Abstract

In Nigeria aquaculture has provided an avenue to bridge the ever-widening demand and supply gap in fish. It
uses land resources that would have otherwise been a waste. This paper examined whether Catfish is in the same
market with Hake, Mackerel and Sadinnela. Unit root tests, Johansen`s bivariate and multivariate co integration
analyses were carried out. The analyses show that there is co integration among the species.. The hypothesis of
no substitution between Catfish and the imported species was rejected All the species were classified as being in
the same market and are close substitutes. The results indicate that the price of catfish is not insulated from the
prices of the imported species. The prices of the imported species are however insulated from the price of the
local species. Fish production policies designed to alter fish prices without taking into account the foreign prices
are not likely to be effective in Nigeria.

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