Business Case Study: Cricing Aquaculture Business In Nigeria

2.0. STARTING AQUACULTURE BUSINESS

Aquaculture business has gained widespread acceptance across the length and breadth of Nigeria as a viable economic venture and is practiced all over the country. It is however, important to note that the viability of the sector is not a guarantee for great returns on investment. It therefore means that before going into aquaculture business one must first and foremost layout his objectives, what he intends to achieve, and how he wants to do that with the clear understanding of what aquaculture is. It is a common place that once a given business is thriving; people rush into it without carrying out basic research on it and end up losing their investments because they do not understand the intricacies

The cost of construction of earthen ponds is far more than that of concrete or plastic tanks. The convenience of mobility and easy installation makes the plastic tanks a common place. High stocking density and easy management of stock is readily achieved in tanks also. Production level of a given farm is predicated on the number of ponds/tanks in use, the type of fish being cultured and the number of cycles in a year. The number of stock turnovers through effective production determines the success of the business therefore one should endeavor to run minimum of two cycles a year.

Management of aquaculture business is an intensive and time consuming job in terms of assess water quality, type of feed, disease control, dissolved oxygen, temperature and the farm environment. Cost proficiency in production will translate into profit; standardization of farm products; marketing strategy in terms of quality, target market, etc, with a quality labor mix. It is equally very important for one to understand the policy of the Federal Government of Nigeria on fish importation, and possible incentives for local