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RISK ATTITUDE AND RISK MANAGEMENT STRATEGIES AMONG AGRIBUSINESS ENTREPRENEURS: CASE STUDY OF COCOA FARMERS IN ABIA STATE, NIGERIA
Abstract
The study empirically analyzed the risk attitude and risk management strategies among cocoa farmers in Abia
State, Nigeria. A Multistage sampling technique was used in the selection of sixty (60) cocoa farmers for the
study. Descriptive statistics, Pearson Product Moment Correction and Ordinary Least Square Regression
analyses were used to analyze the data. The results of the descriptive statistics showed that the respondents had a
mean age of 42 years, majority (88.3%) of them are male, many (75%) of whom were married, with household
size of about 6 persons, farm size of 5 hectares, farming experience of 17 years, and majority (98.3%) literate. The
respondents had average farm income of ₦433,381, non-farm income of ₦64,337, extension contact of about 3
times, and cocoa output of 10 bags of 200kg. Majority (78.4%) of the respondents were also risk-takers. The most
common risk management strategies used by the respondents were precautionary savings, intercropping and offfarm
jobs. The major challenges faced by the respondents were: bad roads, pests and diseases, high cost of inputs
and agrochemicals, and problem of middlemen. The results of the correlation analysis indicate a negative linear
correlation between cocoa farmers' risk attitude and their risk management strategies in the study area. The
results of the regression analysis showed that age, farm size, farm income, extension contact and credit were the
significant determinants of cocoa farmers' output. The study therefore, calls for land reform policies to make
more land available to cocoa farmers for increased output and income. Need to strengthen extension to enable
farmer's access and process information on innovations that will enhance output of cocoa
