Profitability Analysis of Artisanal Fishing in Ilaje Coastal Communities of Ondo State

Fishery sector in Nigeria plays an important role in terms of national food security, employment, enterprise development and foreign exchange earnings. Increasing efforts to raise the productivity of fishery can be an important measure to put the country on the threshold of food security. This study examined profitability of artisanal fishing in coastal communities of Ondo State. Purposive and random sampling techniques were used in selecting one hundred and twenty (120) respondents for the study. Descriptive statistics, gross margin and multiple regression were the analytic tools used for the study. The results revealed the mean age of fishermen to be 30 years with an average fishing experience of 12 years. The study also shows low level of education among the fishermen. The results show that the enterprise is profitable with total revenue of ₦ 1,356,852.58 and a profit of ₦663,076.41.The results also show that age of the farmer, fishing experience, distance onshore, cooperative membership, credit access and amount of catch were the socio-economic variables that affect income. The study recommended that the strict conditions on collaterals for accessing credit by fishermen should be relaxed to enable more fishermen access loans for increased fish production. Fishing gear and crafts should be subsidized to encourage artisanal fishing.