Profitability and Viability of Catfish Farming in Kogi State, Nigeria.

This study was designed to analyze the economics of catfish farming in Lokoja and Adavi Local Government Areas of Kogi State, as a way of determining the profitability and viability of commercial catfish production in the study area. The simple random sampling technique was used in selecting 40 catfish farmers that provided the primary data used in this study. The primary data were collected with the aid of well-structured sets of questionnaire, administered through personal interviews and observations so as to elicit the required information from the targeted catfish farmers. The data were analyzed using Benefit-Cost Ratio (BCR) and Cost and Return Analysis (CRA). The result of the study also showed that an estimated average initial capital of $2,283 was used in setting up each of the 0.5 hectare catfish farm business studied, at a prevailing interest rate of 17.5% /annum. The result also showed an estimated average annual gross revenue of $5,723 and an average net profit of $2,576, a mean gross margin of $2945.16 and a net profit margin of 51.46%, which shows that catfish farming is a profitable business in the study area. Also the benefit cost ratio was estimated as 1.82, indicating that the catfish farms in the study area are viable enterprises. Thus, in order to boost catfish farming in the study area, the farmers should be assisted in circumventing whatever constraints they may be facing in their production process.