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The short answer
In our labelled example, a first cycle of 1,000 catfish in tarpaulin ponds costs about ₦3.68 million, of which ₦1.07 million is ponds, water supply, equipment and fencing you keep. Feed is the largest running cost; with 990kg harvested at an example ₦3,200 per kg, the first cycle runs at a loss but the second, without set-up costs, leaves about ₦563,000.
Choose the pond before the budget
Your pond choice sets most of your one-off cost. Tarpaulin (collapsible) ponds are cheapest to start and can be moved; concrete ponds cost more but last longer; earthen ponds need suitable land with water and clay soil. For a first 1,000-fish cycle, many small farmers use two tarpaulin ponds so they can sort fish by size. We compare the options in earthen, concrete or tarpaulin pond costs.
Water is the second big decision. Catfish need clean water and regular partial changes, so you need a borehole or well with a pump and somewhere to discharge used water. Used pond water is often used to irrigate vegetables.
First-cycle budget for 1,000 fish (example)
All figures are an example. We assume 10% mortality, 900 fish harvested at 1.1kg (990kg), an FCR of 1.3 and a five-month cycle. Fingerling, feed and pond prices vary by state; get quotes.
| Item (example) | Basis | Cost (₦) |
|---|---|---|
| Two tarpaulin ponds with frames | 2 × ₦180,000 | 360,000 |
| Well or borehole share and pump | One-off | 400,000 |
| Overhead tank and pipes | One-off | 150,000 |
| Nets, buckets, scale | One-off | 60,000 |
| Shade and fence | One-off | 100,000 |
| Fingerlings | 1,000 × ₦150 | 150,000 |
| Feed | 990kg × 1.3 = 1,287kg × ₦1,700 | 2,187,900 |
| Pumping power | 0.75kW × 2h × 150 days = 225kWh × ₦209.50 | 47,137.50 |
| Drugs, salt, sundries | Cycle | 40,000 |
| Labour | 5 months × ₦36,000 | 180,000 |
| Total first cycle | 3,675,037.50 |
The pumping line uses NERC's Band A tariff of ₦209.50 per kWh from its July 2025 orders. If you pump with a petrol generator, that line will be much higher, so price it per hour of pumping.
Margin per cycle (example)
For the selling price, a farmer in Karu, Nasarawa State, told the News Agency of Nigeria in June 2025 that catfish sold for ₦2,800 to ₦3,500 per kg. This example uses ₦3,200.
- Revenue
- 990kg × ₦3,200 = ₦3,168,000
- First cycle result
- ₦3,168,000 − ₦3,675,037.50 = −₦507,037.50
- One-off items
- ₦1,070,000 (ponds, water, tank, tools, fence)
- Recurring cost per cycle
- ₦2,605,037.50
- Second cycle margin
- ₦3,168,000 − ₦2,605,037.50 = ₦562,962.50
So in this example the first cycle pays for most of the set-up, and the business shows its margin from the second cycle. If you plan to borrow, plan repayment from the second cycle onwards.
Feed is where the money goes
Feed is 84% of recurring cost in this example (₦2,187,900 of ₦2,605,037.50). A 2019 Nigerian trial published by the GRÓ Fisheries Training Programme measured FCRs from 1.35 on one commercial feed to 2.81 on a locally made feed, which shows how much the choice of feed and feeding practice can move cost. If your FCR is 1.6 instead of 1.3, you use 1,584kg of feed, and at ₦1,700 per kg that adds ₦504,900, nearly all the margin.
For the full method, read catfish feed cost per kg of fish.
Running the cycle
The work is daily and repetitive, which is why labour is a real line in the budget even on a small farm. A typical routine looks like this:
- Daily: feed at fixed times, watch how fast the fish eat, remove dead fish, check water colour and smell.
- Every few days: partial water change, more often as fish grow and feed rises.
- Every two weeks: net and weigh a sample, adjust feed size and quantity, and record the numbers.
- Mid-cycle: sort by size into the second pond so large fish do not eat small ones.
- Before harvest: confirm buyers, stop feeding for a day so fish travel better, and arrange nets and scales.
Keep a notebook or simple spreadsheet from day one. Without records of feed, deaths and weights, you cannot tell whether a bad cycle was the feed, the water or the price.
Fingerlings or juveniles?
Fingerlings are cheaper but more fragile; juveniles cost more each but survive better and shorten the cycle. New farmers often start with juveniles from a reputable hatchery to reduce early losses. Ask the hatchery for the age and average weight, and count the fish when they arrive.
What to check first
- A water source that will not dry up mid-cycle.
- Feed price per kg from two suppliers, and their availability.
- A hatchery with a track record in your area.
- Two buyers who will take your harvest at the size you plan.
- Security: fish ponds are a target for theft at harvest time.
Where Pryme fits
A Savings Box can set aside money for the next cycle's feed as each harvest is sold, and a Pryme Business Account keeps farm money separate. For the selling side, see profit per cycle worked out. For setting money aside between harvests, see how to save when inflation is high.
Questions people ask
How much do I need to start catfish farming with 1,000 fish?
About ₦3.68 million for the first cycle in our labelled example using two tarpaulin ponds, of which about ₦1.07 million is reusable set-up.
How much is feed for 1,000 catfish?
In our example about 1,287kg of feed, or ₦2,187,900 at ₦1,700 per kg. Your figure depends on your feed conversion ratio and feed price.
How long is a catfish cycle?
Our example assumes five months. Your cycle depends on stocking size, feed and target weight.
Is tarpaulin pond good for catfish?
It is the cheapest way to start and easy to move, though concrete ponds last longer. Shade and good water management matter more than pond type.
Sources
- Mogaji O.Y. (2019), Evaluation of commercial and locally made feed in the culture of African catfish in Nigeria, GRÓ Fisheries Training Programme · accessed Oct 2026
- News Agency of Nigeria: Catfish farmers record boom in Nasarawa (Jun 2025) · accessed Oct 2026
- NERC: July 2025 Supplementary Order to MYTO 2024, Ikeja Electric (ORDER/NERC/2025/064) · 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.