Abstract: This study analyzed the economics of small-scale catfish farming in Ido local government area of Oyo State. Sixty small-scale catfish farmers were selected using simple random sampling technique. Structured interview schedule was used to collect information from the respondents. Descriptive analysis revealed that the average age of respondents was 45.07 years. Average year of schooling was 9.5 years and 90% of them use earthen ponds. The major problems faced by the catfish farmers were predators, high cost of inputs and finance. Per harvest cost and returns analysis revealed the gross margin as 428, 917.78, net revenue as 370,154.40 and the Benefit Cost Ratio (BCR) as 2.173. This result shows that catfish farming is a profitable enterprise. Regression analysis was employed to determine the relationship between cost of production and returns. Adjusted R² of 89.6% revealed that rent on land, pond construction cost, cost of fingerlings, feed cost, transportation as well as salary and wages were significant factors affecting total revenue of respondents.