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Risk management strategies among smallholder arable crop farmers in Ibiono Ibom Local Governemet Area, Akwaibom State, Nigeria
Abstract
The study investigated risk management strategies among smallholder arable crop farmers in Ibiono Ibom Local Government of Akwa Ibom State, Nigeria. Purposive and random sampling techniques were used in selecting 80 respondents used in the study. Primary data collected with the use of well-structured questionnaire were analyzed with both descriptive and inferential statistical tools. The result of the study revealed that majority of the farmers (66%) were males, young and active with mean age of 44 years. About 62% were married, 98.25% of them were literate and on the average had spent 23 years in farming. It was observed that the level of adoption of risk management strategy was low (x̄ =2.8). The significant variables influencing production were sex (p < 0.10), age of the farmer (p < 0.10), education (p < 0.01), farming experience (p < 0.10), income (p < 0.01), capital (p < 0.10), and the index of risk situations (p = 0.10). The result revealed that enterprise diversification (x̄ =3.3) was widely adopted as the most important management strategy. The result also shows that farmers in the study area placed higher preference on risk- taking behavior as affirmed by 50% of the farmers. The results therefore call for policies aimed at encouraging financial institutions to collaborate with insurance companies to insure agricultural credit facilities in order to indirectly insure crop farms due to inevitable risk involve in food crop farming business. There is need to encourage farmers to insure their farms and products against uncertain events. Banks and financial NGOs as well as government’s Poverty Alleviation Fund programme are encouraged to strengthen the provision of credit assistance to food crop farmers to enable them adopt the most efficient practices to increase produce beyond subsistent level. Farmers are encouraged to form cooperatives to help manage marketing related problems
Keywords: Risk, Smallholder, Management strategies and Risk behaviour
