Farmers Income and Savings Pattern in Benue State, Nigeria
AbstractThe 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.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
JAE supports free online communication and exchange of knowledge as the most effective way of ensuring that the fruits of research and development practice are made widely available. It is therefore committed to open access, which, for authors, enables the widest possible dissemination of their findings and, for readers, increases their ability to discover pertinent information. The Journal adopts and uses the CC BY-NC-ND license. Under this license users are permitted to: Copy and distribute the article (non-commercially); you can’t change or alter the article in anyway; Users are not allowed to data mine the article.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).