This article is a guide on how to start stockfish business in Nigeria. Stockfish or okporoko according to its native name in the Igbo language is one fish that helps your meals taste better and starting a stockfish business in Nigeria is really easy as long as you have or know one or two importers or big dealers.
If you would love to start your stockfish business in the country, as earlier mentioned, you can start by looking for top dealers in Nigeria and majority of these top dealers are concentrated in Onitsha relief market, Anambra State. Aba market also boasts many top stockfish dealers and many other big markets in the southern part of the country are the places where you can find stockfish dealers that you can strike up a deal with so that you can start your stockfish business.
In this business, there are different types of stockfish and you should do a thorough research on the different types as well as the best selling type before you venture into the stockfish selling business fully. What this means is that just as it is done with other businesses, it is important for you to do some feasibility studies on the products you want to sell so that you will be able to understand the pros and cons of venturing into the stockfish business in Nigeria.
Once you start your stockfish business, the commodity is usually sold to you in large brown, strong sacks that can hold as many as possible and is resistant to tearing. The stockfish are packed as a mix of parts, or whole, some as also packed as cod fish, middle cuts, fins only, ears only or heads only, and this depends on the type that is in high demand in your locality. The type of stockfish you chose to buy for your business determines the amount you will have to pay.
COST OF STARTING STOCKFISH BUSINESS IN NIGERIA
If you want to start stockfish or okporoko business in Nigeria, the amount you would need should be about ₦100,000 or more in order to make your first okporoko purchases so as to have a reasonable number of products to sell and make good profits from. This will enable you stay in business.
It is advisable to target busy city or town markets where you have better chances of selling your okporoko to make great gains. You can also sell your stockfish on the main market days of surrounding markets in your area or other places you feel would give you profits and with more profits, you can expand your business.
If you are really serious with your stockfish business in Nigeria you will realize that it is a very lucrative business. This is because many people make use of stockfish to prepare many of their dishes ranging from soups to stews to mention but a few and many people also prefer stockfish over red meat due to its minimum to near negligible fat content.
TYPES OF STOCKFISH IN NIGERIA
As earlier stated, stockfish are cut in different shapes and sizes and sold as any of the following
- Stockfish Head
- Cut Body Parts
- Stockfish Cod
- Head and Ears (Akpama)
- Head and Bone (Akpama)
- White Bone
HOW MUCH IS STOCKFISH IN NIGERIA?
Depending on the demand for stockfish and the current exchange rate of the country, or the particular type and size of stockfish you want to buy for your business, a bag of stockfish cut-cut for instance is sold for ₦80,000, also, a bag of stockfish heads with ear costs ₦50,000 while a bag of stockfish consisting of only heads without ear can cost up to ₦40,000. Bear in mind that these are rough estimates and that the prices may be more or less when you go to the market to make enquiries by yourself. We have stated the figures so as to guide you on how to draw up a budget for your stockfish business.
STOCKFISH IMPORTATION IN NIGERIA: THINGS TO KNOW
If you have made up your mind on importing stockfish into the country or you are looking for importers of stockfish in Nigeria who you can get familiar with so that they can supply you your goods, you should know that they import these fish from a number of countries such as Norway, Iceland and the United Kingdom but the majority of the stockfish imported into Nigeria and consumed by Nigerians recently are from Norway.
Many stockfish importers in the country find it easy to import from Norway more than any other country and the cost of importing one metric tonne container of stockfish in the country should be just above ₦40 million, excluding expenses for container. Onitsha and Aba are the largest places where stockfish importation is done and in both cities are concentrated a lot of wholesalers. You might want to visit these areas to find out more about the business. Lagos is also a top stockfish importation centre in the country.
STOCKFISH (OKPOROKO) BUSINESS IN NIGERIA: GUIDELINES ON HOW TO START
These are the step by step processes on how to start stockfish (okporoko) business in Nigeria this 2020:
STEP 1: MAKE AVAILABLE THE FINANCE FOR THE BUSINESS
One of the most important things to do in starting your okporoko business is to make sure that the capital with which you want to venture into the business is made available. Any amount from ₦100,000 and above as aforementioned, depending on what you want is just okay to start your stockfish business.
STEP 2: FIND A NICE LOCATION FOR YOUR OKPOROKO BUSINESS
The next step after you must have gotten your finance ready is to look for a great location for your stockfish business. A wonderful location such as a busy market located in a town or city can positively affect your business and grow it tremendously. You shouldn’t locate your business at a place where you will be hardly noticed.
For clarity sake, if you want your okporoko business to move very well, you will have to secure a spot at a large market in your area where people are concentrated to increase your chances of making profit, you can also take out time to find out the market days of certain markets around your area.
STEP 3: FIND A TRUSTWORTHY OKPOROKO DEALER
In order to stay afloat and remain there in the okporoko business, it is very necessary that you get a trusted dealer that will supply you with the particular type of stockfish you need to sell to your customers and ensure that they deliver to you in time so you don’t run out of stock. Also ensure that your dealer gives you stock at the right price.
STEP 4: DISTRIBUTION TO CUSTOMERS
Apart from selling your okporoko at your shop, there are certain customers who require that you deliver or distribute to them to save them the stress of coming out to the market, there is no harm in acquiring and registering some vehicles for the sole purpose of delivering your stockfish to some of your customers if you can afford it.
STEP 5: ADVERTISE YOUR OKPOROKO BUSINESS
The power of advertisement can never be overemphasized, and you can seek out ways to create awareness for your business so that people can know what you’re into. You can use social and print media or even word of mouth to inform people about your business. This will go a long way in helping to build your customer base.
LEADING STOCKFISH DEALERS IN NIGERIA
If you are looking for top stockfish dealers in the country where you can buy your okporoko, you can check with the following:
HONEYCOMB FARM DEPOT
This is a stockfish dealer located in the Satellite Town area of Lagos State. They are also into crayfish business in the country and you can get quality stockfish from them. Their contact number is 09032595416 and the name of their contact person is Oluoma. Their delivery is nationwide.
EKENE VENTURES LIMITED
Ekene Ventures Limited is a top stockfish dealer in the country that operates a warehouse from which they distribute to other parts of the country. As at the time of writing, they are located at 149, Kirikiri Road, Olodi Apapa, Lagos.
FRANCEO INVESTMENT LIMITED
Franceo Investment Limited is another top dealer as long as stockfish (okporoko) is concerned. Thry import and distribute stockfish to various parts of te country and they are located at 6, Enu-Owa Street, Idumota, Lagos State.
NOLLY FYSH LIMITED
Nolly Fysh Limited imports different types of stockfish from Iceland and Norway and they are located in the south-eastern part of Nigeria. They are a leading dealer in the okporoko business. Their contact address is SF16, Eziukwu Market, Aba, Abia State.
Stockfish Warehouse is is a top retailer of imported okporoko from Norway. They are located at 50, Suez Crescent, Wuse, Zone 4, Abuja, FCT.
SUCCESS ADVENTURES LIMITED
Another leading stockfish dealer that is located in south-eastern Nigeria. They deal in okporoko that is imported from Norway and their contact address is 1248, Azikiwe Road, Aba, Abia State.
THE CHALLENGE OF STOCKFISH BUSINESS IN NIGERIA
The business faces just one main challenge and that is the delay in supplying your product. You may sell all your stock and order for new ones but the delay can sometimes be very annoying so to avoid an empty shop, once you notice that your stock has reduced to a reasonable extent, you can place your order for new supplies.
Stockfish business is a very nice business to venture into. Whether as an importer or wholesaler or retailer, the product generates very nice profits. It is easy to venture into and seeing it is a food business, you will not lack customers.