Cost-Benefit Analysis of Earthen Ponds against Concrete Tanks Production System in Fish Farming in Abuja FCT, Nigeria
DOI:
https://doi.org/10.59573/emsj.8(1).2024.7Keywords:
fish farming, earthen ponds, concrete tanks production system, fishers, cost-benefit analysis, NigeriaAbstract
This study comparatively analysed the costs and benefits of fish production for earthen ponds and concrete tanks system in Abuja (FCT), Nigeria. A reconnaissance survey of the six area councils of the area was carried out to locate the fishers. The study further employed multistage sampling technique to select the study respondents. In all, 80 fishers were chosen. Data for the study were collected from primary sources using a well-structured questionnaire with open-ended and close-ended questions. The data was analysed using descriptive statistics (tables, percentages, frequency and mean). The cost-benefit analysis was determined using simple budgetary techniques such as Gross Margin, Net Farm Income, Benefit Cost Ratio and Profitability Ratio. Multiple regression analysis was employed to analyse the factors that contribute to the technical, allocative and economic efficiencies of the two production systems in the study area. The result showed that the Gross Margin Index (GMI) for earthen ponds is 3,099,978.98 and 2,960,635.08 for concrete ponds with Cost Benefit Ratio of 2.4 and 2.2, respectively. Feed cost in earthen ponds represents 77% of the TVC, while it represents 67% in the concrete tank production system. Though the concrete tank production system uses more feed than the earthen pond production system. The revenue generated from fish sales is greatly influenced by the location and method of sale. The study concludes that earthen pond system was slightly more economic than the concrete tank production system. The study, therefore, recommends that fishers should come together to form a cohesive and strong association which will be able to negotiate with wholesalers and other middlemen for price bargaining.
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