INTRODUCTION

Fish farming is the act of rearing fish for human and industrial use. The burning
desire to rear fish started from when I was little, having practiced fish farming
from then in the surrounding river. In 2006, I practiced fish farming at my in-law’s
small fish farm in Port Harcourt. It was then I understood the fundamentals of fish
farming and gained a lot of experience from there, and it was then I noticed that
fish farming can help mankind both financially and otherwise. When I gained
admission into the university, I embarked on a small scale fish farm in order to
help myself and siblings throughout my stay in the university.
Having gotten all these experiences, I think it is time for me to embark on fish
farming in a bigger and better way considering the high consumption of fish (fresh
fish) in every nook and cranny by civil servants, businessmen and even politicians.
Having acquired this experience, I think if I put it into work, it will go a long way
to help myself and employ other youths of our great country and thereby helping to
boost the nation’s economy.

VISION AND MISSION

My vision is to run the largest fish farm in the whole of West Africa, which will be
capable of producing not less than 1000 fishes everyday and be able to create
employment, promote the name of our dear nation and add to the growth of our
economy within a short period of time.

It is my utmost dream to run a fish farm that will compete with any fish producing
farm in Africa and start mechanizing fish in other forms, thereby stopping
monopoly in fish production. For example, a fish company that couples fish in a tin
called geisher has made it difficult for people to buy this fish in a tin because they
are not competing with anybody. With my level of experience and exposure
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garnered in this business, I promise to put an end to such monopoly if my dreams
come through.

OBJECTIVE OF THE FARM

(1) The major objective is to start up a workable fish farm that will be
producing at least 20,000 pieces of fresh fish in every six months.
(2) It will help to create employment for Nigeria youths and help solve the
problem of insecurity,
(3) Promote entrepreneurship among Nigerian youths.

VALUE OF THIS BUSINESS TO THE ECONOMY

(1) The business is going to create job opportunity for me and other youth
(2) The business will bring foreign businessmen to our country
(3) The business will reduce monopoly in the fish market. Whereby given an
opportunity to the average Nigerian to buy fish as it is the best meat to
consume since it does not contain any form of carcinogen

ASSESSMENT OF PROJECT ORIGINALITY

(1) This project originated from my burning desire to become an
entrepreneur and the experience I have gotten has taught me a lot about
fish farming and maintenance.
(2) In 2006, I managed a fish farm at Port Harcourt which is owned by my
in-law but the fish farm is small and capable of producing 500 pieces of
fish in every 3 months.
(3) In 2007 when I gained admission into the university, I was thinking about
what to do to help relief my parents some responsibilities, so I
remembered the experience of fish farming, then I established a fish farm
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 which I co-jointly sponsored with three of my friends and it paid a lot
because I was able to afford my own school fees in my fourth year (2010
– 2011) academic session.
(4) This project originated again from the analysis conducted in Enugu State
which according to my findings is dominated by civil servant and
educated citizens, my findings continues that in every 10 civil servant, 7
prefer fish consumption to red meat, because red meat contains
carcinogen which according medical science is one of several elements
that causes cancer.

RISKS OR CHALLENGES INVOLVED IN THE BUSINESS

Fish farming business is not a bed of roses. There are so many risk and challenges
to contend with:
(i) How to get a land for the fish farm
(ii) The sources of water can be a challenge
(iii) The fish can die
(iv) The farm can be vandalized
(v) The fish can have a retarded growth
(vi) Electricity
(vii) Marketing

STRATEGIES TO NITIGATE THIS RISKS AND CHALLENGES

(i) The land that will be used for the farming is ready which I have rented at
the cost of nine hundred and fifty thousand naira [N950,000]. The land is
situated at Igbo-Etiti Local Government Area of Enugu State.
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(ii) The issue of water is of paramount importance in fish farming business.
Having seen this, a long lasting borehole have been drilled that can
supply water both in the raining and dry season into the farm.
(iii) The survival of the fish is the most important thing in the fish farming
business. The knowledge and experience I have on fish farming is very
important to help in the survival of the fish and maintenance. The
adequate water which will be there will go a long way to help in
changing the water as at when due. When water is changed as at when
due, it helps in the growth of the fish as well and protect them from
dying.
(iv) In any business where security is not guaranteed, it stands a chance of
falling. Therefore the issue of securing the farm has been taking care off
because I will be employing security men that will help guard and protect
the farm from being vandalized by hoodlums.
(v) Fish can have a retarded growth when the water change over is not
properly handled. But the quantity and quality of water, put in place will
be good enough to boost the growth of the fish.
(vi) Electricity is very important in a fish farm business because the water
that is used in the farm must be pumped. Therefore I have made
arrangement of buying a generator that will be used in the farm as it will
go a long way to help the farm attendance to pump water whenever is
needed.
(vii) Marketing is one of the most important aspects of every business even in
fish farm. Because it will be of no use that one reared fish but was not
able to sell them. But in this case, I have done some market survey on
how it can be sold here. So far the information gotten, the hotels, bars
and restaurant people are the best buyers. Another people is the

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 individual businessmen and women that deal on fish both fresh and dried
once, and this people can be found in market no matter its magnitude
because of the importance people attach to fresh fish. And I want say
that, I can make a good sale of fish if given opportunity to embarked on
this fish farm.
PART II
BUSINESS CAPABILITY
(1) MANNING LEVEL: Fish farm management does not require much
human resources, more especially at the early stage and in a small scale
manner that I want to start from. Considering the level I am planning to
put the business, it might not need much hand now. It will be
accommodating up to [20] workers – that’s including me.
(2) HUMAN CAPITAL STATEMENT: Human beings are highly
needed so as to run an effective fish farm that will be producing a good
number of fish that is not less than 20,000 piece of fish in six months (6)
six months. But I have plan that before next 2 years the fish farm can
employ not less than 100 youths to help actualize the dream of the fish
farm company.
(3) THE TECHNOLOGY REQUIREMENT: The farm will require
an internet web-site which will help us communicate with our customers
better. We have plans of importing fish drying machines that will enable
us dry fish faster and help reduce the high coating of smoke on the dried
fish, whereby making our own fish special and maintain a level of
hygiene on our products.

PART III

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 SUBSTAINABILITY STRATEGY
There are some plans on how this fish farm can be sustained without collapse.
Reinvestment remains the best way of growing a business and I intend to keep up
in reinvesting profit made into the business.
(1) AVAILABILITY OF RAW MATERIALS: The raw materials to
run this fish farm have been put in place, like the fish fingerling, fish
feed, water and so on, how to get this thing and where to get them have
been known, just waiting for a kick off.
(2) SOURCES OF FINANCE: It is my humble desire to use this
medium to solicit for eight million five hundred thousand naira
[8,500,000] loan from any concerned citizen, cooperatives, company or
bank. I herby call on any citizen or bank that has wherewithal to come to
my aid and help me actualize my dreams as it will go a long way to help
create job opportunity for so many youths of our great nation in no
distance time.

(3) CASHFLOW FORECAST:

COST ESTIMATION FOR THE PROPOSED FISH FARM
S/N MATERIALS COST (N)
1 Renting of four (4) plots of land 950,000

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2 Plumbing materials and workmanship 300,000
3 Construction of fish ponds 2,000,000
4 Buying of 20,000 pieces of fish fingerling 1,000,000
5 Fish feed for 6 months 1,200,000
TOTAL 5,450,000

LABOUR FORECAST FOR THE FIRST 6 MONTHS

S/N LABOUR COST (N)
1 Four(4) security men (at 20,000 each/month) 240,000
TOTAL 240,000

(4) The proposed land for the fish farm business is the best among all
other once seen at the time of the farm survey because it’s in a secluded
and calm environment. The area is also a good environment of water
sources and long lasting boreholes are seen within the vicinity. I mean a
borehole that cannot go dry no matter the level of the dry season.
(5) The construction of the fish pond is a heavy one because it will be in
three segment, creating room for the over growth fish which will always
occurs in fish production. As a matter of fact, I will be constructing a
thirty thousand (30,000) fish capacity of concrete pond in the farm land.
(6) Therefore considering the plans we have at hand the business can
yield a good profit that can help buy more lands to expand the farm
within the space of five years.
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 (7) The workforce in a fish farm is always minimal more especially at the
early stage of the business. Therefore the security aspect is very
important and farm attendant that will be in charge of feeding of the fish
and changing of water.
(8) The management issues should be on me as I am the soul bearer of the
whole ideal and initiatives that will keep the business moving,
progressing and marketers will be employed to help make the sales
easier.
(9) I hereby solicit for a loan of five million naira (N5,000,000) from a
concerned citizen, cooperatives or bank, so as to help me actualize my
dreams.

INCOME REALIZATION FORECAST FOR THE FIRST YEAR

After six (6) months of farming

CATEGORY DURATIONS NO KILOGRAM PRICE TOTAL

OF FISH OF (N) @ PRICE
FISH N600/KG

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Cat fish 6 months 20,000 Minimum of 500 10,000,000
1kg each
Cat fish 6 months 20,000 Minimum of 500 10,000,000
1kg each
TOTAL 20,000,000/YR

When you remove the expenditures of the year, profit will still be counted in huge
sum.
Therefore from the fish market analysis and the knowledge I have about fish
farming in Nigeria. One hardly can record losses, because considering the profit
margin as I calculated here, even if there is change in market price. Huge profit
will still be counted. It can only record losses when the fish dies, which is taken
care off according to my statement before now.
(10) LONG TERM FINANCING STRATEGY: I intend to re-invest the
profit made from the business into the business, so as to help me
actualize my aim of having the largest fish farm in the whole of West
Africa that is capable of producing not less than 2000 pieces of fish per
week by the year 2020. That will still help me actualize my dream of
employing not less than 100 of my fellow youth.
(11) LONG TERM TARGET / PLAN:
(i) My sole primary target is to have the largest fish farm in the whole
West Africa and create job opportunity for my fellow Nigerians.
(ii) To attract foreign investors into my business and export fish in
diverse ways.
(iii) To promote Nigeria’s economy.

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 (iv) To mechanize fish in tin / can, and stop the monopoly geisher fish
production is creating in the fish market here in Nigeria and
beyond.
(v) To mechanize fish in powdered form that can be used in the
production of bread and cakes.

(12) FINANCIAL INDICATORS

(i) INTERNAL RATE OF RETURN (IRR): This indicates how I
can generate my invested amount.
FIRST YEAR FINANCIAL ANALYSIS
DURATION INVESTED ESTIMATED EXPECTED ACTUAL
AMOUNT
EXPENSES PROFIT PROFIT
st
1 6-month 10,530,000
10,530,000 10,000,000 6,240,000
nd
2 6-month 3,760,000 10,000,000 6,240,000
TOTAL PROFIT MADE IN THE FIRST YEAR 12,480,000

SECOND YEAR FINANCIAL ANALYSIS

DURATION INVESTED ESTIMATED EXPECTED ACTUAL

AMOUNT
EXPENSES PROFIT PROFIT
st
1 6-month 3,760,000 10,000,000 6,240,000
nd
2 6-month 3,760,000 10,000,000 10,000,000
TOTAL PROFIT MADE IN THE SECOND YEAR 16,240,000

IRR = (first year profit + second year profit) – total investment

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IRR=(12,480,000 + 16,240,000) – 10,530,000
IRR= 28,720,000 – 10,530,000
=18,190,000
Investing 3,760,000 from the profit made in two years into the third year, I still
have a profit of 14,430,000.
Therefore looking at the above tables and calculations it’s well understood that in
two years I can pay back the loan and still count profit of (N14,430,000).

From the tables shown above, it is clear that this business is a good one and can
count a lot of profit. For the growth of the business the profit can be re-invested
into the business over and over again to ascertain a maximum profit.
(ii) RETURN ON INVESTMENT (ROI): It can be seen from the
tables above, how the invested amount will return and it also
shows that is difficult to count losses in fish farming business but
rather the more you invest the more profit you get.

(iii) BREAK-EVEN POINT (BEP): This is a process whereby the

profit is equal to the invested amount.

Therefore looking at the financial analysis table, which is the profit made in two
years, when we have a very huge amount invested in the business at the starting
point, then you will understand that in this business, you hardly can record losses.
Therefore break-even point cannot occur in this business even if there is retarded
growth among the fish, considering the figure at this starting point of the business
which is the most critical stage of the business.

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PART IV
REGULATORY REQUIREMENT: This farm has been registered with
Cooperative Affairs Commission (CAC). The farm name is AQUA-TOCH
FARMERS Nig Ltd. Any other registration follows when the farming process starts
proper.
PART V
(1) MARKET: Marketing is an important part in every business and it
determines the growth of the business. Fish market is a larger market in
Enugu, south-east and Nigeria at large due to the negligence the youth
have attached to farming in this country, and this has caused a high
demand of fish in the country where the farmers and the fish produced
are few.
(2) TARGET MARKET: My most target places are the hotels and other
relaxation centers such as restaurants, bar parlors, eateries and fast food
joints in Enugu metropolis. This place has very high rate consumption of
fresh fish. Having found out the high concentration of cholesterol in red
meat, most educated people enjoy consuming more fresh fish to red meat.
Thereby causing a very high demand of fresh fish in a city like Enugu
where 70% of its occupants are educated.
(3) IDENTIFICATION OF COMPETITORS: There are so many
competitors in the business. There are many fish farms within and around
Enugu that produces a small number of fish annually, and most of these
fish farmers are not educated and they do not have former education on
how to train fish. After interviewing some of these fish farmers, I
understood that they do not make use of the internet in their marketing
and it has been stopping foreign buyers from coming into the country for
the fish. I also understood that I have an edge over them because of the

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 education and knowledge I have acquired about fish farming and how to
make a fish grow faster.
(4) FORECAST: My fish farm intends producing at least 2000 pieces of
fish in every week which the profit made will be re-invested into the farm
for more production.
(5) MARKETING STRATEGY: I have different kinds of approaches in the
marketing aspects among which are:
(i) ONE ON ONE STRATEGY: This is where I will go to all the
bars and hotel for our supply and convince them to buy from us.
(ii) ONLINE / SOCIAL MEDIA: This fresh fish can easily be
marketed via internet, face book, Google, fax
(iii) VIA RADIO: This is where we make an open advert and publicity
about the fish and its price. This is the best within Enugu and
Nigeria at large.
(iv) VIA TELEVISION PRESENTAION: Here, we hold talk with
television presenters and showcase the fish farm in the form
publicity, advertisement and educate our audience about the
importance of fish eating, its farming and economy importance to
the nation and our body as a source of calcium.
(v) OPEN / DIRECT MARKETING: Here, huge effort will be taken
to move the fish to the market places for sales such as Artisan
Market and Kado Fish Market in Abuja where people or individual
families come to buy fresh fish for direct consumption.
Therefore with this and some other ways and approaches that are yet to come, we
are going to make good sales of fresh fish in Enugu, southeast and the nation at
large.

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Cash flow In 5 years
1st year
DURATION INVESTED ESTIMATED EXPECTED ACTUAL
AMOUNT EXPENSES PROFIT PROFIT
1st 6-month 10,530,000 10,530,000 10,000,000 6,240,000
nd
2 6-month 3,760,000 10,000,000 6,240,000
TOTAL PROFIT MADE IN THE FIRST YEAR 12,480,000

2nd year
DURATION INVESTED ESTIMATED EXPECTED ACTUAL
AMOUNT EXPENSES PROFIT PROFIT
1st 6-month 3,760,000 10,000,000 6,240,000
nd
2 6-month 3,760,000 10,000,000 10,000,000
TOTAL PROFIT MADE IN THE SECOND YEAR 16,240,000

3rd year
DURATION INVESTED ESTIMATED EXPECTED ACTUAL
AMOUNT EXPENSES PROFIT PROFIT
1st 6-month 3,760,000 10,000,000 6,240,000
nd
2 6-month 3,760,000 10,000,000 10,000,000
TOTAL PROFIT MADE IN THE SECOND YEAR 16,240,000

4th year
DURATION INVESTED ESTIMATED EXPECTED ACTUAL
AMOUNT EXPENSES PROFIT PROFIT
st
1 6-month 3,760,000 10,000,000 6,240,000
nd
2 6-month 3,760,000 10,000,000 10,000,000
TOTAL PROFIT MADE IN THE SECOND YEAR 16,240,000

5th year

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DURATION INVESTED ESTIMATED EXPECTED ACTUAL
AMOUNT EXPENSES PROFIT PROFIT
st
1 6-month 3,760,000 10,000,000 6,240,000
2nd 6-month 3,760,000 10,000,000 10,000,000
TOTAL PROFIT MADE IN THE SECOND YEAR 16,240,000

Grand total net income:

From 1st year to 5th year

Php77,440,000.00

Fish Farm Production

Project Proposal

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 Nica Arla Gallo
(BS. Agriculture Major In Crop Science)

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