THE ECONOMIC ANALYSIS OF CRAYFISH PROCESSING IN AKWA IBOM STATE, NIGERIA
Keywords:Crayfish processing, Performance, Profitability, Production
Objectives: Crayfish production is a source of both direct and indirect employment. It is a major income generating activity that offers substantial economic benefits to traders and has the potential to address food security problems. Hence, the work analyzed the profitability of crayfish production and the determinants while highlighting the constraints to crayfish production.
Methods: The multistage random sampling procedure was used to select 120 crayfish producers. Quantitative analytical techniques were employed in the analysis. Socioeconomic characteristics and constraints were assessed using descriptive statistical tools, while the level of profit and its determinants were evaluated using the farm budgeting technique and ordinary least square multiple regression techniques, respectively.
Results: Crayfish production is a profitable venture with a return on investment of ₦45,585.1. Primary occupation, household size, processing experience, and quantity processed positively affected the performance of the enterprise while labor cost, association membership, and processing costs negatively influenced the enterprise.
Conclusion: Efficiency of resource use, enhanced profitability, and livelihoods can be achieved through the provision of infrastructures and improved processing equipment at subsidized rates.
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