Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria

Kuye Olufemi Oludayo; Ogiri Oyom Mbina

doi:doi:10.11648/j.ijae.20190406.19

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Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria

Kuye Olufemi Oludayo, Ogiri Oyom Mbina

Published in International Journal of Agricultural Economics (Volume 4, Issue 6)

Received: 23 December 2019 Accepted: 3 January 2020 Published: 17 January 2020

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Abstract

This study analyzed the factors influencing access to formal agricultural loan among small-scale swamp rice farmers in Obubra Local Government Area in Cross River State, Nigeria. Data were obtained from 120 respondents by using multi-stage random sampling technique. Descriptive statistics and logit regression model were used to analyze the data. The results showed that majority (62.5%) of the farmers were males, about 40% were aged between 31-40 years, married (68.33%), had household size of 7-9 persons (51.67%), had secondary education (51.67%), had farm sizes of 1-2ha (50.83%), had farming experiences of 11-20 years (45%) and only 30.83% had annual farm income of between N51,000.00 and N100,000.00. The logit regression analysis revealed that gender, farm income, household size, education and collateral positively influenced the probability of farmers’ access to loan at 1% significant level respectively. Marital status, farming experience and farm size positively influenced access to loan at 5%, 5% and 10% respectively The major constraints respondents faced in accessing loan are long period of processing loan applications, problem of getting collateral and high interest rate while the major constraints they faced in rice production are crop destruction by cattle, low yield as a result of pests and diseases and low yield as a result of poor soil. The Federal Government should enact law that will motivate the cattle herders to compensate any farmer whose crops have been destroyed or eaten by their cattle and banks should process loan applications on time so that the loan will be disbursed to farmers at the appropriate time.

Published in	International Journal of Agricultural Economics (Volume 4, Issue 6)
DOI	10.11648/j.ijae.20190406.19
Page(s)	307-313
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Analysis, Factors, Access, Formal, Loan, Swamp Rice

References

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APA Style

Kuye Olufemi Oludayo, Ogiri Oyom Mbina. (2020). Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria. International Journal of Agricultural Economics, 4(6), 307-313. https://doi.org/10.11648/j.ijae.20190406.19

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ACS Style

Kuye Olufemi Oludayo; Ogiri Oyom Mbina. Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria. Int. J. Agric. Econ. 2020, 4(6), 307-313. doi: 10.11648/j.ijae.20190406.19

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AMA Style

Kuye Olufemi Oludayo, Ogiri Oyom Mbina. Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria. Int J Agric Econ. 2020;4(6):307-313. doi: 10.11648/j.ijae.20190406.19

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@article{10.11648/j.ijae.20190406.19,
  author = {Kuye Olufemi Oludayo and Ogiri Oyom Mbina},
  title = {Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria},
  journal = {International Journal of Agricultural Economics},
  volume = {4},
  number = {6},
  pages = {307-313},
  doi = {10.11648/j.ijae.20190406.19},
  url = {https://doi.org/10.11648/j.ijae.20190406.19},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijae.20190406.19},
  abstract = {This study analyzed the factors influencing access to formal agricultural loan among small-scale swamp rice farmers in Obubra Local Government Area in Cross River State, Nigeria. Data were obtained from 120 respondents by using multi-stage random sampling technique. Descriptive statistics and logit regression model were used to analyze the data. The results showed that majority (62.5%) of the farmers were males, about 40% were aged between 31-40 years, married (68.33%), had household size of 7-9 persons (51.67%), had secondary education (51.67%), had farm sizes of 1-2ha (50.83%), had farming experiences of 11-20 years (45%) and only 30.83% had annual farm income of between N51,000.00 and N100,000.00. The logit regression analysis revealed that gender, farm income, household size, education and collateral positively influenced the probability of farmers’ access to loan at 1% significant level respectively. Marital status, farming experience and farm size positively influenced access to loan at 5%, 5% and 10% respectively The major constraints respondents faced in accessing loan are long period of processing loan applications, problem of getting collateral and high interest rate while the major constraints they faced in rice production are crop destruction by cattle, low yield as a result of pests and diseases and low yield as a result of poor soil. The Federal Government should enact law that will motivate the cattle herders to compensate any farmer whose crops have been destroyed or eaten by their cattle and banks should process loan applications on time so that the loan will be disbursed to farmers at the appropriate time.},
 year = {2020}
}

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TY  - JOUR
T1  - Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria
AU  - Kuye Olufemi Oludayo
AU  - Ogiri Oyom Mbina
Y1  - 2020/01/17
PY  - 2020
N1  - https://doi.org/10.11648/j.ijae.20190406.19
DO  - 10.11648/j.ijae.20190406.19
T2  - International Journal of Agricultural Economics
JF  - International Journal of Agricultural Economics
JO  - International Journal of Agricultural Economics
SP  - 307
EP  - 313
PB  - Science Publishing Group
SN  - 2575-3843
UR  - https://doi.org/10.11648/j.ijae.20190406.19
AB  - This study analyzed the factors influencing access to formal agricultural loan among small-scale swamp rice farmers in Obubra Local Government Area in Cross River State, Nigeria. Data were obtained from 120 respondents by using multi-stage random sampling technique. Descriptive statistics and logit regression model were used to analyze the data. The results showed that majority (62.5%) of the farmers were males, about 40% were aged between 31-40 years, married (68.33%), had household size of 7-9 persons (51.67%), had secondary education (51.67%), had farm sizes of 1-2ha (50.83%), had farming experiences of 11-20 years (45%) and only 30.83% had annual farm income of between N51,000.00 and N100,000.00. The logit regression analysis revealed that gender, farm income, household size, education and collateral positively influenced the probability of farmers’ access to loan at 1% significant level respectively. Marital status, farming experience and farm size positively influenced access to loan at 5%, 5% and 10% respectively The major constraints respondents faced in accessing loan are long period of processing loan applications, problem of getting collateral and high interest rate while the major constraints they faced in rice production are crop destruction by cattle, low yield as a result of pests and diseases and low yield as a result of poor soil. The Federal Government should enact law that will motivate the cattle herders to compensate any farmer whose crops have been destroyed or eaten by their cattle and banks should process loan applications on time so that the loan will be disbursed to farmers at the appropriate time.
VL  - 4
IS  - 6
ER  -

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Author Information

Kuye Olufemi Oludayo

Department of Agricultural Economics and Extension, Faculty of Agriculture and Forestry, Cross River University of Technology, Obubra Campus, Obubra, Nigeria
Ogiri Oyom Mbina

Department of Agricultural Economics and Extension, Faculty of Agriculture and Forestry, Cross River University of Technology, Obubra Campus, Obubra, Nigeria

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Kuye Olufemi Oludayo, Ogiri Oyom Mbina. (2020). Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria. International Journal of Agricultural Economics, 4(6), 307-313. https://doi.org/10.11648/j.ijae.20190406.19

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ACS Style

Kuye Olufemi Oludayo; Ogiri Oyom Mbina. Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria. Int. J. Agric. Econ. 2020, 4(6), 307-313. doi: 10.11648/j.ijae.20190406.19

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AMA Style

Kuye Olufemi Oludayo, Ogiri Oyom Mbina. Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria. Int J Agric Econ. 2020;4(6):307-313. doi: 10.11648/j.ijae.20190406.19

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@article{10.11648/j.ijae.20190406.19,
  author = {Kuye Olufemi Oludayo and Ogiri Oyom Mbina},
  title = {Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria},
  journal = {International Journal of Agricultural Economics},
  volume = {4},
  number = {6},
  pages = {307-313},
  doi = {10.11648/j.ijae.20190406.19},
  url = {https://doi.org/10.11648/j.ijae.20190406.19},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijae.20190406.19},
  abstract = {This study analyzed the factors influencing access to formal agricultural loan among small-scale swamp rice farmers in Obubra Local Government Area in Cross River State, Nigeria. Data were obtained from 120 respondents by using multi-stage random sampling technique. Descriptive statistics and logit regression model were used to analyze the data. The results showed that majority (62.5%) of the farmers were males, about 40% were aged between 31-40 years, married (68.33%), had household size of 7-9 persons (51.67%), had secondary education (51.67%), had farm sizes of 1-2ha (50.83%), had farming experiences of 11-20 years (45%) and only 30.83% had annual farm income of between N51,000.00 and N100,000.00. The logit regression analysis revealed that gender, farm income, household size, education and collateral positively influenced the probability of farmers’ access to loan at 1% significant level respectively. Marital status, farming experience and farm size positively influenced access to loan at 5%, 5% and 10% respectively The major constraints respondents faced in accessing loan are long period of processing loan applications, problem of getting collateral and high interest rate while the major constraints they faced in rice production are crop destruction by cattle, low yield as a result of pests and diseases and low yield as a result of poor soil. The Federal Government should enact law that will motivate the cattle herders to compensate any farmer whose crops have been destroyed or eaten by their cattle and banks should process loan applications on time so that the loan will be disbursed to farmers at the appropriate time.},
 year = {2020}
}

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TY  - JOUR
T1  - Analysis of Factors Influencing Access to Formal Loan Among Small-scale Swamp Rice Farmers in Obubra Local Government Area, Cross River State, Nigeria
AU  - Kuye Olufemi Oludayo
AU  - Ogiri Oyom Mbina
Y1  - 2020/01/17
PY  - 2020
N1  - https://doi.org/10.11648/j.ijae.20190406.19
DO  - 10.11648/j.ijae.20190406.19
T2  - International Journal of Agricultural Economics
JF  - International Journal of Agricultural Economics
JO  - International Journal of Agricultural Economics
SP  - 307
EP  - 313
PB  - Science Publishing Group
SN  - 2575-3843
UR  - https://doi.org/10.11648/j.ijae.20190406.19
AB  - This study analyzed the factors influencing access to formal agricultural loan among small-scale swamp rice farmers in Obubra Local Government Area in Cross River State, Nigeria. Data were obtained from 120 respondents by using multi-stage random sampling technique. Descriptive statistics and logit regression model were used to analyze the data. The results showed that majority (62.5%) of the farmers were males, about 40% were aged between 31-40 years, married (68.33%), had household size of 7-9 persons (51.67%), had secondary education (51.67%), had farm sizes of 1-2ha (50.83%), had farming experiences of 11-20 years (45%) and only 30.83% had annual farm income of between N51,000.00 and N100,000.00. The logit regression analysis revealed that gender, farm income, household size, education and collateral positively influenced the probability of farmers’ access to loan at 1% significant level respectively. Marital status, farming experience and farm size positively influenced access to loan at 5%, 5% and 10% respectively The major constraints respondents faced in accessing loan are long period of processing loan applications, problem of getting collateral and high interest rate while the major constraints they faced in rice production are crop destruction by cattle, low yield as a result of pests and diseases and low yield as a result of poor soil. The Federal Government should enact law that will motivate the cattle herders to compensate any farmer whose crops have been destroyed or eaten by their cattle and banks should process loan applications on time so that the loan will be disbursed to farmers at the appropriate time.
VL  - 4
IS  - 6
ER  -

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