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Mar 30, 2024Keywords:
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Main Article Content
Credit Use and Determinants of Economic Efficiency of Cocoa Seedlings Producing Entrepreneurs in South East Nigeria
Abstract
This study examined credit use and the determinants of economic efficiency of cocoa seedlings-producing entrepreneurs in South East, Nigeria. A multi-stage random sampling technique was used in choosing the sample. Primary data collected from 180 seedlings-producing entrepreneurs comprising 60 formal credit users and 120 informal credit users were used for the study. Data collected were analyzed using descriptive statistics and the Maximum Likelihood Stochastic (MLS) regression model. Findings showed that the majority (66.77) percent of entrepreneurs use informal credit sources. Results from MLS showed that for the pooled sample, the coefficients of education, access to credits, extension contacts, cooperative membership, type of seed and farm size all showed positive signs and at different levels of significance. For the Fpenal Cresit Using entrepreneurs, household size, extension contacts, cooperative membership, type of seed and farm size all showed positive signs at different levels of significance respectively. For the Informal Credit Using entrepreneurs, age, education, household size, experience, the volume of credit, extension contacts, cooperative membership and farm size all showed positive signs at different levels of significance. The study recommends that efforts should be made by the government and other investors in agriculture to first consider the various factors identified by this study that influenced the economic efficiency of cocoa seedlings-producing entrepreneurs in South East Nigeria and to ensure the availability of hybrid seeds as hybrid varieties play an important role in increasing income of producing entrepreneurs and overcoming poverty.
