Ajao: Making Inroads Into Aquaculture Business

Hairat Abimbola Ajao is the CEO of Hairat Ajao & Co., an aquaculture enterprise which focuses on catfish production and processing.

The enterprise is driven by the understanding of the need for food security in society, ensuring that every Lagosian has access to affordable processed or fresh fish, regardless of the economic climate.

Abimbola, a graduate of Fisheries Technology from the Fisheries College in New-Bussa, was captivated by the processes of hatching, feeding, and observing fish growth during her undergraduate days. She stated that, “After graduation, I decided to start my backyard fish farming, which has now grown to what we have now. The knowledge I gained from Fisheries College helped build my expertise in running the fish farm successfully.”

Abimbola explained that, building this kind of business was challenging. ‘It took a lot of resilience and courage to remain in it, she stated. She started the business at her parents’ house, where her father provided a circular tarpaulin pond, and she set up a mini hatchery to sell hatched fish. The proceeds from the hatchery were used to raise the 200 fish in the tarpaulin pond.

Due to poor water quality in the area, Abimbola had to move to the Fish Farm Estate in Ikorodu for better water quality and a proper water drainage system. “So, I moved to the Fish Farm Estate in 2018 with about 1,000 fish. Now we have well over 20,000 pieces. We are still growing and reinvesting to scale up to 50,000 pieces of fish by the end of 2025, using the grant we received efficiently,” she said.

Lucrativity

Fish farming is a lucrative business because it is a food business; people eat every day. Having a fair percentage of the market share and growing a strong customer base is very important.

Challenges

Speaking on the challenges she encountered in the course of doing business, Abimbola believes that capital is the major challenge. The business is capital-intensive and requires a lot of discipline to keep it growing, including diversifying into other aquaculture enterprises like fish hatchery and consultancy. Another issue is labour. Finding trustworthy, diligent, and hard-working farm staff is a big challenge. They usually have to employ, train, and supervise closely to get good results. Additionally, attracting new customers has been challenging as the purchasing power of people has reduced. To address this, they have diversified their product range, including cutlets, fillets, and custom-made orders.

Advice

Abimbola’s advice to entrepreneurs in fish farming is to always be open to learning and networking with other farmers. Consistency is key to growing the business. Lastly, maintaining proper record-keeping is crucial as it helps make informed decisions and maintain a good profit margin.

Biography

Hairat Abimbola Ajao is the Chief Executive Officer of Hairat Ajao & Co., a thriving aquaculture enterprise. Her passion for fisheries began at the Fisheries College in New-Bussa, Niger State, where she studied Fisheries Technology. While still in school, Hairat embarked on her entrepreneurial journey, establishing a fish hatchery in 2009. After completing her studies, she relocated to Lagos and initiated a backyard fish-raising operation at her parents’ residence. However, challenges with water quality and drainage prompted her to seek alternative solutions. Undeterred, she transitioned to the Fish Farm Estate in Ikorodu, where her business has flourished to date.

Committed to continuous learning, Hairat pursued a postgraduate degree in Fisheries from Lagos State University, Ojo, in 2016. She has also undertaken extensive training in business management and farm management to enhance her expertise. Throughout her career, Hairat has successfully established and managed five farms, nurturing them from infancy to self-sustainability. Her dedication and innovative spirit have earned her recognition as one of the 26 entrepreneurs selected for the Lagos State Innovation Grant.