Economic Analysis of Fish Farming Enterprises in Delta State

Aquaculture has grown rapidly as an enterprise in Delta State, in Nigeria's South South geopolitical zone, driven by declining wild fish stocks and increasing urban demand for affordable protein. Despite growth in the number of fish farms, the economic viability of small-scale fish farming enterprises is not well documented at the local level. This study conducts an economic analysis of fish farming enterprises in Delta State, focusing on catfish and tilapia production in concrete pond systems. A sample of 120 fish farmers was selected using purposive and random sampling across three local government areas. Data on investment costs, operating expenses, sales revenue, and mortality rates were obtained through structured questionnaires and farm inspection visits. Profitability indicators including return on investment, benefit-cost ratio, and net present value were computed. Results reveal an average return on investment of 32 percent and a benefit-cost ratio of 1.41, indicating commercially viable enterprises. Feed costs were the dominant expenditure category, accounting for 58 percent of total variable costs. Mortality from water quality problems and disease was the primary risk factor reported by 67 percent of respondents. Access to commercial fingerlings and quality feed was frequently cited as a production bottleneck. The study recommends investment in local feed manufacturing, provision of subsidised fingerlings through state agencies, and training on pond water quality management as strategies to improve enterprise profitability. Keywords: fish farming, economic analysis, Delta State, catfish, aquaculture enterprise