I am Aduragba Titilayomi Adeoluwa, 24, a graduate of French from a Nigerian University (2014) and currently undergoing an incubation programm with the International Institute of Tropical Agriculture Youth Agripreneur (IYA), where I have been introduced to agriculture and its value chain.
My interest in agriculture broadened when I visited the Songhai farms (December, 2015): that visit exposed me to the world of opportunities that abound in agriculture through the several agribusiness seminars and training sessions I attended.
The experience inspired my passion for practising agriculture as a business due to my desire to be self-sufficient, independent and self-employed, because the level of unemployment and underemployment in my country is grossly high. I have the aim of contributing to Nigeria’s growing economy through agriculture, which is a viable and sustainable source of economic growth.
Agriculture is the lifeline of any society and I want to harness the opportunities thereof by establishing a catfish farm (rearing for value-adding purposes), which would enable me to teach other youth by my example.
Fish (the major source of protein) is highly nutritious to both young and old, and my incubation experience has proven smoked fish viable, as there is incessant increase in demand by consumers and retailers.
Thus, I would enlighten other youth and empower them in agribusiness (learning-by-doing process) with my desire to contribute to the eradication of youth unemployment, poverty, and food insecurity.
An available piece of land has been secured and provision had already been made for the source of water (borehole) to kick-start the project.
If I am privileged to be a YAP champion, the cash flow of the NGN 1,000,000 (USD 5,000 equivalent at a rate of NGN 200 per US dollar) would be scheduled as:
NGN 480,000 capital cost:
- NGN 140,000 for four tanks at NGN 35,000 each
- NGN 50,000 for drainage- water management
- NGN 20,000 for other expenses (feeding scoop, basket net, sensitive scale, etc.)
- NGN 250,000 for the smoking kiln, 200 kg capacity
- NGN 20,000 for miscellaneous
NGN 450,000 as production cost:
- NGN 25,000 for the purchase of 2,500 fingerlings at NGN 10 each
- NGN 250,000 for feed
- NGN 20,000 for two casual staff (four days a month)
- NGN 140,000 for entrepreneur’s income
- NGN 5,000 for other expenses (spices, coal, nylon, etc.)
- NGN 10,000 for miscellaneous
Total sum: NGN 930,000.
The capital items would be purchased by April and activity would commence immediately from May. Purchase of fingerlings and feeding would take place from that same month to June, while activities projected for July are production and sales. A mortality rate of 5 % is envisioned for each production cycle.
Hence, at the end of two months, which represents a cycle, 750 kg fresh fish would be produced (average weight of 300 g). A quarter sized (75 g) is expected per 300 g of fish after smoking, which gives a total of about 178 kg. A kilogram of smoked fish costs NGN 3,330. The 178 kg smoked fish would generate revenue of NGN 592,740. From this production cycle, there would be net profit of NGN 142,740.
The production would be done bi-monthly (i.e. six times a year), thus the above illustrated expenses are for a production cycle and the sum of NGN 926,440 (NGN 856,440 plus NGN 70,000) net profit at the end of the whole cycle (a year), with its gains reinvested to fund subsequent cycles.
Therefore, a sum of NGN 670,000, including:
- NGN 70,000 for two additional tanks
- NGN 20,000 for two additional casual staff
- 5,000 pieces of fingerlings at a cost of NGN 50,000
- The feed cost of NGN 500,000
- NGN 10,000 for other expenses (spices, coal, nylon etc.)
- NGN 20,000 for miscellaneous
The net profit would be re-invested in the second year alongside the already carved-out production cost of the normal first cycle, which would triple the expenses of the first year.
The production, the revenue, and ultimately profit in turn leads to an increased staff employment, and improved income generated.
Blogpost and picture submitted by Aduragba Titilayomi Adeoluwa (Nigeria): mailto:adura.adeoluwa[at]yahoo.co.uk
The content, structure and grammar are at the discretion of the author only.
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