Socioeconomic factors influencing the saving efforts of smallholder farmers in Anambra state, Nigeria

Abstract

Socioeconomic factors influencing the saving efforts of smallholder farmers in Anambra state, Nigeria was examined using 150 respondents selected through multistage and random sampling techniques from Awka agricultural zone of the State. Primary data were collected using pre-tested questionnaires administered by personal interview. Collected data were analyzed by means of descriptive statistics and multiple regressions. Most of the farmers were aged (x=49years) with small farm holdings ( x=0.7ha). Means of farm income, non-farm income and expenditure were N232,701, N43,110 and N200,667 per annum. The farmers saved more in physical form (N14,273,550) than in monetary form (N9,025,800). Amount saved was significantly determined by marital status, farm income, non-farm income and expenditure while educational level, age, gender, farm size and farming experience were not significant. Serious constraints to savings were education of the children, poor access to credit and poor income of household heads. Policy in favour of free and compulsory education at the primary and secondary levels, subsidization of tertiary education and use of cooperative and “isusu” groups to provide credit facilities to the farmers would enhance their productivity, income and savings.