Fishery business plan
INTRODUCTION /BACKGROUND OF THE BUSINESS
BUSINESS BACKGROUND INFORMATION
DERAY FARMS as (catfish, clariasgaricpnus and highbred) fish farmers, has develop a zeal and anxiety to contribute to animal protein supply in Akwa Ibom State and Nigeria at large moreover the need to conserve foreign exchange hitherto expanded on a massive importation of frozen fish further informed the business concept.
The establishment will be a sole proprietorship owned by Evang. Raymond Sunday,He has provided human capacity and has also provided 4.8milion naira capital investments and there will be monetary capital of N5million raised in long-term loan fromfinancial institutions
The farm has been motivated by the following considerations:
- The large population growth in Akwa Ibom State and its neighboring states, the alternative sources of animal protein (beef) relative to fish as well as the upsurge in economic, social and industrial development resulting in improved standard of living and feeding habits are clear evidence of huge demand for fish in the country.
- The details of current practices employed by Nigerian fish farmers vary considerably. However, fish farming is very important and most fish farming practices are still largely on a subsistence level. The main advantage of the modern fish farming system is its emphasis on large units of production, labour saving, effective management of factors of production and higher output per hectare.
The main economic significance of the proposed business is its contribution towards narrowing down the fish demand-supply gap deficit in Nigeria as well as the supply of proteins and micronutrients for feeding the teeming population of Akwa Ibom State and Nigeria at large. The fish farm aims specifically at Table-fish size and fingerlings production later in the future to boost the domestic fish supply in the country and for export purposes too. The cost benefit analysis from research has shown that 15 tons of table fish and 1 million fingerlings are realizable in six months of production with a net profit of about NGN6.07m in the first year. This implies that about NGN12.14m is realizable annually from two production cycles with a Return on Investment (ROI) of 50% which signifies that the business is very much Feasible, Viable and Profitable.
I plan to incorporate my company (DERAY FARMS) to a Private Limited Liability Company. It is my intention to grow DERAY FARMS into a large firm with international standard and relationships. Intend to depend on my attorney to handle all aspects of setting up the limited liability company and maintaining proper company records.
I will manage the business on a day–to-day basis. My experience in managing other farm will be brought to this business. With my management team and I as a managing director, we will grow this business and provide jobs to many Nigerians.
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