Farmers Income and Savings Pattern in Benue State, Nigeria

  • Ngozi Ekunyi Odoh Ebonyi State University, Abakaliki
  • Simon Uguru Nwibo Ebonyi State University, Abakaliki
  • Anayochukwu Victor Eze Kenyatta University, Nairobi
  • Esther Onyinyechi Igwe Ebonyi 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.

Author Biographies

Ngozi Ekunyi Odoh, Ebonyi State University, Abakaliki
Department of Agricultural Econmics, Management and Extension, and Senior Lecturer
Simon Uguru Nwibo, Ebonyi State University, Abakaliki
Department of Agricultural Economics, Management & Extension, and Reader
Esther Onyinyechi Igwe, Ebonyi State University, Abakaliki
Department of Agricultural Economics, Management & Extension, and Graduate Assistant
How to Cite
ODOH, Ngozi Ekunyi et al. Farmers Income and Savings Pattern in Benue State, Nigeria. Journal of Agricultural Extension, [S.l.], v. 24, n. 1, p. 128-137, jan. 2020. ISSN 2408-6851. Available at: <>. Date accessed: 23 oct. 2020.
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