Fish farming has proven to be a platinum business with a mine of profit. This business has provided food, employment, and recreation for many Nigerians. Hanson Hanson is from Nsit Atai local government area. He is a graduate of Agricultural science, also with an MSc in Environmental Management and a proud fish farmer. He runs Double H Farms. Just in case you are considering fish farming, this article may give you the motivation you need.
According to Hanson, his venture into the business of fish farming was borne out of a pure passion to not just create wealth but to contribute to the sustainable development goals in Nigeria which include the elimination of poverty; good health and well-being (providing a healthy alternative for red meat) and creating jobs for his fellow youth. He was also conscious of the fact that fish farming is the new mine of wealth.
After extensive research, Hanson discovered that fish production is scarce and this leads to high cost hence increasing demands. So in the year 2018, with a starting capital of N60,000, Hanson ventured fully into the business of fish farming with a production capacity of 150 fishes. Subsequently, he registered his business under the business number: 4026431. Currently, Hanson runs a two-man square ft land with a stock of 1000 fishes on a quarterly production basis.
Hanson’s fish farm operates under the co-ordination of a farm manager, and a farm attendant. Hanson oversees the function of a farm manager; he supervises the financial, accounting, and product marketing while his farm attendant takes care of feeding, changing of water, and general farm work.
From his few years of active farming, Hanson affirms the economic potential of the fish farming business. In his own words, he says” fish farming is highly lucrative because it provides 40-50% of return on investment”. He continues “There is minimal competition because the product is not sufficient and there are a limited number of farmers in that sector so there is an optimum chance of making enough money. Due to limited production on the ground, the product becomes insufficient as uptakers doesn’t allow it to stay for a long time after maturity”.
Like most entrepreneurs, Hanson has recorded some high points in his business and some really low points. One of his high points is successfully rearing his fishes to 1kg in the shortest time frame of 3 months with minimal expenditures and maintaining a high profit within the last year. Whereas, his low points resulted from his experiencing a high cost of input which eventually affected the turnover in his business. Amidst these challenges, Hanson still stands firm and never plans on giving up.
Hanson’s final advice to any individual considering embarking on fish farming is to be intentional and ready to dedicate time and attention to the business. Moreover, he believes that entrepreneurship is the ladder to creating employment hence boosting the IGR of the state through taxes. Nevertheless, Hanson calls on the attention of policymakers and investors to assist upcoming entrepreneurs like himself with financial support and machines to enhance production.
Fish farming is the new mine of wealth, so let this story motivate you into venturing into fish farming today