Comparative Cost Structure and Yield Performance Anzlysis of Upland and Mangrove Fish Farms in Southwest, Nigeria
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The bias against mangrove areas in siting fish farms
prompted a comparison of the cost structure and yield
performance in upland and mangrove locations. Tools utilized
included descriptive statistics, budgetary and cash flow analyses
and profitability ratios. Empirical results revealed that substantial
revenue could be realized from both farms. While the upland
farms yielded average gross revenue per hectare per year of
$9,183.53, the mangrove farms made $8,135.93 revealing a
slight difference. Results of combined cash flow and sensitivity
analysis buttressed that of budgetary analysis. NPVs were
$10,888.11 and $10,375.84, B/Cs were 1.28 and 1.29 and IRR
were 48.55% and 48.51% for the upland and mangrove farms,
respectively. Profitability ratios were also comparable but
slightly higher in the upland farms. The conclusion is that
there was little or no difference in yield performance. However,
the high risk of investment loss in years of excessive flood
should prompt investors in mangrove farms to compulsorily
insure their farms.