This study is examined community fishing and the economics of Argungu Fishing Festival in Kebbi State, Nigeria. Secondary data from the Kebbi State Tourism Board, Birnin-Kebbi was generated. The data were analysed using descriptive statistics such as frequency distribution, percentages and means while inferential statistics comprising regression model were also used to analyse data. The study showed that variation in the interval between successive festivals explained the largest proportion of changes in fish weight at the festival. Furthermore, variation in the number of tourists explained the largest proportion of changes in the total income from the festival. It is recommended that the interval between successive festivals should be increased in order to increase fish productivity and boost the community competiveness at the festival. The tourism potential of the festival should be boosted so as to increase the tourist attraction of the festival with a resultant increase in the income generated from the festival. Private firm or any limited liability company should be invited to take over the total re-organization of the festival as an effective commercial venture.