At the end of the programme, the sum of N100, 000 was given to us the trainees as a start of fund and with the help of my elder brother, I was able to start a small fish farm.
  How and where do you get your fingerlings?
I buy my fingerlings from Lagos because I was told they have a good hatchery there and I must say, I am happy I took that decision because the death rate for this batch of fishes is only 5% and the 2000 fishes are the first stocking I have done. I have made a deposit for 6, 000 fingerlings I intend to replace the fish that are here now because they are fully grown and ready to be consumed.
What are the challenges associated with fish farming?
So far, I have not encountered any challenges because I have followed all the advise I was given to succeed in the business, my fish have grown the way they ought to have grown and by the grace of God, I have a ready market for my products unlike some people who have to source for markets after their fish have matured.
How lucrative is the business?
The business is good, this is my first batch of fish I am going to sell and I believe by the time I sell the fish; I will get my money back in three folds. In fish business, the risks attached to it are not as many as that of poultry business, it is a low risk business as far as you change the water of the fish pond at least twice in a week so that the fish do not get infected. Like I said earlier, fish business profitable. We assume each fish will consume N200 before it reaches table size and look at my fish now, less than five months they are ready to be sold. I have already called my buyers, they came and saw the fishes and they agreed to buy them at the rate of N550 each which is about N1 million because they are sold by kilo. The average fish is about 1kg; so do the arithmetic. By the time you subtract the 200 and multiply the number of fish, it’s a 100% profit.
If someone wants to start a fish farming business, how would you advise him/her?
It depends on how big or small that person wants to start because one can start with 100 fingerlings for a start just to familiarize themselves with the fish and how to take care of them and then when they are ready to put in a second set, they can increase the number as they are now better experienced to take care of them.
What have you achieved so far?
I have achieved a lot from the business because I no longer depend on my elder siblings to give me money for my upkeep, instead, I am doing so for my younger ones and my parents. I also have three people under my employment as they help me take care of the fish when I am not around, so for me, I have achieved a lot since I am not begging on the streets.
What advice do you have to the teeming unemployed youths hanging around and waiting for white collar jobs?
They should forget about the white collar job and be employers of their own labour, and they should find other means of earning their living rather than waste their time in the name of looking for government work. Imagine if I had wasted my time waiting in earnest for that job that never came, I would have died out of depression, as there is a saying “an idle man is the devil’s workshop.”