A research survey of small and medium scale aquaculture industries were carried out in Ogun State
of Nigeria. Multistage random sampling technique was employed in selecting one hundred and twenty
aquaculturists that provided the primary data used in this study. The primary data were collected with the aid
of well-structured, validated and pre-tested sets of interview schedules, administered through personal
interviews and observations, so as to elicit the required information from the targeted small and medium scale
aquaculture loan users were analyzed using descriptive, budgetary analyses and profitability ratios. The result
showed a mean age of 35.8 years and 36 years for beneficiaries of microfinance loan and non-beneficiaries
respectively, while 57.5% and 42.5% had secondary education and an average household size of 5 persons,
some of the problems discovered in their operation in the communities were lack of sufficient fund and short
term loan among others. 36 out of the 60 sampled loan users were given between N100, 001 and N 150,000, while
43.3 % were given the loan in both cash and kind. The study revealed a positive impact of microfinance bank
loan on small and medium scale aquaculture development as it increased the revenue of the farmers, reduced
rural-urban migration and increased overall yield and even generate employment opportunities.