Investigation of Sources of Micro-Credit, and Profitability of Fish Farming in Eriwe Fish Farm Estate, Ijebu-Ode, Ogun State, Nigeria |
Olaoye, O.J., Ogunremi, J.B., Ojebiyi, W.G., Ojelade, C.O. Shopade, O.A. and Opele, I.A. |
ABSTRACT
This study investigated the sources of credit used by fish farmers in their production activities vis-à-vis the profitability of fish farming in Eriwe fish farm estate, Ijebu-Ode, Ogun State, Nigeria. This was done through the random sampling of 80 out of 150 fish farmers and 10 out of 74 fish farmers’ groups in Eriwe fish farm estate. Data were collected with pre-validated interview guide and analyzed using inferential statistics, budgetary analysis and Chi-square analytical technique. The findings revealed that the fish farmers had mean age of 47.08±9.07 years, and a mean household size of 7 persons; 71.25% of the respondents were married, while 55.0% of them had secondary education. The fish farmers sourced production credit mainly from personal savings, asusu, ajo, loans from friends and IDIPR. The mean fish farming experience, number of ponds operated, culture periods, and distance to fish farms were 6.56±2.49 years, 3 ponds, 6.15±0.39 months, and 3.34±1.30km respectively. Also, majority operated on leased/rented lands (91.25%), sourced fish seeds from known hatcheries (90.0%), and used weighing scales for selling fishes (100.0%). The study also deduced that the gross margin and net farm incomes were N605,287.50 and N503,611.58 respectively. The benefit-cost ratio and return on investment were 1.32 and 0.32 respectively. Significant associations were found between the profitability level of fish farming and credit sources such as personal savings (χ2= 18.05, p = 0.011), esusu (χ2= 11.63, p = 0.020), ajo (χ2 = 29.92, p = 0.004), and IDIPR (χ2 = 68.76, p = 0.001). It was therefore concluded that fish farming is a profitable business in Eriwe fish farm estate and recommended among other things that unemployed youths should venture into fish farming as a means of wealth creation and employment generation. |
KEYWORDS: |
Micro-credit, Loan, Esusu, Fish farming, Eriwe, Fish farm estate |
