Xtramile feeds is an indigenous company within the Aquaculture Value Chain focused on improving the quality and yield of fish farmers.
Youth Entrepreneur: Abayomi Ogun
Company / Business Name: XTRAMILE FEEDS LTD
Industry / Sector: Aquaculture / Agriculture
Location: Ikorodu – Lagos state
- Fabrication of floating fish feed machine (own patent)
- Production of low-cost quality floating fish feed for the entire life span i.e. from egg to table size for consumption
Target Market (Potential and Size): Existing and new fish farmers.
Nigeria needs to produce 2million tonnes of fish in order to meet the FAO (2016) requirement of 21kg per capita fish consumption. This means that Nigeria needs 2.4 million tonnes of feed per year. This figure excludes export potentials for both fish and feed. At an average of 350/kg, this values translates to N 840 Billion.
- Fabrication of own machines and thus eliminating huge cost of machine importation from China or Europe.
- Ownership of product patents for the fabrication of floating fish feeds machines and also for the production of aquaculture microdiet (feeds consumed in the early life stage of the fish).
- Production of affordable feed with better quality because of my expertise. (Abayomi Ogun has a Masters Degree with Distinction in Fish Nutrition from the University of Lagos).
Amount Invested so far: N 10Million (estimate) – construction of the factory complex, purchase of 100kva generator and the fabrication of our machines.
Amount Needed: N 3 Million – to increase production capacity.
Bootstrap Requirement: N 1.5 million | Marketing and sales support
Job Creation: 200 direct and indirect jobs in 12 months
Investor offering: subject to negotiation and amount generated
Estimated Return on Investment: N 5,000,000 7months
All about the Geared Up! Initiative
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