Determinants Of Loan Demand And Utilization By Rural Farmers In Oshimili North Local Government Area Of Delta State
ABSTRACT
This study is an analysis of the
determinants of loan demand and utilization by farmers in Oshimili North L.G.A.
of Delta State. Data used in this research were obtained through the use of
structured questionnaires and personal interview with farmers who are
beneficiaries of loan. The data collected were analyzed by the use of
statistical techniques such as frequencies. percentages, multiple regression
analysis and t-test. The results show that factors influencing the amount of
loan demanded are education, farming experience, annual farm income, amount of
loan received, interest amount ), distance and total operating cost. The report
showed that farmers mostly obtain agricultural loan from informal sources. The
amount of loan mostly received by fairies in the study area ranges between Ni
1,000 - N50,000. However, the problem mostly encountered by farmers when
obtaining loan are lack of security, delay in loan disbursement, distance and
too many protocols involved in formal lending institutions. The result shows
that the loan obtained by farmers is mostly used to hire farm labour (84%) and
for non-faiiii business 67% especially trading. It was recommended that
improvement should be made in the time of loan disbursement as well as building
of rural banks in the study area to improve contacts with farmers and to curb
problem of distance.
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ONYEACHONAM, O (2021). Determinants Of Loan Demand And Utilization By Rural Farmers In Oshimili North Local Government Area Of Delta State. Repository.mouau.edu.ng: Retrieved May 18, 2024, from https://repository.mouau.edu.ng/work/view/determinants-of-loan-demand-and-utilization-by-rural-farmers-in-oshimili-north-local-government-area-of-delta-state-7-2
O., ONYEACHONAM. "Determinants Of Loan Demand And Utilization By Rural Farmers In Oshimili North Local Government Area Of Delta State" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 23 Jul. 2021, https://repository.mouau.edu.ng/work/view/determinants-of-loan-demand-and-utilization-by-rural-farmers-in-oshimili-north-local-government-area-of-delta-state-7-2. Accessed 18 May. 2024.
O., ONYEACHONAM. "Determinants Of Loan Demand And Utilization By Rural Farmers In Oshimili North Local Government Area Of Delta State". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 23 Jul. 2021. Web. 18 May. 2024. < https://repository.mouau.edu.ng/work/view/determinants-of-loan-demand-and-utilization-by-rural-farmers-in-oshimili-north-local-government-area-of-delta-state-7-2 >.
O., ONYEACHONAM. "Determinants Of Loan Demand And Utilization By Rural Farmers In Oshimili North Local Government Area Of Delta State" Repository.mouau.edu.ng (2021). Accessed 18 May. 2024. https://repository.mouau.edu.ng/work/view/determinants-of-loan-demand-and-utilization-by-rural-farmers-in-oshimili-north-local-government-area-of-delta-state-7-2