Farmers Income and Savings Pattern in Benue State, Nigeria

The study analyzed farmers’ income and savings pattern in Benue State. Both multi-stage random and purposive sampling techniques were employed to select 140 respondents for the study. The study employed primary data which was collected through the use of the structured questionnaire that was admi...

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Main Authors: Ngozi Ekunyi Odoh, Simon Uguru Nwibo, Anayochukwu Victor Eze, Esther Onyinyechi Igwe
Format: Article
Language:English
Published: Agricultural Extension Society of Nigeria 2020-01-01
Series:Journal of Agricultural Extension
Online Access:https://journal.aesonnigeria.org/index.php/jae/article/view/2340
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author Ngozi Ekunyi Odoh
Simon Uguru Nwibo
Anayochukwu Victor Eze
Esther Onyinyechi Igwe
author_facet Ngozi Ekunyi Odoh
Simon Uguru Nwibo
Anayochukwu Victor Eze
Esther Onyinyechi Igwe
author_sort Ngozi Ekunyi Odoh
collection DOAJ
description The study analyzed farmers’ income and savings pattern in Benue State. Both multi-stage random and purposive sampling techniques were employed to select 140 respondents for the study. The study employed primary data which was collected through the use of the structured questionnaire that was administered to the respondents. The results of the socio-economic characteristics showed that the majority (65.7%) of the respondents were males with an average household size of 8 persons and who earn an average annual income of N144.375.00. The result equally showed that farm size, level of access to credit, diversification of income sources, types of investment and risks inherent in the business are the major determinants of the income level of the small scale farmers. The farmers engaged in the following farm activities, crop production, hunting, fishing, the gathering of forest products, marketing of agricultural products and livestock production. However, the non-farm activities they are engaged in include trading, teaching non-farm wage labour and self-employment. The result also shows that farmers adopted both formal and informal savings method but there were higher preferences for the informal method as indicated by their preferences for savings in rotator savings and credit Association (ESUSU) and daily contribution schemes. The result of the multiple regression shows the coefficient of determination R2 was 0.728 while the adjusted R2 was 72.8%. The coefficients of gender, educational qualification annual income, farming experience, and farm size were positively signed. The test of the hypothesis indicated that the socio-economic characteristics of the small scale farmers have significant effects on the savings pattern adopted in the study area. Consequently, the study recommended the establishment of banks in the rural area; establishment of enlightenment programme to create awareness among the rural farmers and provision of modern processing and storage facilities for agricultural produce so as to improve on their farm returns and increase savings habits among the farmers.
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spelling doaj.art-c40fd6628b4e495d976125e044b027582022-12-22T04:23:55ZengAgricultural Extension Society of NigeriaJournal of Agricultural Extension1119-944X2408-68512020-01-01241Farmers Income and Savings Pattern in Benue State, NigeriaNgozi Ekunyi Odoh0Simon Uguru Nwibo1Anayochukwu Victor Eze2Esther Onyinyechi Igwe3Ebonyi State University, AbakalikiEbonyi State University, AbakalikiKenyatta University, NairobiEbonyi State University, Abakaliki The study analyzed farmers’ income and savings pattern in Benue State. Both multi-stage random and purposive sampling techniques were employed to select 140 respondents for the study. The study employed primary data which was collected through the use of the structured questionnaire that was administered to the respondents. The results of the socio-economic characteristics showed that the majority (65.7%) of the respondents were males with an average household size of 8 persons and who earn an average annual income of N144.375.00. The result equally showed that farm size, level of access to credit, diversification of income sources, types of investment and risks inherent in the business are the major determinants of the income level of the small scale farmers. The farmers engaged in the following farm activities, crop production, hunting, fishing, the gathering of forest products, marketing of agricultural products and livestock production. However, the non-farm activities they are engaged in include trading, teaching non-farm wage labour and self-employment. The result also shows that farmers adopted both formal and informal savings method but there were higher preferences for the informal method as indicated by their preferences for savings in rotator savings and credit Association (ESUSU) and daily contribution schemes. The result of the multiple regression shows the coefficient of determination R2 was 0.728 while the adjusted R2 was 72.8%. The coefficients of gender, educational qualification annual income, farming experience, and farm size were positively signed. The test of the hypothesis indicated that the socio-economic characteristics of the small scale farmers have significant effects on the savings pattern adopted in the study area. Consequently, the study recommended the establishment of banks in the rural area; establishment of enlightenment programme to create awareness among the rural farmers and provision of modern processing and storage facilities for agricultural produce so as to improve on their farm returns and increase savings habits among the farmers. https://journal.aesonnigeria.org/index.php/jae/article/view/2340
spellingShingle Ngozi Ekunyi Odoh
Simon Uguru Nwibo
Anayochukwu Victor Eze
Esther Onyinyechi Igwe
Farmers Income and Savings Pattern in Benue State, Nigeria
Journal of Agricultural Extension
title Farmers Income and Savings Pattern in Benue State, Nigeria
title_full Farmers Income and Savings Pattern in Benue State, Nigeria
title_fullStr Farmers Income and Savings Pattern in Benue State, Nigeria
title_full_unstemmed Farmers Income and Savings Pattern in Benue State, Nigeria
title_short Farmers Income and Savings Pattern in Benue State, Nigeria
title_sort farmers income and savings pattern in benue state nigeria
url https://journal.aesonnigeria.org/index.php/jae/article/view/2340
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