Starting stockfish business in Nigeria is very profitable if you know the basics. Stockfish is also called okporoko in Igbo language is a type of fish used by Nigerian women to aid the taste of soups. Even if you want to begin selling okporoko on a wholesale or retail level, you need to know trusted importers or dealers of stockfish in the country to succeed in this venture.
Most top stockfish dealers are mostly situated in Onitsha relief market, Warri, Sapele, Aba, and other riverine market communities in the southern region of the country. With these dealers, you can contact them, discuss terms and then start your stockfish business easily anywhere in Nigeria. Another thing to note are the various types of stockfish that are available in the country. Carrying out your research would help you understand what kind of okporoko is being used, sold or high in demand.
How Much It Would Cost To Start Stockfish Business in Nigeria
To start stockfish business in Nigeria, you would need about ₦100,000 to purchase the okporoko. It is advisable to start small if you really want to venture into the business. You should be able to make your first profit, if you successfully sold your first stock. Busy areas or markets are best places to sell stockfish in the country. Since stockfish business is very lucrative, delay in stocking your shop is the only pitfall in doing this business. This can be as a result of not ordering for new supplies or delay of the product not reaching you on time. Customers are willing to buy okporoko as it is essential in preparing most Nigerian meals.
How To Start Stockfish Business in Nigeria
To start this okporoko business, there are factors to consider like location, dealers, finance, delivery, etc. Below are the steps to successfully start stockfish business in Nigeria today and make money from it:
Step 1: Get the necessary finance
Money is one of the most important factors in any business. As stated above, you would need over ₦100,000 or more to begin selling okporoko or stockfish on a medium or small scale. It is important to note that depending on the scale and type of stockfish you want to sell, you should have done your research on the amount of money needed to start selling stockfish and what it entails.
Step 2: Get a good location
A very good location is necessary if you must be successful in starting your own stockfish business. The most viable place to sell your commodity should be at the market or at areas where foods are being cooked. Getting a location in open places is also good as it helps people notice the commodity you are selling.
Step 3: Get a trusted stockfish dealer
Having set up your shop in a good location, the next step is to find a trusted stockfish dealer who will supply you with the type of okporoko you want to sell. If its the head, cut body parts, fins or even stockfish cod you want to sell, make sure you bargain with the dealer to sell using the wholesale price.
Step 4: Distribution
You can acquire a few vehicles for distributing stockfish through your buyer network. In Nigeria, we have tricycles, informally known as keke-napep; you can get one or two roadside engineers to redesign the tricycle. They can change the panel of the tricycle, are change the look from passenger tricycle to a courier tricycle. You should also get delivery personnel.
Step 5: Advertise your business
You might be wondering how to advertise your stockfish business in Nigeria to get more customers. The answer to this depends on your locality and the area you secure a spot within the market. This can increase your chances of making profit, if you do the right thing. Telling people about your business can help increase patronage. You can advertise on bulletins, print stickers or posters, detailing people on what type of okporoko you are marketing.
Types of Stockfish Found in Nigeria
There are various sizes and shapes of stockfish sold in the country. The following are the types of okporoko you can find in the Nigerian market today:
- Stockfish Head
- Cut Body Parts
- Okporoko Fins
- Stockfish Cod
- Head and Ears only
- White bone of okporoko
- Head and Bone only
Importing Stockfish into Nigeria: What To Note
This is for those who wish to do this business on a large scale. If you want to importing stockfish from abroad into the country, it would be quite expensive. Countries where stockfish can be imported from include: Norway, United Kingdom and even Iceland. Normally, the bulk of stockfish imported and consumed in Nigeria are gotten from Norway. Aba and Onitsha markets are where most dealers gather that sell in wholesale prices. We also found out that importing one metric tonne container of stockfish into the country is estimated at ₦50 million, minus custom duties and othe container expenses.
Top Best Stockfish Dealers in Nigeria
These are trusted dealers to buy stockfish or okporoko from. Kindly note that their prices may differ and they ship to anywhere in the country.
Ekene Ventures Ltd
Ekene Ventures Ltd is a top seller of stockfish in the country. They own a warehouse where they operate stockfish distributing to any state in Nigeria.
FoodHub Africa sells stockfish and other food items online. They operate an online food store where you can order from and get it delivered at your door step.
Franceo Investment Limited
Franceo Investment Limited is also a good dealer and importer of stockfish. They are based in Lagos and are quick in response.
Nolly Fysh Limited
Nolly Fysh Limited are also one of the best stockfish dealers that deal with different types of stockfish. They import directly from Iceland and Norway.
Stockfish Warehouse is another trusted retailer that deal with high quality cod stock fish. They import directly from Norway and are based in Abuja. They are one of the leading dealers and importers on okporoko in Nigeria.
Cost of Stockfish in Nigeria Today (2020)
The price for stockfish is dependent on the type and differs from one market to the other. In Nigeria today, a bag of stockfish cut-cut can be bought for ₦80,000 to ₦90,000. Also, a bag of stockfish containing the heads and ears costs up to ₦70,000. The bag without ear and only heads of okporoko price is ₦40,000. While these figures are recent, note that if you don’t want to buy from third parties, and you want to import, the price of one metric tonne container of stockfish costs around ₦50 million naira. The biggest locations in Nigeria that is famous for okporoko importation are Onitsha and Aba matkets respectively.
Stockfish business is a very lucrative business. Over 90% of homes in Nigeria, use stockfish in cooking soups, sauce and stews. If you start this venture, you would always have a large market niche. This article should help individuals that want to start big and start accruing profit very fast from okporoko business.
In the course of this article, we provided the guide on how you can start making money with stockfish business in Nigeria. The native name for stockfish is okporoko, and it is a fish that allows your soups to taste better. For you want to succeed in okporoko business in Nigeria, you should link up with stockfish dealers in Nigeria from towns like Onitsha, Aba or even any riverine area in the country. The subject reviewed is quite novel, so if you have any questions or need any clarifications, use the comment section.