ECONOMIC VIABILITY AND CHALLENGES OF ARTISANAL FISHERIES IN NIGERIA

Abstract

The study examined economic viability and constraints of artisanal fishing business in Nigeria with the aim of enhancing the potential gains from the business. Descriptive survey research design was employed while a multi-stage sampling technique was adopted to select 300 artisanal fish hunters from 3 maritime States (Lagos, Ogun and Ondo) in southwest Nigeria. The primary data collected through the instrument of questionnaire were subjected to statistical analysis using tools such as weighted mean, relative importance index (RII), gross margin and net farm income analysis. The results showed that the artisanal fish hunting was dominated by male (85.0%), who are in their active working age (mean =42.8 years) and with appreciable years of fishing experience (mean =18.5 years). All the profitability indexes [Profitability Index (2.15), Benefit Cost Ratio (2.18), Rate of Return on investment (2.10) and Capital Turn Over (3.10)] examined provide evidence that artisanal fishing business was highly profitable in these areas. The study concludes that artisanal fishing is very profitable in the study locations however the business is not without its constraints. Recommendations made based on findings include that responsible policy and legislation should be put in place and implemented to discourage water pollution through petroleum exploration and industrial waste to preserve aquatic resources for sustainable use.