Determinants of savings among small-scale agro-based entrepreneurs in Obio/Akpor Local Government Area Rivers State, Nigeria

Abstract

The research examined the determinants of savings among small-scaled agro-based entrepreneurs in Obio/Akpor Local Government  Area in Rivers state, Nigeria. The specific objectives were to describe the socioeconomic characteristics of agro-based entrepreneurs,  examine the volume of savings among small-scale agro-based entrepreneurs, determine the socioeconomic factors affecting volume of  savings, and identify the constraints to savings among small-scale agro-based enterprises in the study area. A two-stage sampling  technique was used in the selection of eighty (80) small-scale agro-based entrepreneurs. Primary data was collected through  questionnaire administration. Data were analyzed using descriptive statistics and multiple regression. The result showed that 56.3% were  female with 56.3% are married and 67.5% obtained secondary education. The result also revealed that 53.8% of the small-scale agro- based entrepreneurs saved less than ₦50,000.00. The linear regression results showed that age, level of education and income were statistically significant at 10% and 1% respectively influencing savings among small-scale agro- based entrepreneurs. The leading major  constraints to savings were high cost of living, low income and large family size. Hence, the study recommends that there should be  policies geared towards improving the savings among small-scale agro-based entrepreneurs and should be synergy between formal and  informal financial institutions to aids savings among agripreneurs.