From an entrepreneurial pastime to a pioneering Nigerian fish farming business
Nigeria Delta State entrepreneur, Olusegun Ezekiel Wuraola is successfully growing his company Grandpa Agro-Allied Farms Ltd, which started as a pastime but has become a pioneering fish farming and fish feed business.
While managing his computer business successfully for 19 years, Olusegun began fish farming as a pastime by constructing a fish pond in his compound. Over a period of 3 years, he expanded with another 2 ponds and began to see the potential of fish farming and fish feed production as a more viable business model than computing. One of the key differences is the need to supply computing equipment on credit, while fish production tends to have a steady demand and is sold on a cash and carry basis. And so as from 2013, Olusegun began to seriously pursue fish farming and fish feed production as a business venture.
Titilayo, Olusegun’s wife has become a 40% shareholder in Grandpa. As a couple, they are a dynamic unit, holding 5 university degrees between them including an MBA each. Their obvious commitment to learning together with their systematic approach has led them to engage with local consultants in Nigeria as well as 3 research professors from Delta University in the USA who have helped them to develop their fish feed recipes.
The production site that is being developed by Olusegun is perfectly situated in a growing fish farming region. There are 3 clusters of farms within their delivery radius representing approximately 8000 farmers and a potential demand of over 400 000 bags of fish feed per month. Much of the fish feed consumed in the local market is imported and with the deterioration in the exchange rate, Grandpa is well positioned to displace imports with a high quality locally produced alternative.
GroFin’s investment with Grandpa is valued at just under US$70,000 and is being used to finance equipment for the production of fish feed and working capital. This will enable them to move from a manual intensive operation to a more mechanical system and will increase their capacity to 16 bags (15 kg each) per hour. An additional 8 jobs are being created through the expansion of Grandpa bringing the total employment to 17 of which 3 are women. 89% of all 17 jobs are addressing the base of pyramid unskilled labour force.
We are looking forward to seeing the new production facility come online and the social impact being realised through this well organised and disciplined fish farming entrepreneur.