Aquaculture: a veritable tool for youth development, empowerment and entrepreneurship

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1 Aquaculture: a veritable tool for youth development, empowerment and entrepreneurship OMITOYIN SIYANBOLA DEPARTMENT OF AQUACULTURE & FISHERIES MANAGEMENT UNIVERSITY OF IBADAN, NIGERIA

2 Outline of presentation Definition of aquaculture Importance of aquaculture How of aquaculture

3 Introduction ØAquaculture is the rearing or cultivation of aquatic organisms (fin fish (cat fish, Tilapia, Carp, Heterotis, Heterobranchus ) shell fish (Shrimps, molluscs, crabs), aquatic plants(sea weeds, sea cucumber) in an enclosure (earthen ponds, concrete tanks, floating cages, raceways, collapsible tanks, fibre tanks or any material that can possibly hold water) under proper management (water (quality & quantity), feed, medication) ØIt is the fastest growing food production system worldwide and is particularly important in bridging the gap between fish demand and supply in Nigeria. ØThe future of aquaculture is bright globally due to high demand for fish and fisheries product and a reduction in catches from natural water bodies. ØMarkets for fish is on the increase because fish is highly nutritious, high in protein, Zinc, Iron, Vitamin A, Calcium, omega 3 fatty acid and calories ØFish can contribute to a reduced incidence of heart didease

4 ADVANTAGES/ IMPORTANCE OF AQUACULTURE ØAquaculture also plays a multi-disciplinary role It aims at providing food security, generates employment improved economic gains, enhance optimum utilization of resources it ultimately uplifts the socio-economic status for those who are directly or indirectly connected with production and processing of fish and fish products. It has vast potential in providing livelihood security as well as fulfilling the nutritional requirements of the growing population. It is also important in enhancing restoration of overfished water bodies by reducing pressure on capture fisheries Aquaculture have been recognized as important opportunities to enhance food security

5 Major challenges facing the farming system. Øinadequate credit (access and volume), Ø high production cost, Øhigh cost of feed, Ø lack of good quality brood stock, Øhigh mortalities during larval development, Øhigh costs of hatchery inputs and equipment, Øwater quality maintenance Ø energy-related problems.

6 Probing questions!!! ØIs aquaculture profitable after all? ØHow profitable is aquaculture? ØAny required business management skills for a successful aquaculture business? ØHow do I start?

7 Is aquaculture profitable after all? ØYES. If it is managed as a BUSINESS ØNO if it managed as a just developmental tool or intervention program

8 How profitable is aquaculture? ØVery profitable if managed well as it is both capital and management intensive. More aquaculture business fail because of poor management than poor production practices MAJOR QUESTIONS TO ASK TO MAKE AQUACULTURE PROFITABLE vhow much should I produce vhow much input should be used vwhat is the optimal size of the business vhow should cash flow be managed vhow will the business be financed vhow can business performance be optimised?

9 Any required business management skills for a successful aquaculture business? ØFinance, Ørecord keeping, Ømarketing, Øpersonnel management

10 How do I start? ogoals and Motivation : carefully set you goals and remain highly motivated Develop a clear and specific goals for the business from the beginning Ø Write a comprehensive Business plan (The business plan is a logical and structured project) it defines What you want to produce How you will produce it Who you will sell it to Will it be profitable or not Cost of production Resources required to set up and operate systems It helps to minimise risk, anticipate potential problems and account for financial demands Ø Source for capital to finance the investment (business plan)

11 STARTING AN AQUACULTURE BUSINESS Assess available resources, strength and weaknesses Select production system and species to raise Find markets, financing and management Develop a detailed business plan ü Marketing plan üorganisational and management plan ülabour plan üfinancial plan

12 OPPORTUNITIES AVAILABLE Fingerlings production Table size production Brood stock production Solar dried fish Aquarium fish (ornamental)

13 Smoked fish

14 Opportunities CONT Sales of aquaculture equipment ( hormones, net, water test kits) Fish feed production, importation and feed additive blending Processing and packaging of fish for local and export markets Pond construction Net making and sales Aquarium design and ornamental fisheries A lot more based on initiatives and innovations

15 INVESTMENT (fixed cost) Land acquisition Pond construction (concrete, earthen, collapsible fibre glass tanks) Dam / reservoir construction (water holding facilities) Generating set (alternative source of energy) Nets, scales etc Smoked fish : smoking kiln

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17 Variable cost (Depending on the aspect of aquaculture business) Table size production Purchase of fingerlings Feed cost Labour cost Maintenance cost Harvesting cost Transportation cost Storage cost Smoked fish : fire wood, salt, packaging materials & labelling

18 SOURCES OF REVENUE Sales of fingerlings / juveniles Sales of table sized fish Sales of smoked fish

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21 ECONOMIC IMPLICATION For table size production: Best feed conversion ratio is For FCR of 1 and feed at N350 / kg that means N350 will raise fish to1kg For FCR of 1.5 and feed at N400/kg that means N600 will raise fish to 1kg For Smoked fish 100kg of fresh fish will give a profit of between N18000 N25000 after all cost has been removed Fingerlings: N10 each Juveniles :N20 N25 each

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23 CONCLUSION For aquaculture to be enticing to the youth, there must be ways of increasing production, thus government should offer : Ølow-interest on loans (possibly single digit interest rate) Ø continuous training of fish hatchery operators, who should be mandated to train regularly to update their knowledge on new developments in the industry Ø Value addition to products to increase profitability.

24 Increased fish production for viable and sustainable aquaculture development in Nigeria and enhancement of food security is a task to be achieved. The youth must be the vanguard.

25 REFERENCES Olalekan Paul Akande () DETERMINANTS OF AQUACULTURE FISH SEED PRODUCTION AND DEVELOPMENT IN OGUN STATE, NIGERIA 0Seed.pdf jsd-africa.com