ECONOMIC ANALYSIS OF PIG PRODUCTION
Livestock is one of the fastest growing agricultural sub sectors in developing countries with Agricultural Gross Domestic Product of 33 per cent and is rapidly increasing. Livestock products contribute 17 per cent to kilo calorie (a non S.I unit of energy equal to 100 calories) consumption and 33 per cent to protein consumption globally, but there is large discrepancy between rich and poor countries (Rosegrant et al. 2009). According to World Bank (2009), livestock systems is said to have both positive and negative effects on public health, social equity, natural resources and economic growth. This growth is attributed to the increasing demand for livestock products, as a result of population growth, urbanization and increasing incomes in developing countries (Delgado 2010). The total meat production in the developing world tripled between 1980 and 2002, from 45 to 134 million tons (World Bank, 2009). Livestock production and products in industrialized countries account for 53 per cent of agricultural gross domestic product (World Bank, 2009). Ezeibe (2014) also noted that pig industry in Nigeria is an important arm of livestock subsector in the overall agricultural sector which derives from the fact that pigs possess high fecundity; high feed to meat conversion efficiency, early maturity, short gestation period, cooking fats and bristle. Hedegepath (2008). Pig production is widely scattered across the globe. The estimated global pig inventory of over eight hundred and one million in 2002 was a slight increase over the global pig inventory estimate of over seven hundred and eighty two million in (2006). The countries of Asia have the largest inventory of pig in the world, accounting for over 62% of the total global inventory in 2002. The countries of European Union account for nearly 15% of the global inventory followed by North America with approximately 10%. Pigs are produced primarily in regions of the world with available natural resource including arable land, cereal grains and water. (Hedegepath, 2008).