The study investigated the investment patterns, costs and return structures of the layer and broiler production in Osun State, Nigeria. It also compared their net present value in the study area to determine their investment returns. A multistage sampling technique was employed in selecting respondents for the study. Primary data were collected from 180 broiler and layer farms, comprising 90 broiler farms and 90 layer farms from six local governments in Osun State using a structured questionnaire. The data were analysed using descriptive statistics, budgetary techniques and investment tools. The investment pattern indicated that a larger amount of money was invested in capital assets for small-scale layers (₦651,274.5) compared to broilers (₦448,068.6). Personal saving was the major source of funding among the small-scale layer enterprises compared to that of broiler enterprises. In addition, the survival of re-investment in small-scale layers depends largely on funds from family members while the smallscale broiler enterprise depends on retained earnings. The budgetary analysis showed that the gross margin of the farmers was ₦166,321.8 and ₦1,150,470.8 for broiler and layer enterprises, respectively. Investment analysis revealed that the layer enterprise had a higher positive net present value (NPV) and the internal rate of return (IRR) value of ₦1,523,692.6 and 64.9 per cent, respectively. In contrast, the broiler enterprise had lower positive NPV and IRR values of ₦961,173.3 and 63.0 per cent, respectively. The study concluded that the small-scale layer enterprise was found to be more economically profitable compared to the smallscale broiler enterprise with higher NPV and IRR values and a shorter discounted payback period in Osun State.
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