Rice Farmers’ Perception on Adopting Crowdfunding as a Medium of Capital Mobilisation in Ogun State, Nigeria

Abstract

The study explored the perception of adopting crowdfunding as a medium of capital mobilization among rice farmers in Ogun state, Nigeria. Using multi-stage sampling procedure, a total of 86 rice farmers served as sample respondents. Interview schedule was used to obtain data the study objectives Data were analyzed using means, standard deviation, and weighted mean The respondents were most favorably disposed to having a potential pool of people willing to invest in rice farming (). Inability to raise funds to finance their enterprise on a commercial scale (1.18 ± 0.21) ranked highest as the factor motivating the decision to adopt crowdfunding. Lack of trust among stakeholders (2.17 ± 0.14) and formalizing investment portfolios being time-consuming (1.72 ± 0.14) ranked highest among the perceived constraints to adopting crowdfunding. Rice production activities constrained most by funding were land preparation (1.46 ± 0.21), fertilizer supply (2.17 ± 0.16), and milling (1.72 ± 0.11). A significant relationship (r=0.023) was established between factors motivating decision to adopt crowdfunding and perception of crowdfunding as a means of capital mobilization. It is recommended that a viable framework that will enhance investor confidence and boost the viability of investment be developed by its promoters.