25+ Lucrative Fishing Business Ideas In Nigeria Or Africa
Fishing is a key driver of the global economy. Countries with large river bodies such as China, India, Japan, the United States, Nigeria, amongst others, are home to big fishing industries. As of 2018, the global market worth of the fishing industry was placed at $271 billion, with China contributing an average of 14.7 million metric tons per annum.
Similarly, fishing in Nigeria and Africa at large is a lucrative gold mine with a lot of business opportunities for both small, medium and large-scale investors. Although the Niger Delta area of Nigeria is a prime location for fish production, there are several fishing business ideas for savvy entrepreneurs irrespective of where they are in Nigeria and Africa at large. If you’re looking to get started in the fishing industry, here are 25+ lucrative fishing business ideas for you to start in Nigeria, Africa or anywhere around the world.
1). Shrimps And Prawns Production Business:
Shrimps and prawns production is a common business enterprise in the fishing industry in Nigeria, Africa or anywhere around the world. Shrimps and prawns make up a significant business in Nigeria because the country is blessed with salt water, the natural habitat of prawns and shrimps.
On the other hand, you can create a pond and practice shrimp and prawn farming anywhere in the country. In as much as you have the required feeds and sufficient manpower to rear, harvest, and distribute promptly, you are bound to generate a lot of profits in due time.
2). Catfish Farming And Retail Business:
Catfish is a fish with high marketability in Nigeria and other parts of Africa. Starting a catfish farming business is a smart way to plug into the high patronage in the fishing industry. Catfish is consumed widely as catfish pepper soup across restaurants, hotels, relaxation spots and homes in Nigeria, Africa or anywhere around the world.
Besides its consumption as a relaxation meal, catfish is rich in vitamins, healthy fats, minerals and proteins, among others.
3). Crayfish Production Business:
There are several species of crayfish for entrepreneurs to invest in. It is one of the most nutritious seafoods with a high market value. It boosts eye vision, keeps the skin healthy and can be used in various meals and dishes.
Like other fish business ideas, crayfish production enjoys high patronage across several parts of Nigeria and Africa at large. To improve the shelf life, it is recommended to dry crayfish before distributing it.
4). Fish Retail And Distribution Business:
According to a 2019 Aquaculture report, Nigeria consumes an annual 3.2 metric tonnes of fish. A larger percentage of the annual demand is met by imported fish. This business gap creates an opportunity for importers and distributors, as well as marketers at the grassroot levels.
You can start a fish distribution business with little capital in Nigeria, Africa or anywhere around the world. Once you connect with a wholesaler and you have a steady distribution channel, you will make a lot of profits regularly. You may as well focus your distribution efforts on hotels, local food vendors, restaurants, and much more.
5). Tilapia Fish Farming Business:
Although tilapia doesn’t enjoy so much attention from fish suppliers and farmers, It is a fish with a high value. Health-conscious consumers understand the nutritional benefits of tilapia over other fishes. Tilapia contains low fat and is rich in proteins, saturated fat, magnesium, and more.
The tilapia farming sector still has little competition at the moment in Nigeria, and this makes it a viable fish business idea with a lot of profit potentials. Developing an effective distribution strategy will help you target the right audience and grow your sales rate.
6). Aquarium Building Business:
An aquarium is a see-through tank where people keep fish and other aquatic creatures within a residential apartment. In most places, aquariums are kept as decorative items and as an object of fascination because it brings the sea experience to peoples’ homes and offices in Nigeria, Africa or anywhere around the world.
Building aquariums involves the use of specialized technology to ensure the safety of fish and to keep them accessible to the fishkeepers. Aquarium production has a limited target market. Hence, it is important to direct your marketing efforts to the right audience.
7). Oyster Production Business:
Oyster production is one of the most lucrative aquaculture businesses practised in several parts of the world. Oysters have rapid growth and reach maturity within a year. However, it takes one or two more years before they can be harvested. They are rich in nutrients such as iron, Vitamins B and D which keep the brain healthy, strengthen the bones, and improve sexual performance.
Hence, oysters enjoy regular patronage among those who understand the health benefits. More so, the oyster market continues to expand, given the growing health consciousness and adoption of organic foods around the globe.
8). Fish Hatchery Business:
A fish hatchery is an artificial breeding ground for rearing and hatching fish fry. Starting a fish hatchery business in Nigeria or Africa or anywhere else in the world requires a heavy investment in tools and facilities.
The fish hatchery is also labour-intensive. Hence, you need to employ the services of both skilled and unskilled staff. Plus, it is important to create a personalized market to deliver your fry promptly.
9). Fishing Equipment Retail Business:
The fishing industry relies heavily on equipment for actual fishing, incubating fry, hatching, storing fish, sorting, preserving, and much more. At each point of these processing stages, businesses in the fish rearing, distributing or processing business use one piece of equipment or the other. Interested entrepreneurs can make a lot of money by retailing this equipment in Nigeria, Africa or anywhere around the world.
Retailing fishing equipment is one of the lucrative fishing business ideas that enjoys a ready-made clientele. You don’t have to try too hard to create a market. All you need to do is to network with existing fish farmers and fish keepers within your locality and beyond.
10). Decorative Fish Production Business:
Ornamental or aquarium fish rearing is simply the business of breeding fish for decorative purposes. Interestingly, fishes reared for ornamental purposes are exotic fishes with high market value, and this makes the business a highly lucrative one.
To start a decorative fish farming business, it is important to procure the necessary tools such as tanks, work shed, blower pump, power supply and regular water supply system.
11). Start A Fish Blogging Business:
Fishing enthusiasts or fish lovers can equally start a blog dedicated to sea life. Creating content around fish habits, feeding, rearing, and more is bound to engage the attention of other fish lovers, fish farmers and interested individuals.
With an active fish blog in place, you can earn money directly from generated traffic and sponsored ads. Starting a fish blog also opens an investor to partner with you on your own private fishery projects in Nigeria, Africa or anywhere around the world.
12). Open A Fishery YouTube Channel:
Like blogging, a YouTube channel is an avenue to combine fun with work. Fish enthusiasts or veterans in the fishery industry can start a YouTube channel where they teach new and potential entrepreneurs in the industry how to get started and how to successfully run their businesses.
Your ability to build large followers on YouTube and other social media platforms determines how much influence your channel wields on the industry and how much you earn in return in terms of cash, networks, sponsorship deals, and more.
13). Net Production And Repair Business:
Another fishing business idea is the production of nets and offering nets repair services. Net production and repair is a business idea in the riverine areas and creeks of Nigeria and other fish-producing nations in the world.
Small-scale fishermen, as well as industrial companies in the fishing business, require nets for their basic operations, including direct fishing from river bodies and artificial fish farming. Creating a large clientele around this market puts you favourably in the net production and repair market in Nigeria, Africa or anywhere around the world.
14). Fish Feed Production Business:
Fish feed is made from different ingredients, ranging from aquatic insects to plants and plankton. Producing fish feed requires a detailed understanding of the components required and the right formula. Hence, it is important to employ the services of feed production experts.
Fish feed production remains one of the most underrated businesses in the fishing sector. As of 2021, it was valued at over $106 billion on the global market. Any interested entrepreneur with little capital can start fish feed production in Nigeria, Africa or anywhere around the world.
15). Fish Medication Production Business:
Fish require more than balanced nutrition. The continuous introduction of chemicals and foreign bodies into the fish habitat is detrimental to the well-being of fish all across the world. Similarly, the use of certain fertilizers in ponds and artificial fish habitats makes it necessary to improve the health of fish via special medication systems.
Producing fish medication could be capital-intensive, especially with regard to machinery, but it is one of the most lucrative fishing business ideas in the global market.
16). Boat Construction Business:
If you’re skilled in woodwork, you might as well join the boat construction industry of fishing. Ranging from the size and capacity to the quality of wood and design, constructing a boat involves deep technical know-how to ensure its safety and sail-ability.
Your prime market includes fishermen on creeks and people in the river transport business. A boat production company that churns out quality and long-lasting boats is sure to enjoy patronage over time.
17). Fish Photography Business:
Creative photography encompasses diverse sub-components but the crux lies in creating amazing photos. If you’re in the business of photography or hoping to start one, you could pay attention to fish photography in Nigeria, Africa or anywhere around the world.
As the name implies, fish photography describes taking images of fish either in nature or in an aquarium or fish farms. Such images can be used for advert purposes or sold on digital platforms like Etsy, Getty and Shutterstock, among others.
18). Pond Building Business:
Pond construction is equally one of the fishing business ideas in Nigeria or Africa that enjoys a regular market. Building a fish pond requires attention to details to ensure that the essential components such as water controls, water channels, tracks and dykes all align to create a perfect system.
As fish farming continues to expand across several parts of the nation, farmers regularly need the services of professional pond builders. Starting a pond construction business requires adequate publicity. You could as well use social media platforms to widen your reach in Nigeria, Africa or anywhere around the world.
19). Smoked Fish Production And Retail Business:
Producing and retailing smoked fish is one of the most inexpensive fishing business ideas anyone can start anywhere in Nigeria or Africa at large. Most lovers of fish prefer it smoked because it is tastier. More so, smoked fish has a longer shelf life than unsmoked fish.
Catfish, mackerel, oysters, tuna, etc. are all types of fish that can be smoked. A great thing about starting a smoked fish business is that it requires little capital, and is accessible to everyone everywhere. Once you network with the right fish distributors and you have a ready market like hotels, food vendors, and individual buyers to market to, you’re in for building a profitable business in a short time.
20). Salmon Fish Farming Business:
Salmon fish farming could be highly demanding, but it is what increases its market value. It involves three different stages; first, you have to raise the eggs in freshwater, after which you raise them in a tank for a year and a half. The last stage involves moving the salmons to bigger tanks beside water bodies where they are allowed to mature.
Salmons contribute a large quota to the global food production industry. They are rich sources of potassium and help to check excessive weight. They also lower blood pressure and reduce the chances of heart diseases. Hence, salmons are always in high demand both in local eateries and exquisite restaurants in Nigeria, Africa or anywhere around the world.
21). Trout Fish Farming Business:
Trout describes a large specie of fish found in freshwater, particularly in coastal parts of the world. Common types of trout mainly fished as foods are rainbow trout and brown trout. They contain lots of protein, niacin, omega-3 acids, etc. They can also be cooked by grilling, steaming or baked with other foods.
As a small-scale or large-scale trout farmer, you can supply to restaurants, food vendors, hotels, as well as health-conscious individuals who understand the health benefits of the fish in Nigeria, Africa or anywhere around the world.
22). Fishing Boat And Nets Rental Business:
In coastal areas of Nigeria and other riverine areas of the world, boats and nets are major instruments in the fishing business, especially among small-scale fishermen and fish farmers. Since most fishermen cannot afford brand new nets or boats of their own, they resort to renting daily at fixed prices.
This leaves an opportunity for nets and boats rental businesses in the area. It helps to start this business in a remote riverine area where fishing is the main occupation of the people.
23). Fish Documentary Business:
Studying and documenting aquatic life makes an interesting endeavour. Documentaries could revolve around the habits of certain fish, the reaction of fish to harmful foreign bodies or substances, the prey-predator relationship among fishes, and so on.
Such documentaries can be produced into series or home videos for people to watch from the comfort of their homes in Nigeria, Africa or anywhere around the world.
24). Fishery Consultancy Business:
Like every other business that requires planning, organization and deployment of strategies, fishing businesses demand careful guidance and mentorship. Hence, entrepreneurs, businesspersons and investors hoping to delve into the fishing business seek professional help to ensure they minimize losses and maximize their profits in Nigeria, Africa or anywhere around the world.
Veterans and trained personnel in the fishing industry can start a fishery consultancy business where they get to offer professional help to new startups in the industry.
25). Fish Import/Export Business:
Although Nigeria consumes over 3 million metric tonnes of fish per annum, two-third of the volume is provided by other countries. Whereas this leaves a gap yet to be filled in the fish farming and production sector, it also creates a prime business opportunity for interested importers and exporters in Nigeria, Africa or anywhere around the world.
Due to its short shelf life, importing fish is a delicate business with high risks. However, smoked, canned and preserved fish last longer but require a heavy financial investment.
26). Seafood Restaurant Business:
Across the globe, there are millions of fresh seafood lovers, and it is the same in Nigeria and other parts of Africa. Hence, selling nice cuisine of fresh nutritious fish is a great way to make a lot of money in the fishing industry.
Making delicious meals from fish such as mackerel, catfish, trout, electric fish, prawns, shrimps, and much more can build you a successful business in Nigeria. Opening a seafood restaurant is a highly lucrative fishing business idea that anyone can practice in Nigeria, Africa or anywhere around the world.
To Sum It Up
Fishing is a broad sector with a lot of lucrative business opportunities in Nigeria, Africa or anywhere around the world for entrepreneurs to venture into. While some fishing businesses require heavy capital, others are inexpensive and within the range of most entrepreneurs across the world. If you’re looking for a fishing business idea to start up, you can choose from any of the 25+ business opportunities listed in this article.
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