Boosting aquaculture production systems in Osun state: Role of microcredit and extension services

Abstract

Fish plays a vital role in feeding the world’s population contributing  significantly to the dietary protein intake of hundreds of millions of people. Fish consumption worldwide is on the increase without a corresponding increase in supply from the wild (capture) leading to a wide gap between the demands and supply of fish. This scenario leaves a high percentage of the population who depend on fish and fish products food insecure, and thus, the need to boost aquaculture production to argument the supply from the wild. The study therefore looks into the possibility of boosting the production systems through the use of micro-credit and extension services. A random technique was used to select 137 respondents from the three Osun state Agricultural Development Programme (ADPs) zones. Structured questionnaire was used to collect data on demographic characteristics, micro-credit sources and use, extension services, farm type and size, income and fish production data. Data was analysed using descriptive statistics, and logit model. The result shows that both formal and informal micro-credit sources were used in the area studied with high interest rate militating against the adequate use of some of the micro-credit sources. Extension agents from the Agricultural Development programme were the most prominent with the frequency of visit at once in two weeks.  Educational level had a significant impact on microcredit and extension use.  Strengthening the extension services for improved transfer of knowledge and capacity building and for improving micro- credit use will increase efficiency through improved technology and greater production. Therefore, policies aimed at increasing extension activities; reducing interest rate; improved education (adult literacy); greater involvement of financial institutions and nongovernmental organisations should be focused on so as to boost aquaculture production for food security

Key words: Aquaculture systems, micro-credit, extension, knowledge transfer, Osun state