The Etiquette of Financial Management in Aquaculture Business (Published)
Aquaculture is the science and technology of fish rearing and production on farm. In recent years, aquaculture has become one of the major farm activities and business attracting much interest and investment because of its economic potential. This rich article explores the crucial role of financial management in aquaculture business, highlighting the etiquette of financial management that ensures sustainability and profitability. Through a review of existing literature, this paper identifies key financial management practices, such as budgeting, cash flow management, and risk management that are essential for aquaculture businesses to thrive. Effective financial management in aquaculture business entails more than profitability; it embodies a commitment to transparency, risk mitigation, and ethical stewardship. Transparency is essential, ensuring clear communication of financial practices to stakeholders, fostering trust and accountability. Risk management strategies, such as diversification and insurance, mitigate environmental and market uncertainties, safeguarding financial stability. Strategic investment in sustainable practices and technological innovation not only enhances productivity but also aligns with ethical standards, meeting consumer demand for responsibly sourced seafood. Ethical considerations underpin financial etiquette, encompassing fair labour practices, environmental compliance, and community support, by prioritizing these principles, aquaculture businesses not only mitigate operational risks but also enhance brand integrity and contribute positively to local economies. This article outlines the foundational principles of ethical financial management in aquaculture, highlighting their critical role in fostering resilience and sustainable growth in a dynamic industry landscape for global food sovereignty.
Keywords: aquaculture sustainability, budgeting and environmental responsibility, financial etiquette, financial management, fish farming
Retirees Engagement in Fish Farming In Delta State, Nigeria (Published)
Life at retirement is a very critical period in the life of people. As a result it is expected that retirees, since they have more time to themselves, should be engaged in one activity or the other in order to earn extra income to supplement their pension. This study was conducted to ascertain if many retirees are engaged in fish farming in Delta state, Nigeria, considering the fact that fish is in high demand because of the nutritional value. Two hundred and thirty (230) respondents were selected for this study. Data were collected with the use of questionnaires and interview schedule. Most of the retirees were males, married and educated, with average household size of 5 persons. They had attended agricultural extension training sessions during their active service years. However, most of them were not engaged in fish farming after retirement. The decision of those who are engaged in fish farming was influenced by level of education, marital status, household size and extension training. Conversely, the decision of those who were not engaged in fish farming was informed by their age and gender. It was recommended that workers should be trained and encouraged to engage in fish farming after retirement, agricultural extension training programmes for workers (members of workers cooperative societies) should be sustained and workers need to be encouraged to engage in fish farming some years prior to their retirement.
Keywords: Aquaculture, Retirees, agricultural extension training, fish farming, socioeconomic variables.
Profitability of Economic Stimulus Program (ESP) Fish Farming Adopters in Makueni County, Kenya (Published)
Fish farming in Kibwezi is a recent livelihood alternative that was propelled by government funding under the Economic Stimulus Programme (ESP) between 2009 and 2012. This study evaluated the profitability and sustainability of fish farming in Kibwezi, Makueni County, Kenya using a sample size of 146 fish farmers. Fish production of finfish specifically Nile Tilapia (Oreochromisniloticus) and African Catfish (Clariasgariepinus) respectively were the species cultured. Twenty seven percent of farmers had an annual gross margin average of KES. 30,333.95 from a 300M2 fish pond with a gross margin ratio of 0.35. Net fish income was positive for 8.9 percent of farmers and averaged KES. 24,707.14. Farmers with a stocking density of 5fish/m2 and above serviced their total variable costs. Hatchery owners did better with 57.1 percent of them showing positive returns on both measures of gross margin and net fish income. Fingerlings, feeds and labour costs constituted 67% of total variable cost. Underweight of tilapia fish was a common problem among the sampled farmers. Adopters with the highest gross margins paid employees or committed themselves to pond management activities. Adopters made their own feeds. It is recommended that farmers be trained to make their own feeds
Keywords: Economic Stimulus Program (ESP), Kenya, Makueni County, Profitability, fish farming