AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A catfish cycle is costed by adding fingerlings, feed, water and power, labour and treatments, then dividing by the kilos you expect to harvest. Feed is the largest line, reported at 60 to 70% of production cost, so your feed conversion ratio and feed price decide whether the cycle makes money. In the labelled example below, 1,000 fish cost about ₦1,694 per kilo to grow.
Most catfish farmers know their selling price to the naira but guess their cost. That is how a pond that looks full at harvest can still lose money. This guide sets out every cost in one grow-out cycle, shows how to turn them into a cost per kilo, and runs a worked example you can redo with your own numbers.
What one cycle covers
A cycle runs from stocking fingerlings or juveniles to the day you sell the last fish. For Clarias catfish, WithinNigeria's June 2026 guide puts the time to market size at five to six months, with hybrid and Heterobranchus strains sometimes taking eight months or more, and a market weight of 1 to 1.5 kg. The longer the cycle, the more water, power and labour each fish carries, so time is a cost in itself.
Split the costs into two groups. Variable costs rise with the number of fish: seed, feed, treatments, harvest labour. Fixed costs for the cycle are there whether you stock 500 or 2,000: the caretaker's pay, pond rent, borehole running costs. Capital items such as tanks and pumps are not cycle costs; set aside a share of them as a repair and replacement reserve instead.
The main cost lines
Feed
Feed dominates. The WithinNigeria guide reports that feed makes up 60 to 70% of catfish production cost, and gives prices as at early 2026 of about ₦9,000 for a 15 kg bag of local floating catfish feed, with imported brands at ₦11,000 or more. Feed prices move often, so price your own cycle from your supplier's current quote, not from an article.
How much feed you need depends on the feed conversion ratio (FCR): kilos of feed per kilo of fish gained. The same guide cites an FCR of 1.2 to 1.3 for catfish. Farm results vary widely: a 12-week trial published through the GRÓ Fisheries Training Programme recorded FCRs from 1.35 on one commercial feed to 2.81 on a local feed, while finding local feed gave a better profit index because it cost less. The lesson is to measure your own FCR, not borrow someone else's.
Fingerlings or juveniles
Juveniles cost more per piece than fingerlings but survive better and shorten the cycle. We could not find a published 2026 price, so ask two or three hatcheries near you and record the price per piece, the size, and how many die in the first two weeks.
Water and power
Water changes need pumping. Whether you use a generator, grid power or solar, log the fuel or units used each week. Many farmers forget this line because it is paid in small amounts.
Labour, treatments and sundries
Include the caretaker's pay for every month of the cycle, your own time if you want a true picture, salt, lime and treatments, nets, and the cost of transport to market.
Worked example: 1,000 fish (labelled example)
| Line | Assumption | Cost (₦) |
|---|---|---|
| Fingerlings | 1,000 at ₦100 each (example) | 100,000 |
| Feed | 850 fish survive (85%) at 1.2 kg = 1,020 kg; FCR 1.5 gives 1,530 kg = 102 bags of 15 kg at ₦9,000 | 918,000 |
| Water and power | ₦40,000 a month for 6 months (example) | 240,000 |
| Labour | One caretaker at ₦70,000 a month for 6 months (example) | 420,000 |
| Treatments and sundries | Example lump sum | 50,000 |
| Total | 1,728,000 |
Harvest is 1,020 kg, so the cost is ₦1,728,000 ÷ 1,020 = about ₦1,694 per kilo. At the early-2026 working average of about ₦3,000 per kilo reported by WithinNigeria, sales would be ₦3,060,000 and the margin before capital costs ₦1,332,000.
Now change one number. If the FCR is 2.0 instead of 1.5, feed rises to 2,040 kg, or 136 bags costing ₦1,224,000. Total cost becomes ₦2,034,000 and the cost per kilo about ₦1,994. A half-point worse FCR adds roughly ₦300 to every kilo. That is why feeding discipline matters more than almost any other decision.
Prices move: check before you stock
Selling prices are not steady. NAN reported in June 2025 that farmers in Karu, Nasarawa State, were getting ₦2,800 to ₦3,500 per kilo against ₦4,800 the year before. WithinNigeria put Lagos and Abuja retail prices at ₦2,647 to ₦4,412 per kilo in early 2026. Before stocking, call your usual buyers and ask what they paid last month, then test your cost per kilo against the lower end of the range.
What to check first
- Get written quotes for feed and juveniles and note the date.
- Weigh a sample of fish every two weeks and log feed used, so you can calculate your real FCR.
- Record every naira spent on water, power and labour in the week it is spent.
- Divide total cycle cost by expected harvest weight and compare it with the lowest recent selling price, not the highest.
- Set aside money for the next cycle's feed before you spend harvest proceeds.
For more on keeping farm records, see our guide to bookkeeping for small businesses, and for the sales side, selling catfish and getting paid.
Where Pryme fits
A Pryme Business Account keeps farm money apart from household money, which makes the cost per kilo easier to work out. Naira Savings Boxes let you put the next cycle's feed money aside as soon as buyers pay; see Savings Boxes or open an account.
Questions people ask
How much does it cost to raise 1,000 catfish in Nigeria?
It depends on feed price, survival and FCR. In our labelled example, 1,000 fingerlings with 85% survival and an FCR of 1.5 cost about ₦1.73 million over six months, or about ₦1,694 per kilo harvested. Rework it with your own quotes.
How many bags of feed do 1,000 catfish eat?
Multiply expected harvest weight by your FCR. 1,020 kg of fish at an FCR of 1.5 needs 1,530 kg of feed, which is 102 bags of 15 kg.
What is a good FCR for catfish?
WithinNigeria cites 1.2 to 1.3. A published trial recorded 1.35 to 2.81 depending on the feed. Measure your own by weighing samples and logging feed.
How long does catfish take to reach market size?
Clarias catfish typically take five to six months to reach 1 to 1.5 kg, according to WithinNigeria's 2026 guide; some hybrids take eight months or more.
Sources
- Best fish to farm in Nigeria: catfish vs tilapia in 2026 (WithinNigeria, 25 Jun 2026) · accessed Oct 2026
- Evaluation of commercial and locally made feed in the culture of African catfish (GRÓ FTP, 2019) · accessed Oct 2026
- Catfish farmers record boom in Nasarawa (NAN, Jun 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.