Abstract
This paper investigated profitability of investment in fish farming enterprise in Ibadan metropolis, Oyo State, Nigeria. Specifically, it described the socio-economic characteristics of fish farmers in the study area, examined the cost and return to fish farming enterprise and determined the factors that affect investment in fish farming enterprise in the study area. The study was conducted in Ibadan metropolis, Oyo State, Nigeria. A multi-stage sampling procedure was used to select respondents for this study. A total number of 120 fish farmers were selected for the study. Data were analyzed using descriptive statistics, budgetary technique and multiple regression model. The results for the entire respondents showed average values of 46 and 10 years for age and years of experience, respectively. Majority of respondents were married (85%), male (93%) and educated (88%). The estimated costs and return to fish farming enterprise on the average in the study area were N 749,661 and N 615,761 per annum whereas the total revenue on the average was N1715, 512, while average total cost was ₦ 1,099,751. The benefit cost ratio and rate of return analysis were 1.23 and 0.35, respectively. Cost of feeding, cost of constructing pond, cost of labour, years of farming experience, household size, and cost of lime and fertilizer negatively and significantly (p<0.1) affect the investment in fish farming enterprise while profit expectation positively affects the investment in fish farming enterprise. Following the findings of the study, the government and non-governmental agencies should provide fish farmers with adequate access to credit facilities. Also, inputs should be made available to the fish farmers at the right time, quantity, quality and at subsidized prices.
Highlights
Fish is an important and cheapest source of animal protein without religious taboo or any known cultural limitation [1]
This paper investigated profitability of investment in fish farming enterprise in Ibadan metropolis, Oyo State, Nigeria
The mean years of experience of the respondents was 9.59 (±8.449) years. This shows that most of the fish farmers are fairly new in the enterprise and are in the process of attaining the level of experience required for best management practices in their fish farming enterprises
Summary
Fish is an important and cheapest source of animal protein without religious taboo or any known cultural limitation [1]. It plays a prominent role in protein supply in the developing countries, Nigeria inclusive [2, 3]. Out of the required 35 g/individual/day of animal protein, fish should account for about 8g/person/day. The increase in the recognition of fish as a healthy food, low in calories and cholesterol level with rich protein source, the demand for fish has increased over time. The country needs to import about 900,000 tonnes of fish annually. To maintain the present per capital fish consumption level, about 2.0 million metric tonnes of fish will be required [4]. Less than 50% of the total annual fish consumed by Nigerians are produced locally [5]
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