Fish farming is a huge industry in Nigeria, but smallholder farmers face several obstacles. Elisa Burrows, Partnership Manager at Fintrac, writes how offering financing for them can open up a world of opportunities.
In the Kano and Sagamu regions of Nigeria, suitable water resources and high market demand mean that aquaculture presents a profitable opportunity for smallholder farmers to expand their farming activities. Yet few farmers take advantage of this opportunity because they lack the technical knowledge fish farming requires and because there are few hatcheries that supply fish to small-scale farmers. To help change this, Chi Farms, a Nigeria-based livestock and aquaculture business, is working with smallholder farmers – primarily women – to develop this business opportunity.
The market opportunity for fish farming in Nigeria is huge. Nigerians consume nearly 2 million tons of fish per year, and the country’s growing population ensures demand will continue to boom. Demand far outweighs current national production, making it necessary to import fish from all over the world. However, in recent years the price of imported fish has increased significantly because of the devaluation of the Nigerian naira. Even though fish is a key ingredient in many Nigerian dishes and an important and efficiently produced source of protein (for every kilogram of fish feed, a kilogram of fish is produced), only half the fish consumed by Nigerians is sourced locally. To increase local production, Chi Farms is partnering with Feed the Future Partnering for Innovation, a Fintrac-implemented USAID program that invests in private sector partnerships to commercialize agricultural innovations in smallholder markets, to increase Chi Farms’ capacity to supply fish to farmers and build teams of aquaculture specialists to provide extension services. Continue reading