Conference Proceedings ofThe.18" Annual National Conference of The Nigerian Association OfAgricultural Economists Held At Federal University ofAgriculture, Abeo!ptta, Nigeria I(!' - I 9th October, 20 I 7,
SOCIO-ECONOMIC DETERMINANTS OF INFORMAL SA VIN GS FOR SMALL SCALE CASSAVA PRODUCTION IN ABI LGA, CROSS RIVER STATE, NIGERIA
*Kuye, 0.0, Ettah, 0.1, Oniah, M.O and Egbe, B. M. . Department of Agricultural Economics and Extension, Cross River University of Technology · Obubra Campus
*CORRESPONDING E-MAIL: [email protected] Telephone contact: +2347069006253
ABSTRACT
This research wo"1< ~xamined the effects of socio-economic variables on informal savings for small scale cassava pro~tion in Abi Local Government Area of Cross River State, Nigeria. The objectives of the study included describing the socio-economic characteristics of smallholder cassava farmers in the study area and examined the effects of some socio-economic variables on informal savings for cassava production by smallholder cassava farmers in the study area. Data were collected from one hundred (100) smallholder cassava fanners using structured questionnaire. Data were analysed using descriptive statistics and multiple regression analysis. Descriptive statistics revealed that 55% of the respondents were males, 81% were within the age range of21-50years, 73% were married, 49% had about l-5people in their households, 89% had formal education, 46% had farming experiences ranging from l l-20years, while 84% had farm sizes of between l-5hectares. Although money lenders, trade unions, rotating savings, ·church associations, personal and family savings existed in the study area, age grade savings (33%) was the most common type of informal savings institution operating in the area. Multiple regression results showed that age, distance to savings institutions and farm income were significantly related to volume of saving by smallholder cassava farmers in the study area. Government should intensify efforts to make loan or credit readily available to smallholder cassava farmers by empowering both formal and informal financial institutions to meet their credit needs. The informal savings institutions should be integrated into the national credit system by allowing the operators to register with the State Ministry of Commerce and Trade. Formal financial institutions should intensify efforts to establish branches in the rural areas to reduce distance problem among farmers and improve rural savings. KEYWORDS: Socio-economics, variables, informal, savings, small-scale, cassava, farmers
INTRODUCTION In Nigeria, small and medium scale farmers produce the bulk of the domestic agricultural output. Savings among this category of farmers is of crucial importance as the degree of progress they will attain depends largely upon what they do with the additional incomes generated yearly from their farn1 activities (Ayanwale and Bamire, 2000). The growth rate in the farming economy largely depends on the stock of capital built by a farmer and the re-investment of such stock for further improvement of the farming households (Ayanwale and Bamire, 2000). Saving is defined as the amount of income per time period that is not consumed by economic units. It is the portion of disposable inoome that is not devoted to current consumption (Anyanwu and Oaikhenan, 1995). In other words, it is regarded as income that is not consumed by immediately buying goods and services: This clearly indicates that savings is closely related to investment (Adegeye and Dittoh, 1985). Therefore, it is suffice to say that savings is vital in increasing the amount of capital available. Increased saving is necessary but not a sufficient condition for investment. Saving is undeniably a strategic variable in the economy as posited by renowned economists like Adam Smith and David tt Coonference Proceedings of The 18"' Annual National Conference of the Nigeria Association Of The Nigerian Agricultural 936 Economists I Ield at ederal University of Agriculture, Abeokuta, Nigeria 16'" - 19th October, 2017. Socw-economic Determinants OfInfonnal Sallings For s.aJl Smk Cas:smri pmtb,ctio,, hrAbi Lga. Oms Riwr State. Nigeria ·
Ricardo. According to Bime (2008), savings go beyond capital formation to being a catalyst for capital formation and a major determinant of the cost of credit based on the law of scarcity which holds that "when the former is low and scarce,, it becomes more cosdy to oblain'". The role of savings in economic development is very impommt and it can be descnl,ed as a driving force oecessary for economic growth and development. Smallholder cassava fanners are playing remarkable role in the agricultural sector ofNigeria They grow cassava and intercrop it with yam. maize and legumes in the rainforest and savannah agro ecological zones of Southern. Central and Northern Nigeria (Asadu., 2004). Economists like John Keynes., John Muellbaeur, Milton Friedman and James Duesenbeny had established the relationships between the concepts of consumption., saving and income. However, many formal financial institutions including Bank of Agriculture. Deposit Money Banks and Micro Finance Banks have tailed to provide savings facilities that are acceprable and attractive to rural dwellers because of inadequate rural branches to cater for numerous &nners scattered over large space, inadequate staffing - in quantity and quality- in the Agricultural Finance Departments and high rate of loan default by fanners (Olmrie.. 1985 ·~ Kuye. 2016). Due to this fact. many rural inhabitants save their money· informally by patronizing traditional savings and credit associations. age grades, friends, relatives, private money lenders and unregistered cooperative societies (Okorie, 1985; Aneke, 1981; Ahaiwe, 1981 and Kuyc; 2016). Government micro-credit schemes have tailed in the area of enhancing fanners• saving mobilization largely due to the fact that the schemes did not take into account the income levels ofthe :farmers,, their savings potential and unavailability of formal financial institutions in most rural areas (Jekayinka. 1981). According to Pearce (1981). saving and capital accumulation is very difficult because with low incomes, very little savings or investment occur out of existing income. Therefore, what effects do socio-economic variables have on informal savings by the farmers in Abi Local Government Area. Cross River State? This study was specifically conducted to: 1. describe the socio-economic cbaracreristics of cassava fanners in the study area; ii. identify the types and driving forces of informal savings among smallholder cassava farmers in the study area and; iii. analyse the effects. of some socio-economic variables on informal savings for cassava production by smallholder cassava fannCIS in the study area.
METHODOLOGY The Study Area This research work was conducted in Abi Local Government Area of Cross River S1ate. Abi Local Government Area has eleven (11) political wards namely: Adadama. ltigidi, Ekureku I. Ekureku II. Usumutong, Ebom, Ebijakara, Afafanyi, lmabana L lmabaoa U and lgooigoni. Abi Local Government Area covers about 33,452.km2 (M"mis1ry of Local Government. Affairs. Cross River State, 2006). It is bordered on the south by Y alrurr and Biase Local Government Area,, on the east by Ebonyi Staie and on the North by Obubra Local Government Area. Abi Local Government Area is situated in the rainfall forest belt which promotes the growdt of crops such as rice.. yam, cassava. maize and vegetables. 1be area bas an annual rainfall dislnoution ranging fiom 2.200mm - 2,800mm per annum with average temperature of26°C - 28°C. Apart from crop farming, the people also engage in fishing and animal husbandry (goat, sheep and pou1tJy birds). They practice agri-business activities like rice and cassava processing, while a good nwnber of the people are civil servants and marketers of non-tanning goods or services.
Coonference Proceedings ofThe 111"' Amual Naliaml ~ afk!Nlijpm~llfTllm:: !Nliir,:mm~ 937 F.conomisis Held at edelal Unm:1Sily ofAgriadlun:. Alxroll:Du,, Nipia 16"'-W'"Oclllla,, 2011. Socio-economic Determinants OfInformal Savings For Small Scale Cass~va Production In Abi Lga, Cross River State, Nigeria
Sampling Procedure This research made use of multi-stage, random sampling technique. The first stage involved the random selection of three wards among the eleven wards in Abi Local Government Area: ItigidL Imabana I and Ekureku I. The second stage was the random selection of three villages from the three wards giving a total of nine (9) villages. The villages selected are Agba, Lekpachel and Ikamine (Itigidi ward), Mboti, Ilike and ltakonghor (lmabana 1 ward) and Eminekpon, Ekalevon and Ngalabe (Ekureku ward). The third stage was the random selection of respondents from the list of smallholder cassava farmers provided by the extension agents in the study area during the 2014/2015 farming season using a proportionality factor of 10%. A total of one hundred (100) respondents were used for the study.
Methods of Data Analysis . Data collected from the respondents was analysed to achieve the objectives of the study. Descriptive statistics was used to achieve objectives (i) and (ii) while multiple regression analysis was used to achieve objective (iii). ' The model was implicitly specified as: Y = (X,, X2, X3, X4, Xs, X6, X1,--u) Where: Y = volume of saving (N) X1 = age of the farmers (years) X2 = household size (number of persons in a household) X3 = education (number of years spent in school) X4 = gender ( I =male; 0=female) Xs = interest rate (%) X6 = distance to savings institutions (km) to smallholder cassava farmers X1= farm income of the farmers (W) u = error term The various models were tried in three functional forms of linear, semi-log and double-log as specified: I. Linear model: Y = bo + b1X1 + b2X2 + .b3X3 + b4X4 + bsXs + b6X6 + b1X1 + u ------(i) 2. Serr.i-log Model: Y = Logbo + bdogX1 + b2logX2 + b3logX3 + b4JogX4 + bslogXs + b61ogX6 + b1logX1 + u - (ii) 3. Double-log model: logY = Logbo + b1 logX1 + b2logX2 + b3logX3 + b4JogX4 + bslogXs + b61ogX6 + b1logX1 + u-(i ii) The double-log functional model was chosen as the lead equation (LE).
RESULTS AND CONCLUSION Socio-economic characteristics of smallholder cassava farmers in the study area The socio-economic characteristics of the farmers considered in this study include gender, age. marital status, household size, farm size, education and farming experience as contained in Table I. Fifty five percent (55%) of the respondents were males, while 45% were females. The high percentage of male cassava farmers obtained in this study agreed with Nweke, et al., (2002) who reported that men were more involved in cassava production than women in Nigeria. Kuye (2016) opined that male farmers were more suited to withstand the rigors associated with the complex processes of farming. Majority (81 % ) of the cassava farmers fell within the age range of 21-50 years implying that cassava farming is carried out by matnre adults who were in their active productive years. Their mean age was 42.3years which is line with the findings of Kuye (2016) and Akanni (2007) who obtained a mean age of 43years among cassava farmers in Sou~hern Nigeria. According to Henry-Ukoha, et al., (2010) middle-aged farmers were active, vibrant and are more likely to adopt innovations better and
Coonference Proceedings ofThe 18th Annual National Conference of the Nigeria Association OfThP. Nigerian Agricultural 938 11 th Economists Held at ederal University of Agriculture, Abeokuta, Nigeria I 6 ' - 19 October, 2017. Socio-economic Determinants Of Informal Savings For Small Scale Cassava Production In Abi Lga, Cross River State, Nigeria
faster than their earlier and later counterparts. Also, about 73% were married, while 15% were single and 12% were divorced. This results imply that majority of cassava farmers in the_study area were married men and women. Marriage confers respect and responsibility on individuals that are married Kuye (2016). Nwachukwu and Jibowu (2000), Bammeke (2003) validated this findings by ascertaining that majority of the women involved in agricultural activities in the central and south western Nigeria were married. The findings also reveal that majority (49%) had household sizes of less than 5 persons. The mean household size was 4±1.6 members per household. According to Matterson (2007) farmers with large household size tend to dissipate most of their resources on upbringing and education of their children. Household size and composition affect the family propensity to save as well as their demand for credit which may not be unconnected with the increased use of family income to feed, clothe and educate a larger number of children. Also, small household size tends to result in minimal amount of labour available to a family in cassava production. Table 1 reveals that majority (84%) had farm sizes less than Shectares, while only 16% had farm sizes between 6-1 0hectares. This result confirmed that majority of the respondents were relatively smallholder farmers. This result thus, implies that if cassava farmers in the study area increase their informal savings, they would be able to acquire more land and increase the farm size with which they cultivate cassava. Majority of the cassava farmers (89%) had primary, secondary and tertiary education while only 11 % had never attended school. This indicates that majority of the farmers were educated. They would easily understand new technologies and cultural practices to boost their production. Also, they would be able to understand the operations of the informal savings sector. and hence utilize its advantages and avoid the pitfalls. The findings of this study agreed with Chukwuj i (2006) who opined that education had positive effects on cassava production output. However, 46% of the respondents had farming experiences of l l-20years, while only 10% had farming experience above 20years. The results of this study is in confonn ity with those of U gwum ba and Okwukanaso (2012) who reported that experienced and educated farmers spent higher amount of money on farm inputs than the inexperience and illiterate farmers and hence have better income levels that could be mobilized for savings.
Coonference Proceedings of The 18"' Annual Natior,al Conference of the Nigeria Association Of The Nigerian Agricultural 939
th Economists Held at ederal University of Agriculture, Abeokuta, Nigeria 16 - 19'" October. 2017. ~ ~ Ofi.,,.al Samrgs For s..aJl Sade Om:tnu Pmt/Jiction In A.bi Lga. Cross River State, Nigeria
Table 1: Socio-cmaoaic duarKteristia of saallllolder cassava fumen in the study area Variable Freqwacy (%) Mean Geader Male 55 55 Female 45 45 Age(Jn) 21-30 16 16 31-40 32 32 41-50 33 33 42.3 51-60 17 17 Above60 2 2 Muitalmta Married 73 73 Single 15 15 Divon:ed 12 12 llom:daold size (ao) <5 49 49 5 27 27 4 6 19 19 >6 5 5 Fara size {IUl)
Types alld drniag forca of iaformal sa'riags amo111: uulllaolder cassava farmen Table 2 shows the types and driving fon:es of informal savings among cassava fanners in the study area They include instruments that can mobilize cassava fanners for informal savings, reasons for informal savings and types ofinformal savings institutions a. ai.lable to the faqners. The results shows that majority (48%) saved because of the~ of the savings institutions to them. This implies that dislance to savings institutions is a majOI' filclor' that influence savings by smallholder cassava farmers in the study area. This study agrees wi1b that ofOtu (2010) who reported that smallholder banana farmers in Doti WA in Cross River S1ale saved because of safety purpose and nearness to savings institutions.. Nearness 1D soun:es of saving would generate in the farmers the optimism and ddaminalion to save and vcnlure into new field, increase farm size, increase productivity and farm ~ facilitate adoption of improved farm practice, encourage capital formation, improve efficiency and living conditions of fiumas. Also, majority of the respondents (62%) saved their money in order to carry out future prQjeds. which could be to eslablish new farms or expand existing ones.
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Moreover, Table 2 shows that 33% of the respondents, which made up the majority group, used age grade savings, while only 6% used family savings. Bime (2008) identified sever;·. t~1pt's of informal savings such as osusu collectors, money lenders, cooperative associations, age-grade assodation, and rotatory savings among others.
Table 2:Types and driving forces of informal savings among smallholder cassava farmers Variables Frequency Percentage(%) Instruments of informal savings mobili7..ation High interest rate 2l 21 Nearness to savings institutions 48 48 Safety purpose 31 31 Reasons for saving To get a lump sum of money 5 5 To guide against theft 10 10 To carry out future projects 62 62 To minimize the rate of spending 23 23 Types of informal savings institutions Money lenders 25 25 Age grade savings 33 33 Trade unions 14 14 Rotatory savings 11 11 Church associations 4 4 Personal savings 7 7 Family savings 6 6 - Total 100 100 Source: Field data, 2016
Effects of some socio-economic variables on informal savings for cassava production by smallholder cassava farmers in the study area Table 3 contained the results of the multiple regression analysis of the effects of some socio-economic variables on informal savings by cassava farmers in the study area. It reveals that age of farmers (Xi), distant to savings institutions (X6) and farm income (X1) were significant. Age (X1) had a negative -;~1e1licient ~-0.275) and was significant. This implies that age had an inverse relationship with savings. t i.1dicates that the volume of saving is affected by the age of the cassava farmers. From this re-;ult, younger people have higher capacity to save than older ones. This study agrees with that of (Xu (2010) .vho repo1tcd a significant response of ~avings to age. Als0, distance to saving institutions (X6) was positive (0.262) and significant. This indicates that if the distance io saving institutions is reduced by 26.2% more savings would be mobilized in the study area. It also implies that distance is a determinant of volume of saving because the nearer these i:,stitutions to th~ farmers the more they are motivated to save. This finding is in agreement with Ike am! Umuedafe, (20 I 3). · Farm income 'Y~s:bighly significant and positively related (0.536) to saving. This shows that volume of saving was sensitive to farmers' income. Thjs is because it gives an indication that farmers with large income are more likely to save enough money to increase production. This finding also implies that if farm income is increased by 53.6~'i saving will be greatly enhanced. That is, the higher the farm income the higher their propensity tq save. This result is in agreement with the findinJs of Ike and Umuedafe, (2013 ). Yaroon et al., ( 1997) and Thingan (1985) explained that low income earners have high marginal propensity to consume and low marginal propensity to save. Most often, they are concerned with day to day survival rather than saving for investment. When they fail to provide for their daily needs they go into borrowing or use up the previously accumulated savings Upton ( l 996).
Coonfcrcnce Proceedings o{Thc 18"' Annual National Contcn·ncc of the Nigeria Association Of The Nit,crian Agricultural 941 Economists Held at ederal University of Agriculture. Abeokuta. Nigeria 16'" •- 19'" Octoher, 2017, Socio-economic Determinants OfInformal Savings For Small Scale Cassava Production In Abi Lga, Cross River State, Nigeria
Table 3: Effects of some socio-economic variables of the respondents on informal savings Variables Linear Function Semi-log function Double-log function
Constant 3955.452 (1.255) 8.253 (I 8.870)* ** 3.088 (2.733)*** Age -172.925 (-0.322) -0.123 (-1.659) -0.275 (-1.676)* Household size 623.346 (0.987) 0.018 (0.200) 0.047 (0.293) Education level -586.612 (-0.949) -0.059 (-0.691) -0.211 (-1.137) Gender -1510.405 (-1.424) -0.115 (-0.780) -0.209 (-0.993) Interest rate -16. 157 (-0.199) -0.016 (-1.407) -0.158 (-1.587) Distance I I.IOI (0.151) 0.029 (2.859)*** 0.262 (3.657)*** Farmers income 0.107 (7.780)*** 1248E-005 (6.523)*** 0.536 (5.399)*** R2 0.472 0.448 0.453 Adjusted R2 0.431 0.406 0.41 l F-Ratio 11.733*** 10.652*** 10.864*** Source: Field data, 2016 *** = significant at I%; **=significant at 5%; * = significant at 10%
CONCLUSION AND RECOMMENDATIONS In conclusion, majority of the farmers were male, middle-aged men and women, had mean household size of 4± 1.6 members, educated, cultivated less than Sha and had mean farming experience of about 12 years. Also, variables like age of farmers (X1), distant to savings institutions (X6) and farm income (X1) were significant to savings while household size (X2), education (X3), gender (X4) and interest rate (Xs) were not significant. Due to the importance of cassava as a staple food crop in Nigeria and the various governments' initiatives to improve its production, government should intensify efforts to make loan or credit readily available to smallholder cassava farmers by empowering both formal and informal financial institutions to meet their credit needs. This would enable them increase production, expand their field. adopt improved farm practice and increase farm income which would hitherto enhance rural savings. More so, the informal savings institutions should be 111tegrated into the national credit system by allowing the operators to register with the State Ministry of Commerce and Trade. Formal financial institutions should intensify efforts to establish branches in the rural areas to reduce distance problem among farmers. This would help to improve rural savings.
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Coonfcrence Proceedings ofThe 18th Annual National Conference of the Nieeria Association Of The Nigerian Agricultural 942 th th Economists Held at edcral University of Agriculture, Abcokuta, Nigeria 16 - 19 October, 2017. Socio-economic Determinants OfInformal Savings For Small Scale Cassava Production In Abi Lga, Cross River State, Nigeria
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Coonference Proceedings of The 18"' Annual )'lational Conference of the Nigeria Association Of The Nigerian Agricultural 943 th 1 Economists Held at cderal University of Agriculture, Abeokuta, Nigeria 16 - 19'1October, 2017.