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The study examines the costs and returns analysis of fish farming in Calabar Metropolis, Cross River State. A twostage sampling technique was used to select 30 fish farmers from two local government areas in the Calabar metropolis. Data for the study were sourced via structured questionnaire and were analyzed using descriptive and inferential statistics alongside budgetary techniques. Results showed that more men (70%) were involved in fish farming and that 33% were between the age brackets of 40 – 49 years, operating majorly (56,70%) on small scale basis with 40% of them having a family size of 2 - 4 persons and most (83.3%) being literates. The results of the budgetary analysis show that average total cost (TC) of ₦525,000 was incurred and total revenue (TR) of ₦650,000 was realized giving a returning gross margin (GM) of ₦425,000 with a Net farm income (NFI) of ₦125,000 per cycle. This is an indication that fish farming is profitable in the study area using a minimum of 1000 fingerlings for a start. From the results, feeds cost, production systems, education level and stocking density were important factors that influence fish output. Constraints perceived by most of the farmers include: high cost of fish feeds, lack of awareness and skilled personnel were identified ab initio that hindered fish production in the area. The study, therefore, recommended that the development of nutritive research institute for the development of fish feeds is a sine qua none for enhanced productivity in the fishery subsector in Nigeria. Keywords: Fish farming, fingerlings, returns, revenue, total cost

Costs and return analysis of fish farming in Calabar Metropolis, Cross River State Nigeria