Determinants of saving mobilization by farmer cooperators in Kwara State, Nigeria

Abstract

This study identified and assessed saving mobilization determinants by the farmer cooperators in Kwara State, Nigeria, Ninety (90) farmer cooperator household savers were purposively selected from 30 registered and active cooperative societies from the 4 zones of the state following the Kwara Agricultural Development Project's Zoning pattern. A well structured questionnaire was administered on the respondents and the data collected were analysed using multiple regression and descriptive statistics. The results of this study showed that the major saving mobilization determinants which were significant at 5% level from the double-log analysis include; the household annual income, farm size, household size, farmer's annual expenditure and cooperative membership experience. The value of the coefficient of multiple determination (R²) was 85.5% while the value of the F-ratio was 15.048 which is also significant at 5%. The mean annual income of the respondents was N323,855.56; mean farm size holding of 1.84ha; average household size of 9 persons and annual expenditure in percentage on production activities was found to be 33.04% while consumption was 66.96%. This study therefore advocate for the establishment and nurturing of viable farmer cooperative associations in the state as well as providing loanable funds to them by Government an financing agencies to enable them to expand their productive capacity base and stimulate the rural economy. The rural saving mobilization determinants should equally be emphasized in any policy formulation and implementation affecting these rural farmers.

Keywords: savings, mobilisation, determinants, cooperator, households

International Journal of Agriculture and Rural Development Vol. 6 2005: 66-73