Assessment of the Economic Performance of Cage Fish Culture Operations in Kainji Lake, Niger State

Cage aquaculture in Nigerian inland reservoirs has been promoted as a high-productivity alternative to earthen pond culture, yet rigorous economic performance data for cage operations in specific Nigerian reservoir contexts are limited. This study assesses the production performance, enterprise economics, and investment returns of 25 commercial cage fish culture operations in the Kainji Lake zone of Niger State. Production data including stocking density, feed conversion ratio, harvest weight, mortality rates, and cycle duration were collected through farm record reviews and operator interviews. Full enterprise financial analysis was conducted, covering capital investment, operating costs, revenue, gross margins, return on investment, and payback period. Results showed that average annual fish production per cage unit (12 cubic metres) was 2.4 tonnes, with a mean feed conversion ratio of 1.62. Average operating cost was 2,840 Naira per kilogram of fish produced, against a market price of 3,750 Naira per kilogram at the lakeside. Return on investment ranged from 18% to 34% per production cycle, with high-performing operators distinguishing themselves through stricter feeding management and disease monitoring. The primary operational constraints identified were poaching of stocked fish (reported by 68% of operators), erratic feed supply, and fluctuating oxygen concentrations in the lower water column during hot season months. The study provides economic benchmarks for guiding the expansion of cage aquaculture in Kainji Lake under the Niger State Government's reservoir fisheries development programme.

Keywords: cage aquaculture, enterprise economics, Kainji Lake, return on investment, Niger State