Fish farming is still one of Nigeria’s most profitable industries, contributing around 2% of the country’s GDP. If the government gives the firm the necessary backing and attention, it can challenge the earnings of the oil sector.
Despite the industry’s bright future, players have recently faced difficulties that have forced several of them out of business. A research that was made available revealed that more than 60% of fish farmers were forced to close, and the remaining ones were having difficulty making ends meet.
Among other reasonable explanations, their motives are not out of the ordinary: high operating costs, market accessibility, inflation, and climate change. A 2.5 million metric tonnes fish shortfall exists in the nation, compared to an annual demand of 3.6 million tonnes, which could be explained by the enormous migration of fish farmers.
Although, Nigeria has been finding closure in importing frozen fish, experts worry that this was causing more harm than good to the economy. To bridge fish production gap, an aquaculturist, Steve Okeleji, said Nigeria would need to raise 400,000 new fish farmers.
However, given current market patterns and public perceptions of the industry, 400,000 new entrants appear unrealisable, as revealed by the business news.
Opposite views are held by Mrs. Adetola Modupe, Managing Director of Melody Farm Food & Sea Food Processor. Notwithstanding her acknowledgement of difficulties, Modupe insisted that the industry pays well, citing her 18 years of survival in the field.
Modupe, the owner of a catfish and tilapia farm, claims that in order for company owners to survive, the fishing industry must adapt to changing market conditions and environmental changes. She pointed out that some fundamental aspects of raising fish cannot be compromised. She mentioned, among other things, the temperature of the water, the oxygen content, and balanced diets.
Speaking about her experience with the catfish endeavour, she mentioned that she began by hatching fish, and on her first attempt, she was able to generate over 10,000 catfish fry, or newly hatched fish.
She claimed that because of a surplus of records, she was obliged to sell them for a low price, undervaluing the inputs that would have otherwise allowed them to flourish. The fish business owner claimed that she eventually turned to purchasing fries from a breeder but that lately, the small size of the fries was causing a high death rate.
After suffering the same death rate, she changed her purchase to “Ijebu,” which is next to fry. Eventually, she opted for fingerlings, which are slightly larger.
Modupe said: “I decided to switch to fingerlings when fries and Ijebu reduced in sizes. What we buy as fingerlings now was what they sold as either fry or Ijebu before the economy became bad. Meanwhile, the smaller the fish, the higher mortality risk.
“Before I switched, I realised I was losing up to 4000 fishes when I buy say 10,000 fries, this is also because they would have eaten themselves, being carnivores. Although in fishery, one gives room for mortality which is inevitable, but the loss I made from fries and Ijebu after the whole economy issue started wasn’t encouraging, hence, reinvented,” she added.
According to Modupe, investors can find potential in fish farming if they approach the practice properly. She mentioned the size of the market and stated that there are profitable business prospects in every area of fishing.
She said: “One may decide to focus on hatchery by selling early stage fries to rearers like me. As a rearer too, I do not necessarily have to wait for the fish to grow to full maturity before making money, I sell at different growth stage like juvenile or jumbo to also rearers like me who will nurture to full growth.
“I make my profit here and still do by selling live fully grown fish, although I seldom sell live fish as I now major in fish processing (smoking). Once my fish become of age, I harvest them for processing,” Modupe added.
She made the point that, out of all the value chain businesses, retail fishing appears to be the most profitable. As such, it is a feasible second source of income for workers looking for one, as well as for retirees, students, housewives, and jobless people.
Modupe had this to add: “In fact, it is mostly profitable for live catfish retailers. When they buy a kilo (two pieces) at N3,000 from us, they are able to sell the two pieces to consumers at N6000, making 100 percent profit.”
She discovered a workaround, admitting that many operators were unable to handle the skyrocketing costs of feed and electricity.
Continuing, she had this to say on how she is navigating the challenge: “I found feeding adjustment necessary this period. You can imagine that in June alone, feed prices soared on four occasions. Unfortunately, we can’t start increasing prices of fish according to this trend, else we will eat our produce ourselves.
“What I did was to reduce the quantity of feeds given to fishes but I still maintain the same timing. This does not affect them in any way. Moreover, since I started paying N10, 000 for 46 units of electricity as against previous 148 units, I went from changing water in fish tank every other day to once in a week. Well, my fish still grow healthy.
“I have come to realise that too much feeding of fish is often counterproductive. But essentially, I had to reduce the quantity of feed given them because I can’t afford to be pumping water every other day given the tariff. Meanwhile, the more you feed fish, the more they pollute the water, which becomes riskier if the water is not changed. So with less feeding, the water retains it sanity for up to one week,” she added.
Modupe also stressed the significance of accurately calculating fish feeding from the outset in order to attain a comparable return on investment.
She said: “Feeding of fish at the very first stage of their life is most important. For instance, at the very early stage, their feeding every three hours can’t be compromised. Imported feeds like Aller Aqua or coppens are strongly recommended to strengthen their growth and development so they don’t become runt. Note that as they grow too, their feed sizes (millimeter) and types change.
“At fingerlings stage (four weeks) feeding can reduce to twice a day. From two -month old, one may start feeding them on homemade feed which of course should contain right ingredients or formula,” Modupe added.
The way that fish are fed before being processed is also noteworthy. She had this to say: “For fish that will end up being smoked, you avoid feeding them too much to achieve good smoking outcome and gains too. In this case, you avoid feed type that quickens fish growth and fat like Aqualis.
“This, however, may be a good option for those who sells live fish. For processors, Eco float feed type is advised,” she added.
More of her time was devoted to instructing on the importance of promptly sorting the fish in the pond, which she claimed could make or break the company. Large fish won’t eat smaller fish if they are sorted here, which implies putting fish of similar sizes together.
According to her, this procedure also emphasises how important labour is on farms, she said: “I recently lost thousands of fishes due to late sorting. Sorting should be done at least every two weeks to prevent high mortality. It wasn’t deliberate that I didn’t sort the fishes I lost, but I had no one to do it then and because age is no longer on my side, I couldn’t do it myself. I recorded huge loss just because of manpower gap.”
She also stressed the importance of sound money management, pointing out that many men left the industry due to lack of discipline in their finances and maybe large family obligations.
She stated: “You must have a record for your profit/ loss and monthly earnings to enable you plan your spending. This is what has sustained me thus far. Besides, I tried to plough back profit from catfish processing to other business within fishery circle, leveraging existing equipment to earn more money.Above all, doing fishery comes with learning which is unending”, Modupe submitted.
“Don’t be surprised that in my in business, I’m still learning. When I’m at a crossroad, I still return to my lesson notes from all the training schools I attended. Being a member of associations like Lagos State Catfish and Allied Association of Nigeria and the Small Scale Women Farmers Organisation in Nigeria has helped in no small measure to put me on track,” she added.
