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How to Start Crayfish Business in Nigeria

How profitable is crayfish business, the business plan and how to start a crayfish business

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Crayfish Business in Nigeria

If you are thinking of starting a crayfish business in Nigeria or maybe you just want to understand how some crayfish sellers in Nigeria run their crayfish business this article is for you. In this article, I am going to teach you everything you need to know about the crayfish business. 

How profitable is the crayfish business, what capital is needed to start the business, step-by-step guide on how to start, how to make profits from the business, how to preserve crayfish and crayfish exportation? We all know crayfish and its importance to all Nigerian homes. In fact, according to some tribes or cultures, it is a major ingredient in cooking soups and other delicacies.

Asides from this, there are other reasons why the crayfish business is a lucrative business but I will share more on this as time goes by. 

Types of crayfish in Nigeria

There are different types of crayfish in Nigeria. However, the types are not based on the species of crayfish rather they are based on the area or state the crayfish was bought in Nigeria. The most common type of crayfish in Nigeria is the Iron crayfish. This crayfish is indigenous to Oron in Akwa Ibom state.

It is caught by the bank of the Atlantic Ocean. Asides from this, there are other types of crayfish and these crayfish are named according to where they were caught

Is Crayfish Business Profitable?

There are many obvious reasons why the crayfish business in Nigeria is profitable. The first reason why the crayfish business is profitable is that seafood is widely consumed in Nigeria. Crayfish is one of the top seafood eaten in the country. In fact, there are people that do not eat fish due to different health reasons but these people eat crayfish because it is very delicious and healthy and because of this there is a high demand for the crustacean.

All tribes in Nigeria eat crayfish. They use it to cook all kinds of soap and delicacies. Another reason why the crayfish business is profitable in Nigeria is because of its high demand overseas. Yes, asides from selling your crayfish to the food market in Nigeria you can make millions exporting your crayfish abroad as long as it meets all the exporting standards. Crayfish exportation can be capital demanding but it is a lucrative business once you start it.

How to Start Crayfish Business in Nigeria

Steps on how to start a profitable crayfish business in Nigeria.

1. Conduct your Market Survey

The first step to starting a crayfish business in Nigeria is to conduct your market survey. Yes, despite the fact that the product ‘crayfish’ is widely known and acceptable you need to understand its market. You need to know which type of crayfish is widely accepted (bought) and why? You need to know the market you also want to be selling your crayfish to.

Do you want to be selling your crayfish to the middle-income earners or to the rich in Nigeria? If you want to be selling your crayfish to middle-income earners you can sell your crayfish in the local market. And if you want to sell your crayfish to high-income Nigerians you will have to buy the crayfish in bulk or wholesale remove the dirt, package, and brand it.

With this, you can sell your crayfish directly to the rich or sell it in malls, stores, or supermarkets where the rich buy their foodstuffs or ingredients. Conducting your market survey also lets you know the kind of crayfish you can export to make money. Remember I said earlier that there is a standard your crayfish has to have before it can be exported out of Nigeria.

Part of this standard is to know the type of crayfish that is acceptable for export to Europe and other continents.

2. Get a Business Plan

After doing your market survey for your crayfish business, the next step for you will be to write your crayfish business plan.  A crayfish business plan is very important to your crayfish business especially if you are planning on investing huge capital into the business or you are planning on doing the business for a long time.

Your crayfish business plan will be written depending on the capital you have at hand or how big you want to start. Do you want to start as a wholesaler or a retailer or do you simply want to be an exporter? All this will determine how the crayfish business plan will be written.

You can write the crayfish business plan yourself or simply employ the skills of a professional business plan writer like us to do it for you at a price. If you want to contact us via theinfoworth@gmail.com

3. Get Capital for the Startup

It is one thing to be willing to start a business like this, it’s another thing to hold back by the capital it demands. This is the problem many Nigerians that want to go into the business face. However, you can start a crayfish business without money as long as you can write a crayfish business proposal.

You can write this proposal to friends or family that you know will be willing to invest in the business. Or you can simply write the proposal to the crayfish dealers in Nigeria to sell their crayfish on credit to you and you pay them after selling. It all depends on you and which of these prospects you want to face.

But if you ask me which of these prospects is preferable to ask for support, I will say you should ask your family or friends. These people will receive your crayfish business proposal or plan in good faith if it is convincing enough.

4. Buy Crayfish in Bags

If you are considering buying your crayfish in bulk or wholesale you should consider buying it in bags. So your next question now might now be ‘How much is a bag of crayfish in Nigeria currently?’ A bag of big-size crayfish at a wholesale price could go from ₦50,000 – ₦65,000.

While a bag of medium size crayfish at a wholesale price could cost ₦30,000 – ₦40,000 depending on the crayfish-producing area or state you buy the crayfish from. With this price of a bag of crayfish in Nigeria, you can decide which type of crayfish you want to buy to sell maybe it is the medium-sized crayfish or the large-sized?

After making your decision on this, the next step is to proceed to buy your crayfish. If where you are staying is far from these crayfish-producing states you can connect with other crayfish wholesalers and give them money to buy crayfish for you when they are going to buy.

I mentioned this because it is a better option if you do not want to go buy the crayfish yourself because of distance but if you can go by yourself at least for the first time you can go. After going for the first time and you enjoy the quality of the fish you bought you can simply be sending money and get your crayfish delivered to you.

5. Sell Crayfish Locally and Export

After buying your crayfish in bags the next step for you will be to sell your crayfish either locally or internationally. If you want to sell your crayfish locally you need to package your crayfish in a way that will be accepted by your market. The only time you do not need to repackage your crayfish is when you are a wholesaler. If you are a wholesaler you will be selling your crayfish in bags.

You will also need to be a wholesaler if you want to export your crayfish abroad. As a wholesaler who deals in crayfish, you can sell your crayfish to market women, to malls, supermarkets, and provision stores around you.

6. Profits in Crayfish Business 

There are different ways you can make profits in your crayfish business in Nigeria. These are:

A. Selling in Bulk

When you buy your crayfish in bulk and you sell in small quantities you will surely make profits easily. An example is selling your crayfish in bulk and selling to market women.

B. Selling to Provision Stores

Another way can make profits from your crayfish business is to sell your crayfish to supermarkets and provision stores. This technique is similar to selling your crayfish in bulk the only difference is you are selling repackaged crayfish.

C. Export Crayfish Overseas

This is another perfect way to make profits from your crayfish business. As I explained earlier all you have to do is meet up with the terms and conditions of export (standards).

Crayfish Season in Nigeria

 The dry season in Nigeria which is from December to August the following year is the crayfish season in Nigeria. However, crayfish are always available in Nigeria year in and year out. It might be in surplus or scarce but is always available. In the crayfish season, the fishermen in Akwa Ibom, Bayelsa, Rivers, Lagos, Ondo, and Cross River State catch plenty of them and preserve them.

If you are asking how they preserve crayfish they preserve them by sun-drying them till they crack when touched. You can also preserve crayfish by oven-drying them but this method is not common.

Crayfish Wholesalers in Nigeria

If you want to know as a major crayfish Wholesaler in Nigeria you need to invest huge capital into your crayfish business and you will need to be buying your crayfish directly from the crayfish-producing states in Nigeria.

Conclusion

Crayfish is lucrative because it is a foodstuff. Whether you are selling it locally or you are exporting it you can still make money from the business. You just have to look at what others are not doing in the business and do it.

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Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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