The study analyzed the economics of catfish production in Delta State Nigeria. The multi-stage random sampling technique was used in selecting 700 catfish farmers from the study area using the proportionate sampling method. Primary data were collected through the use of questionnaires and group discussions. Data were analyzed using budgeting techniques and the stochastic frontier production function. The result of socio-economic characteristics of the respondents indicate that majority of the farmers were within the age range of 20-39 years; male; had formal education and married with a household size of 1-5 persons. Catfish production was found to be a profitable business in the study area with a net farm income of N402; 654 and rate of return on investment of N1.48 and a gross ratio of N1.67 for every naira spent on production. The mean technical efficiency was 57%. Findings further revealed that none of the sampled catfish farmers reached the frontier threshold. However; variables included in the model for the efficiency effects were stocking density; Labour; feeds; drugs and fingerlings. The parameters of the stochastic frontier production function were estimated simultaneously with those of the inefficiency effects. It is therefore recommended that extension workers should intensify organization of training; workshops and seminars for catfish farmers on improved methods and technology; cost of farm implements and feeds should be subsidized to ease the risk of catfish farming and young unemployed youths should be encouraged to participate in the catfish business so as to generate employment and income towards sustainable rural development.