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Microcredit and Farmers’ Productivity in Osun State, Nigeria

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  • Obisesan, Omobolaji Olubukunmi
  • Ojewumi, Olusegun Bankole
  • Obisesan, Adekunle Akintunde

Abstract

The present work examined micro-credit and farmers’ productivity in Osun State, Nigeria. A total of 140 respondents were interviewed using structured questionnaires. Data obtained was analyzed using descriptive statistics and Tobit regression model. The research showed there was a significant relationship between household size (β=0.623), farming experience (β=0.858) and loan condition (β=1.29) on the acquisition of credit by farmers. Income generated was used as a proxy for productivity, and it was in the minimum of N20,000 per planting season. Interest rate had a negative relationship with credit acquisition which implied the majority of the farmers patronized the informal sources of credit. The research showed that loan conditions from informal sources was favorable compared to that from formal sources; and a reason for the high patronage. This, therefore, suggests that formal lending institutions should relax agricultural lending condition and provide credit for agricultural purposes to increase the productivity of farmers.Â

Suggested Citation

  • Obisesan, Omobolaji Olubukunmi & Ojewumi, Olusegun Bankole & Obisesan, Adekunle Akintunde, 2019. "Microcredit and Farmers’ Productivity in Osun State, Nigeria," Asian Journal of Agricultural Extension, Economics & Sociology, Asian Journal of Agricultural Extension, Economics & Sociology, vol. 31(3).
    • Handle: RePEc:ags:ajaees:357608
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