Market Efficiency of Seafood Retailing in Some Selected Markets in Lagos State

Abstract

This study investigates the market efficiency and profitability of seafood retailing in three
major markets in Lagos State, Nigeria - Epe, Makoko, and Badagry - drawing on market
efficiency theory to examine income distribution, pricing structures, and operational performance.
Employing a stratified random sampling method, this study collected primary
data from 150 seafood retailers and applied descriptive statistics, cost-return analysis, Gini
coefficient, and multiple regression modeling for analysis. The results reveal that seafood
marketing is largely decentralized and competitive, yielding an average gross margin of
62While previous studies focus primarily on wholesale channels or aggregate-level performance,
this research offers a more detailed understanding of urban retail dynamics,
highlighting market channel flexibility and spatial variations in profitability and institutional
support. Structural constraints; including price volatility, poor infrastructure, limited
credit, and inadequate energy access - continue to impede efficiency and scalability. These
findings provide empirical grounding for policy and donor interventions aimed at strengthening
urban fish markets through targeted investments in infrastructure, inclusive financing
schemes, cooperative development, and extension services. The study offers actionable insights
for regional fisheries policy and development program, particularly in designing
gender-sensitive, pro-poor market support systems. Limitations include the cross-sectional
design, seasonal price fluctuations, and reliance on self-reported data. Nevertheless, the
research underscores the strategic potential of retail fish markets as engines of inclusive
economic growth and food system resilience.