| Title: | Effects of Micro-Credit on Cassava Production in Obio/Akpor Local Government Area of Rivers State, Nigeria |
| Author(s): | Nwokugha S.U. Amadi,I, Ogadinma, C.A, Isreal.T.E, & Nwokugha,C.J |
| Abstract: | The study was designed to determine the effect of micro-credit on cassava production in Obio/Akpor Local Government Area of Rivers State, Nigeria. The objectives were to describe the socio-economic characteristics of the cassava farmers using micro credit in the study area, determine the effect of micro-credit on cassava producers, determine the level of access to micro-credit on cassava producers in the study area, and know the constraints affecting Cassava producers’ access to micro-credit in the study area. It involves a study of 100 Cassava farmers which were selected using simple random sampling from Ten (10) communities. Data were collected using structured questionnaire, scheduled interview with. Objectives were achieved using descriptive analytic tools such as tables, mean and percentages. Multiple regression was used to estimate the effects of micro-credit and level of micro-credit access. The double was the lead equation. The coefficients of multiple determinant (R2) value of 0.836 indicate that 83.6% of the variation on micro-credit on Cassava farmers can be explained by the independent variables in the regression having an F ratio of 1.09. The result indicated that 42.2% of the respondents were in the age bracket of 45-55, 43.1% were observed to be in the age range of 26-45, 6.9% were observed to be in the age range of 56-75 and 4.9% of the respondents were in the age range of 18-24. The socioeconomic characteristic such as income level were found to have a significant effect on the cassava producer access to micro-credit in the study area. The major constraints identified in the access to micro-credit limited documentation, struggle with financial literacy, affordability barrier, size of farm and cumbersome process having specific mean of 2.2000,2.0500,2.0900,1.7000,1.6700. The findings reveal that gender, age, marital status, education level, and farming experience significantly impact farmers' access to microcredit. In conclusion, the socio-economic characteristics of cassava farmers in Obio/Akpor Local Government Area of Rivers State, Nigeria, play a significant role in determining their access to microcredit and the subsequent effects on cassava production. Factors such as gender, age, marital status, education level, income, and years of farming experience all influence the ability of farmers to access and benefit from microcredit. This study reveals that there is a strong correlation between microcredit availability and cassava production, as well as the financial inclusion of farmers. The recommendation was proffered, Easy access to microcredit for cassava farmers, especially those with limited resources. Financial Literacy Programs should be made available, so as to improve cassava farmers understanding on financial concepts. It is advisable to encourage the formation of cooperative and farming group. Financial institutions should design microcredit products tailored to the needs and challenges of cassava farmers. |
| Keywords: | Effects, Microcredits, Cassava Production. |
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