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DOSARAF OVEN DRIED CATFISH

Nigeria
Market: Food industry, Production, Farming
Stage of the project: Prototype or product is ready

Date of last change: 05.10.2017
Min investment
$  5.000
1
Total required
$ 20.000
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Idea

Our company is registered in Nigeria, offering a unique array of integrated Agricultural Production Services which include but not limited to Agribusiness, Food Production, Farming, etc.
We are currently into Livestock (Animal) production such as; Poultry (Broilers, Cockerel and Catfish). Our latest product, Oven Dry Catfish is already gaining traction and market acceptability.

Current Status

Fish is a major source of animal protein and an essential food item for Nigerians, the demand for fish & fish products in Nigeria as increased annually this is fuelled by increasing population amidst other factors. To fill the existing gap in the demand for fish products and increase the per capita fish consumption.

In Nigeria, about 41% of the total animal protein intake is obtained from fish products and it is reported that fish is a major source of animal protein and an essential food item for Nigerians, because it is relatively cheaper than meat. The total demand for fish and fish products is higher in Nigeria than many other West African countries.

Market

The market opportunities available is to gain a market share of 2.1million metric tons supply shortage.

Problem or Opportunity

The estimated annual national demand for fish in Nigeria is 2.3 million tons out of which market research evidence shows that one in every 500 of this total demand represents the demand estimate for smoked fish (i.e. 4,600 tons). In 2014, the population of Nigeria as risen to above 180million and as increased the demand for fish and fish product to 3.32million metric tons. The volume of fish produced in the same year was 1,123,011 tons leaving a deficit of over 2.1million metric tons.

Furthermore, the average fish consumption in Nigeria is placed at 9.8 kg/caput (USAID, 2010); this is still far from meeting the World Health Organisation (WHO) recommendation of 15 kg/caput fish consumption. The continued growth of population, income and urbanization assures the high demand for fishes in Nigeria. Nigeria has a large market for smoked catfish, with a population of over 180 million people and an estimated national population growth rate of 5.7% per annum, an average economic growth rate of 3.5% per annum in the past five (5) years, it’s consumption cuts across every strata of the society both the rich and poor, coupled with the health benefits of the product as a source of omega-3 fatty acids that as continually played an important role in the prevention of heart disease and type 2 diabetes. The regular supply of smoked catfish is the local market; however such fishes are un-hygienically processed, and contain Polycyclic Aromatic Hydrocarbon (PAH) a compound that causes cancer, sand, other foreign particles and a short shelf life.

Solution (product or service)

To address this growing shortage and provide hygienically processed fish product to the growing health conscious consumers who still love to consume tasty and delicious smoked catfish, we setup a fish processing/smoking plant with fish smoking kiln that meets international approved standard to produce DOSARAF OVEN DRIED CATFISH. To continually meet the growing demand of our oven dried Catfish product, getting the required fund will enable us to improve on the packaging and branding of our product, produce 18,000kg of live Catfish annually to support the supply of Catfish and increase our installed processing capacity to 700kg by adding 500kg capacity to the already existing 200kg with expected production rate of 80% in Three months. This will also create more jobs and employment along the value chain of the business directly and indirectly.

Competitors

Competitors are categorised into Direct and Indirect Competitors;
Direct Competitors; Asher Fish, Melange Catfish, Ages Smoked Fish, Divine Fish Farm, Modupeoluwa Catfish, Ukel Fresh and Tasty Fish, TM Smoked catfish, Yuzi Farms
Indirect Competitors; These are the Aboki’s (Hausa’s) and market women that are involved in the local and traditional way of smoking fish using firewood.
It has been identified that their traditional way of smoking exposes the fish to Polycyclic Aromatic Hydrocarbon (PAH) a chemical compound that is dangerous to health and causes cancer. It is also usually un-hygienically processed, exposed to flies and dust even till the point of sales.

Advantages or differentiators

Provide high quality products with long shelf life
Provide products at competitive and affordable price by reducing cost of production
Offering of different taste varieties of our smoked catfish
Unique marketing technology.
Establishing a wide distribution networks across Nigeria and the sub-region
Unique and better packaging
Building strategies which other competitors have not met yet.

Finance

We presently have two sizes of our products in the market 300gm pack which sells for N1,200 and 600gm pack which sells for N1,700. We project to introduce other different package sizes and Catfish fillets. Our projection is to stabilise the business from the sales of our products in the next few years

Money will be spent on

PROCESSING EQUIPMENT'S
PACKAGING AND BRANDING
SETUP PONDS TO RAISE CATFISH TO REDUCE COST OF RAW MATERIALS
ESTABLISH A STRONG AND STRATEGIC DISTRIBUTION NETWORK
WORKING CAPITAL

Offer for investor

Offer for investors will be determined by the amount of fund invested.

Risks

INTERNAL RISK; Management of the processing method in terms of the hygiene, water, non exposure to Polycyclic Aromatic Hydrocarbon (PAH) and proper drying to prevent micro bacteria organism that reduces the shelf life of the product, not withstanding with our experience in the industry and use of the right equipments, we can guaranty the shelf life of the products and ensure it is safe for consumption.
EXTERNAL RISK; has to do with the fluctuating price of raw materials, processing materials and government policy.
Our opportunity lies in the growing demand of Catfish product which is linked to the increasing population of customers in Nigeria and Diaspora coupled with the foreign exchange and acceptability of food products from Nigeria to the European Union.

Incubation/Acceleration programs accomplishment

Participated in Bank of Industry Youth Entrepreneurship Programme
African Management Initiative Business Training
USAID-Leap Africa Agribusiness Development Training Boothcamp
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
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Product Video