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  • Aquaculture, the farming of aquatic organisms especially fish, in Nigeria is dated back to the 1940s at Onikan Experimental farm, South West Lagos and the 160ha industrial scale fish farm, Middle Belt, Panyam, Jos in 1951. Since then, great expansion has been witnessed in Nigeria’s aquaculture industry; graduating from extensive practice to super-intensive systems. This is evidenced by the use of concrete and plastic tanks as flow-through and re-circulating systems in boosting fish production in a small space as compared to extensive system utilizing earthen pond facility. The advent of extruded floating feed compared to supplementary and sinking feed are all indications of Nigeria aquaculture industry expansion. Despite this advancement, the industry contributes only 20% to Nigeria local fish production. Researchers, policy makers and donors are still doubtful about the potential of aquaculture to contribute to sustainable rural livelihoods in Nigeria. This paper presents the results of the study carried out to investigate the profitability of aquaculture enterprises in South West Nigeria. 40 randomly selected fish farms were visited, and data were collected based on their production operations. The study focussed on measures based on classical techniques which examined returns to resources used, benefit/cost ratios, welfare contribution to households/society, improvement to rural livelihoods and value addition. We use past and current records of net returns above costs and a cost of living allowance to evaluate the economic and financial sustainability of the farms in the study area. The results show that only 25% were profitably operated, while 75% were not.
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