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Rice Farmer and Capital Formation: A Case Study of Rice Farmer's Credit Cooperative in Itoikin, Ikosi-Ejirin LCDA, Lagos State

Omowumi A. Olowa

,

Olatomide Waheed Olowa

Omowumi A. Olowa 1 ,

Olatomide Waheed Olowa 1 
  1. Department of Agricultural Education, Federal College of Education (Technical) Akoka, Nigeria 1

Pages: 1-8

DOI: 10.18488/journal.26.2017.61.1.8

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Article History:

Received: 26 November, 2016
Revised: 29 December, 2016
Accepted: 25 January, 2017
Published: 08 March, 2017


Abstract:

This study set out to examine capital formation among rice farmers who belong to rice farmers’ credit cooperative and to isolate factors that determined why some farmer accumulate capital more than others using Itoikin rice farmers’ cooperative society.  The study draws on two sources of data namely household level surveys and secondary data to get insight about the size and composition of capital formation among rice farmers.  The results showed that on average, farmers were 50 years with about 4 years of education, 6 persons in household size and about ₦73,004.37 as mean income. Capital Formation takes the form of agricultural land, rice, agricultural machinery and equipment. The results further showed that about one-quarter of the net addition to fixed capital come from household savings and the rest three-quarter are borrowed from Cooperative and other sources. Regression results indicate that the most important factors determining the level of capital formation are age, the income from rice, Loan from cooperative and other sources and farm holdings. We also found that an increase in the average education of the farmers increases agricultural capital significantly. Education of farmers/rural dwellers should be at the front burner of all rural transformation agenda.

Contribution/ Originality
The study documents that capital formation took the form of agricultural land, rice agricultural machinery and equipment. One-quarter of the net addition to fixed capital comes majorly from farmer’s savings and borrowing from cooperative. Age, Rice income, Cooperative borrowing and education are important determinant of level of capital formation.

Keywords:

Credit cooperatives, Agriculture, Capital formation, Rice farmer, Lagos state

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Reference:

  1. Adams, R.H., 2005. Remittances, household expenditure and investment in Guatemala. World Bank Policy Research Paper No. 3418.
  2. Hossain, M., 2004. Rural non-farm economy in Bangladesh: A view from household surveys. Centre for policy dialogue. CPD Occasional Paper Series, Paper No. 40.
  3. Ijere, M.O., 1983. Readings in Nigerian agricultural policy and planning. University of Port Harcourt Press.
  4. Olomola, S.A., 2000. Factors affecting farmers’ Adoption of animal traction technology in Northern Nigeria. Research for Development, 16: 70-87. View at Google Scholar 
  5. Rafael, C., J.T. Milimo and S. Wanmali, 1999. Adopting Improved farm technology: A study of small holder farmers in Eastern Province, Zambia. Washington, DC: IFPRI.

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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