Application of Environmental Accounting Principles in Boosting Fish Production in Nigeria

Abstract

The paper is a result of the study of the application of environmental accounting principles in boosting fish production in Nigeria. The neglect of the agricultural sector in the country has been a major set-back to the economic development. Therefore, a focus on boosting fish production will be apart from promoting the standard of living and economic health; through increased protein intake; lead to sustainable economic development. The objective of the paper was to evaluate how relevant environmental accounting principles will be applied in achieving this sustainable economic development. It was a survey of fish farmers from the 31 Local Government Areas of Akwa Ibom State to whom a questionnaire was administered to determine the level of applicability of Environmental Accounting principles. Also, secondary data for the period 2004 and 2013 were analyzed to identify economic potential and macroeconomic effects on increased fish production. It was discovered that there was a huge potential of investment and growth in the fisheries sub-sector as only 34% of annual demand was met by production. It was also discovered that the level of awareness and relevance of Environmental Accounting Principles was very low. It was recommended that government should focus on the fisheries sub- sector by providing the infrastructure and adequate training on fish farming and environmental matters to the farmers. Also, regulatory activities should focus on recycling of water, waste water treatment and proper drainage and soak- away pits to reduce the discharge of farm water into the environment. These done will boost fish production and ultimately reduce the strain on the foreign exchange reserve of the country.