Donnish Journal of Agricultural Research

December 2017 Vol. 4(2), pp. 009-014

Copyright (c)2017 Donnish Journals

Original Research Article

Analysis of Small-scale Farmer's Access to Formal Financial Services in Cross River State, Nigeria

Etim, I.J, Eyo, O. E. and Enimu, S.*

Department of Agricultural Economics, University of Calabar, Cross River State, Calabar, Nigeria.

Corresponding Author's E-mail: solomonenimu@gmail.com

Accepted 5th December, 2017.

Abstract

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This study was carried out to analyze small-scale farmers' access to formal financial services in Cross River State, Nigeria. The specific objectives were to describe the types of formal financial services available to these farmers, assess the extent of utilization of these services by the farmers, determine the influence of selected socio-economic variables on the use of formal financial services and analyze the correlation between access to financial services and small-scale farmers output. A simple random sampling technique was used to select the respondents using well-structured questionnaire. Logistic regression and descriptive statistical tools were used to analyze data gathered. The results indicated that formal, semi-formal and informal financial service providers are available to the farmers. Majority of the farmers, 72% used 1-5 financial services. The binary logistic regression results revealed that age, farm experience, distance, educational level, farm size, cost of access and farm income were the major factors affecting farmers' access to financial services. The study also showed that the degree of correlation between use of financial services and farmers output was 25%. The study recommends that formal financial services providers should expand their scope of coverage, enlighten the farmers on how to access and use these formal financial services as well as timely disbursement of funds to suit farming operations for the small-scale farmers to encourage better utilization and optimum output.

Keywords: Small Scale, Access, Formal, Financial Farmers, Cross River.

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Cite This Article:

Etim, I.J, Eyo, O. E. and Enimu, S. Analysis of Small-scale Farmer's Access to Formal Financial Services in Cross River State, Nigeria. Donnish Journal of Agricultural Research 4(2) 2017 pp. 009-014.