Establishment of Local Fish Farm “La’ Prestige Agro” LLC in Nigeria

Abstract

This project aims to create a unique and most efficient large-scale farming of freshwater fish for daily consumption in Nigeria. According to the CGIAR African Fish Research Program 2019. Nigeria has one of the highest levels of fish consumption in Africa. In Nigeria, Africa's most populous country, fish is an important part of the household diet. Fish makes up about 40% of the protein consumed in the country, with fish consumption at 13.3 kg per person per year [17]. According 2021 Fish Information and Services report, Nigeria spends 250 billion naira approximately (US$560 million) annually on fish importation [6, 7]. The mainly import fish from Japan, Norway, Russia, United States and Netherlands. Nigerian’s population fish demand is approximately 3.3 million metric tons but the country is only able to produce 1.1 million metric tons locally. With a report on this study and as a Nigerian citizen who has lived in Nigeria and has a family living there, with current updates on the Nigerian fish market and its economic status. It is estimated that Nigeria lacks 60 percent of the fish production capacity equivalent to the country's fish consumption needs. Thus, investing in fish production in Nigeria is profitable and comes with the least investment risk of bankruptcy as consumers are always available to buy once you have a successful production [8, 9]. Thus, our company has enough market space and high demand for fish to succeed in the Nigerian fish market. This will allow our company to earn enough profit to repay the investment loan and interest on it within the agreed time frame agreed with our investors.