Invest in Fisheries

INVESTMENT OPPORTUNITIES IN THE FISHERIES SECTOR

Establishment of fish feed mill

The cost of feeding fish covers the major portion of the cost of fish production taking about 80% of the total cost. As the cost of most of the foreign feeds is always high, there is need for local fish feed production. There is therefore a great prospect in the establishment of fish feed mills as aquaculture is growing rapidly in the country.

Establishment of fish meal plant

One of the major components of feed production for all various animal/livestock feeds - fish inclusive is fish meal which serves as the major protein component of the feed. The survival of a feed mill industry is therefore dependent on this component - fish meal. Various local fish species and the lantern fish species available in our deep sea are useful raw material for this promising industry.

Production of ornamental fish for export  

Ornamental fish trade is one of the least explored but highly profit earning part of fish trade. Nigeria is abundantly blessed with over 300 species of ornamental fishes most of which are highly valued internationally. Only the ornamental freshwater species are being exploited while the great potential of the marine resources are at present untapped. There had been requests for such species like red mullet, and brightly coloured puffer. Great opportunities therefore abound in the trading of these ornamental fish species.

Integrated and Water Re-circulatory Fish Culture System

Compared with a conventional system, a recirculatory system allows fish rearing in sites where the amount of available water is low by maximising water utilization and boosting oxygen availability through the system. Water Recirculatory System (WRS) of fish culture thus offers high yield. Though a highly technical system of fish culture, it boasts of higher profit for large scale farmers.

Fish Seed Production

Fish seed/ fingerlings or juveniles production is a high profit generating aspect of fish farming which requires little input with high rate of profit turnover. With numerous fish farmers raising fish to table size, there is continuous demand for fish seed. In most cases, the demand is usually greater than supply as most farmers often pay ahead for the seed.

Shrimp Farming

Among the fish and fishery products being exported from Nigeria, shrimp is the highest in monetary value; earning the country a considerable amount of foreign exchange. Nigeria shrimp is highly valued in the European countries and is among the fish products certified for export into the United States. While the shrimp species found in our waters are culturable, majority of the exports come  from the capture fisheries. There is therefore a huge ready market that shrimp farming can benefit from. The prospect for shrimp farming in Nigeria is high and investors can be sure of a high return on investment.

Fish Broodstock Production

A major requirement for a successful and sustainable aquaculture industry is the availability of good quality fish broodstock. A good quality Broodstock guarantees a good quality seed which is the first major determinant factor of the success of a fish farming business. The need for good quality broodstock is therefore paramount to hatchery operators and fish farmers. Fish broodstock production thus remains a viable always-on-demand aspect of aquaculture.

Investment in Fish Cage and Pen Culture

Cage and pen culture system of fish farming are those usually carried out on the open water whereby nets are suspended on the surface of the water body. This system of culture offers high productivity/yield as the cultured fish benefits from the rich oxygen and natural foods present within the water body. This system of culture can be carried out in the both freshwater and marine water bodies available in the inland and coastal regions of the country.  Majorly farmed species include tilapia and african catfish which thrives well in Nigeria waters. Other species include the Atlantic croaker and eel which are also culturable and can be raised successfully in Nigeria waters. The local demand for these fish species is high and prospective investors can be assured of a ready market.

Exploitation of Tuna and Pelagic fish resources estimated to have a maximum sustainable yield (MSY) of about 15,000 MT per annum

Over the years, the tuna and the pelagic fish resources of Nigeria deep sea have remain largely un/underexploited despite its potential MSY of up to 15,000 MT per annum. Survey of our deep sea has showed it abounds with lantern fish species useful for the fish meal production, ornamental species and tuna and tuna-like fishes. The Nigeria's deep sea is open to exploitation and investors are welcome to access this rich resources.

Establishment of canneries for crabs, lobsters, tuna, sardines and bonga fish

Most of the canned fish consumed in Nigeria today are imported into the country while these species and other marine species are also exploited in the nation's waters. Establishment of cannery industry will not only reduce post harvest losses but also provide value added products that can access both local and international market. This area is open to investors.

Proposed Lagos Fishery Harbour meant for vessels up to 3000 GRT

The Lagos Fishery Harbour is a fishing terminal dedicated solely for fisheries and other ancillary activities. It is meant to be a hub for various fisheries industries. The area is available for establishment of fish storage facilities such as coldroom, fish processing and packaging facilities, fresh fish storage and marketing facilities and others.

Manufacture of fishing gears, canoes and various By-catch Reduction Devices

With over 100 industrial fishing/shrimping vessels and numerous artisanal fishermen fishing in the Nigeria Exclusive Economic Zone (EEZ), industries that will provide the equipment and inputs needed by this fishing sector will definitely thrive. As such, investors can consider manufacturing the inputs needed by these fishing industries.

Assembly or Manufacture of Outboard Motors/Engines

Outboard motors or engine are often used by the coastal and some inland fishermen who uses their canoes to explore deeper waters in search for fish. The areas that can be targeted for the end users are the riverine and coastal areas/ States. These are markets for the outboard engine manufacturing and assembly industries.

Outboard Motors/Engine repairs

Another aspect interested investor may consider is the provision of facilities for repairs, servicing and maintenance of outboard motors/ engines in localities where these engines are being used i.e. coastal and riverine areas.

Manufacture of fish preservation and storage equipment

Fish preservation and storage equipment such as insulated box, cold storages, ice and ice flakes makers and gas/electrical/charcoal smoking kilns are among the post harvest equipment useful in the industry. These are highly needed by fishermen and fish farmers to preserve or store their fish and fish products in order to retain their quality to get a better value for their products.

Production of ice for fish storage and preservation

Ice or ice flakes are used to preserve or store freshly harvested or captured fish to prevent it from deteriorating. It is therefore used by both farmers and fishermen. Through the use of ice maker, ice can be produced and sold to these end users.

Investment in fish seed and fish transportation facilities

The place of production may sometimes differ or far from where the product is needed; this occasions the need for transport to convey live fish and fish seed to the place where they are needed. Specially designed vehicles that can transport live fish and fish seed with minimal or no mortality are used for this purpose. Due to spatial/geographical disaggregation of place of production and utilization or consumption, the services of these kind of vehicles will always be needed.

Investment in fish cold storages and transportation vehicles

As soon as fish is dead, it starts deteriorating. This deterioration process can be halted or slowed down by maintaining the fish in cold temperature of range -30'c and -18'c depending on species. In order to maintain this cold chain unbroken, cold transportation vehicles are usually needed to transport the fish to designated cold rooms from where they are sold. Interested investors can consider these services and provide them.