In today’s competitive agricultural landscape, informed decision-making can be the difference between growth, stagnation, and loss. Dula Farms (an agricultural development company) recognized the importance of data-driven decision-making and sought our expertise to conduct a thorough market analysis of the catfish industry in Surulere. The essence of the market research was to gather intel on the sales and purchase of catfish within Surulere. Dula Farms provided the necessary information for our data team to develop tailored solutions addressing their business needs.
The Nigerian catfish market is particularly dominant in the agricultural industry within West Africa. With a staggering 2.5 million tons of catfish missing from Nigeria’s supply chain annually, companies like Dula Farms are in a prime position to meet this demand. Dula Farms discovered an opportunity related to this supply gap aligned with their business processes. They used our market research services to be more informed of this opportunity.
Hankali’s Data team used the research and the data analytical processes to demystify the information provided by Dula Farms and curated a plan for conducting market research. The plan included a definite strategy to collect data from various catfish vendors in Surulere. There are numerous catfish vendors in Surulere. Thus, we used the stratified random sampling approach to define the respondents fitted to the criteria provided by Dula Farms. Our team embarked on the streets of Surulere, engaging with catfish vendors from bustling Hotels to quiet corners, collecting data from every angle—be it conversations, photos, or numbers. In addition to collecting theses datapoints, our officers developed a relationship with these vendors, in case there is a need for Dula Farms to get additional information from them.
Generally, the catfish vendors in Surulere were distant, agitated and uninterested in responding to our officers. Contrary to their typically friendly demeanor with customers, many catfish vendors in Surulere were less receptive to our officers. This limited the sample size. Despite initial resistance, our persistence paid off as we built trust and gathered key data from over 100 vendors across Surulere’s markets Our team navigated vendor resistance in popular Surulere areas such as Kilo, Lawanson, Mushin, Aguda and more to gather crucial data for Dula Farms. However, the data was disorganized. This marked the beginning of the data analytical process for the market research project.

The data analysis process for the Dula Farms catfish market research began with data preprocessing and manipulation using Google Sheets. Our data team transformed raw, unorganized data into an interactive Power BI dashboard, offering Dula Farms a detailed map of the Surulere catfish market. Using the Power BI dashboard, we visualized insights such as vendor challenges, expenditure patterns, and high-demand areas for Surulere’s catfish market. This dashboard was then sent to the Dula Farms team who appreciated the extensiveness of the dashboard because it displayed insights for their business case. The information in the dashboard can allow Dula Farms to identify high-demand catfish areas, curate flexible pricing strategies, build relationships with key vendors, prioritize markets in Surulere with high purchasing power, and so much more.

A report was generated following the completion of the analysis. This report was professionally prepared to ensure a clear and descriptive analysis explanation. Our detailed market research report provided Dula Farms with tailored insights to optimize their strategies in the catfish industry. The report was well-received by Dula Farms who were pleased with the market research service conducted by Hankali Intel.

This portrays how Hankali’s Market research service can be used to provide in-depth information to implement a strategy befitting their business needs. At Hankali, we specialize in delivering data-driven solutions that empower businesses like Dula Farms to thrive in competitive markets.

By: Jiboku Oluwatunmise Olanrewaju

Data Analyst & Project Manager