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Apr 30, 2022Keywords:
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Main Article Content
Analysis and Economic Determinants of Maize Production in Oyo State, Nigeria
Abstract
The economics and determinants of maize production in Oyo State, Nigeria were assessed in this study. Data were collected with the aid of a structured questionnaire from 120 maize farmers selected through a multistage sampling procedure. Descriptive statistics, budgetary technique and multiple regression were the analytical tools employed. Findings from the study revealed that majority (90.8%) of the maize farmers are male with an average age of 41years. Many (58.3%) of the maize farmer attained secondary education and 94.2% married. Budgetary analysis result revealed that a total cost of ₦ 91,923.18 was incurred per hectare per planting season by the maize farmers with total revenue of ₦180,220.79 and gross margin of ₦120,678.19. The return to investment value of 0.96 implies that for every ₦1 invested in maize farming, ₦1.96 is obtained as returns, with a profit of ₦0.96. Multiple regression analysis revealed that maize profitability is significantly influenced by age (p<0.01), marital status (p<0.05), farming experience (p<0.1), cost of inputs (p<0.05), access to credit (p<0.01) and access to market (p<0.1). Findings from the study concluded that maize production is a profitable enterprise in the study area, although most of the farmers cannot access credit facilities which in turn affected their output level. Farmers are therefore encouraged to join cooperative society to enable them to pool resources together for fund mobilization and increase their credit access as this will stimulate their production and output level, likewise the amount of income and profit realized.
