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Economic Analysis of Fish Farming in Osun State, South-Western Nigeria

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  • Information on economic viability of aquaculture is crucial for investors when assessing the feasibility of an aquaculture investment. Unfortunately, such information has been scarce in Nigeria. The economic analysis of fish farming in Osun State, South-Western Nigeria was therefore carried out using data collected from seventy two randomly selected fish farms. Data were analyzed using descriptive statistics, costs and returns, as well as multiple regression analysis. The relationship between fish output and five inputs: feed, fertilizer, lime, labour and fingerlings were measured using Cobb-Douglass production model. Results suggest that a unit increase in fertilizer application contributed 46 percent increase to the profitability of the fish farms and this was significant at p<0.01. Also, labour was significant at p<0.05 as the results suggest that a unit increase in labour contributed 60 per cent increase to the profitability of the fish farms. The model explained 81% of the variation in total output. On the whole, fish farming was found to be profitable with a benefit-cost ratio of 1.65 and profit–cost ratio of 0.65. It is recommended that fish farmers in the study area should increase their use of feed, lime and fingerlings and decrease their use of fertilizer and labour. Data on the socio-economic characteristics of farmers revealed that most fish farmers (58.3%) in the State were males, aged between 31-50 years old. About 91.7% of fish farmers were married and 95.8% had formal education. About 86.1% owned land either by inheritance or purchase, 8.3% operated on leased land and 5.6% rented the land upon which they operated. About 75% of the respondents got their capital from personal savings, 11.1% from cooperatives, and only 5.6% had access to bank loans. About 52.8% were regularly visited by extension agents 16.7% were occasionally
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  • Olasunkanmi, J.B. Economic Analysis of Fish Farming in Osun State, South-Western Nigeria. In: Visible Possibilities: The Economics of Sustainable Fisheries, Aquaculture and Seafood Trade: Proceedings of the Sixteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 16-20, Dar es Salaam, Tanzania. Edited by Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2012.
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  • AQUAFISH, USAID, NEPAD Planning and Coordination Agency, Norad, The World Bank, Hyatt Regency Dar es Salaam, NAAFE, World Wildlife Fund, United Nations University Fisheries Training Programme, ICEIDA, JICA, JIFRS, The European Association of Fisheries Economists, International Seafood Sustainability Foundation
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