Current Volume 8
Savings and Its Determinants Among Cashew Farmers: Evidence from Dekina Local Government Area, Kogi State, Nigeria
Abstract
Cashew farming is a profitable venture which has contributed to the economic growth and wellbeing of farming households and the economy at large. This study investigated savings and its determinants among cashew farmers in Dekina Local Government, Kogi State. Specifically, the study described the socioeconomic characteristics of the respondents, identified the motivational factors for savings, identified forms in which income were saved and examined factors that influenced amount saved. Using multi-stage random sampling, 120 cashew farmers were selected and information were collected using a well-structured questionnaire. Data collected were analyzed using descriptive and inferential statistics. The results o showed majority (56.70%) of the cashew farmers were Males with average age of 43 years, married (86.70%) with secondary education majorly (70.30%) and average household size of 9 persons. Most of the respondents had no access to credit and on average had 17 years of farming experience with 1.80ha farm size on average. Fear of the unseen (mean score = 2.62), daily upkeep of the family (mean score = 2.61), future consumption (mean score = 2.43), quest for interest (mean score = 2.40) wealth accumulation (mean score = 2.20), and educational needs (mean score = 2.10) were found to be serious factors that motivates cashew farmers in the study area to save their income. Most of the respondents 53.30% saved in liquid asset and few (3.33%) of them saved in gold. Age (b = 231.332), Educational level (b = 118.048), Annual income (b = 2092.764) and interest rate (b = 1687.644) were significant variables that affect amount saved in the study area as revealed by the regression analysis. The study therefore recommends establishment of favorable market and prices for cashew products and other assets to help boast farmers’ revenue and income and lands should be made available for farmers to encourage large scale cashew farming to increase yield and revenue.
Keywords
Cashew, Income, Savings, Forms and Determinants
Citations
IRE Journals:
Dr. Henry Amaegberi , Ologidi Patrick Oyintonbra
"Savings and Its Determinants Among Cashew Farmers: Evidence from Dekina Local Government Area, Kogi State, Nigeria" Iconic Research And Engineering Journals Volume 7 Issue 1 2023 Page 475-483
IEEE:
Dr. Henry Amaegberi , Ologidi Patrick Oyintonbra
"Savings and Its Determinants Among Cashew Farmers: Evidence from Dekina Local Government Area, Kogi State, Nigeria" Iconic Research And Engineering Journals, 7(1)
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