Crayfish farming is one of Nigeria’s most profitable industries in the food sector. Because crayfish is consumed by the bulk of Nigerians, only a small percentage of the population refuses to consume it, mainly for religious or health reasons.
Crayfish consumption is so widespread in Nigeria that each Nigerian, vegetarian or not, has eaten crayfish a minimum of once in their lives.
The crayfish belong to the crustacean family of fish, which are abundant in protein and in high demand in Nigerian and international cuisines.
Crayfish are widely utilized in spicing up recipes and are also employed by people that are on a diet because they’re very low in carbs.
Nigeria, Mexico, Spain, the Nordic nations, France, Russia, Australia, and the United States of America are among the countries that consume crayfish.
Crayfish may be a wonderful export because Nigerians and foreigners from everywhere on the planet invite them on a day-to-day basis.
Crayfish are often shipped whole or powdered into a powder that will be used as a spice in cooking.
The state of Akwa Ibom in Nigeria is known for having the best quality crayfish and is additionally home to people that work in the crayfish industry, as seen by the vast numbers of crawfish exported out of the state on a monthly basis.
In Nigeria, how does one start a crayfish business?
In Nigeria, how profitable is the crayfish business?
Crayfish may be a business that can be started with little or no money and has the potential to turn a trader into a millionaire over time.
This will be accomplished through diligence, thorough research, and perseverance. A trader can profit up to 50% on each bag sold, no matter the size or weight.
Once you consider that a 5-kilogram bag costs 30,000 nairas, the profit on each bag sold should be 15,000 nairas after transportation costs and other expenses.
The business can make tons of cash, especially if the crayfish are sold in large quantities, like 10 to 100 bags. 150 bags monthly would make the customer a millionaire in no time.
In a country where 9-to-5 office jobs and other corporate positions fail to satisfy the financial needs of everyday employees, side companies have been shown to be a viable answer to Nigeria’s economic problems.
As a result, enterprises like crayfish are progressively becoming the quality within the country, because the food industry is unaffected by economic downturns.
The best method for starting out any business is to spot one’s market. The large demand for crayfish demonstrates that there’s a marketplace for it because it is consumed day to day and has an ever-expanding market.
It often starts with a small amount of cash by purchasing a bag, then expanding from there. Thanks to the market and scarcity of fish, as well as inflation within the country, crayfish don’t have a group price.
A crayfish company is often started with a mean of 100,000 nairas and a minimum of three bags of crayfish.
However, a business strategy is required during which the vendor determines whether or not they will sell in tiny bags, large bags, or maybe containers, as this may impact the quantity of capital required to run the firm.
The business is extremely easy to take care of and involves little or no stress because the crayfish are already processed and dried and have a long time period if kept clean, sealed, and dry.
To make a big profit in the crayfish business, one must cut out the middleman and buy directly from the farmers or distributors, albeit this suggests traveling to their states or placing orders for them to be sent over via courier service.
This may go an extended way toward increasing returns because any additional charge added to their price is going to be your profit.
Far and away, the sole way to increase the profitability of this business is to try to do so. Because it’ll allow you to set your own price in a way that’s convenient for you.
In Nigeria, where are you able to find the simplest crayfish?
While Akwa-Ibom is well-known for its low prices and top-quality crayfish, this is not always the case, as crayfish are often purchased from a number of other Nigerian states, including Ogun and Ondo.
It’s crucial to notice, however, that marketers prefer Akwa Ibom since it’s the simplest quality, taste, and is practically dirt-free.
The cleanliness of the crayfish is consistent with the customer’s request because most customers are turned off or postponed by the sight of dirt on their crayfish.
This is able to make cooking very difficult because it might add sand to the meals that are prepared, and even the most meticulous chefs miss things.
So, so as to take care of a loyal customer base, the crayfish merchant must provide only the cleanest, highest quality crustaceans available, because most customers won’t give their telephone a second chance.
Resources: How to start a profitable smoked fish business in 2024
