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DOI:http://dx.doi.org/10.26855/ijfsa.2022.09.002

Analysis of Risk Types Faced by Agriprenuers in North Central, Nigeria

Date: July 13,2022 |Hits: 1003 Download PDF How to cite this paper

N. Okutue1, E. E. Osuji2,*, O. B. Ibeagwa3, E. J. Okeke1

1Department of Agricultural Economics and Extension, University of Abuja, Abuja, Nigeria.

2Department of Agriculture, Alex Ekwueme Federal University Ndufu-Alike, Abakaliki, Ebonyi State, Nigeria.

3Department of Agricultural Economics, Federal University of Technology, Owerri Imo State, Nigeria.

*Corresponding author: E. E. Osuji

Abstract

This study evaluated the types of risks faced by agripreneurs in North Central Nigeria. Multistage random sampling technique was adopted in the selection of 300 respondents from Nasarawa, Niger and Kogi States used for the study. Well-structured questionnaires were used to elicit the required data from the respondents. The significant economic and financial risk facing the input agripreneurs were exchange rate fluctuations (mean=3.84), high interest rate (mean=4.82) and high level of debts (3.20). The significant production risks facing the production agripreneurs were inadequate storage and processing facilities (mean=4.25), power supply interruption (mean=4.56), outdated technology and lack of expertise (mean=4.34) inaccessibility of input (mean=3.94). The significant production risk facing the processing agripreneurs were inadequate processing and storage facilities (mean=3.42), instability in power supply (mean=4.54), outdated technology and lack of expertise (mean=4.41) and inadequate and improve inputs (mean=3.42). The Major risks faced by marketing agripreneurs include frequent price fluctuation (mean=4.04), high level of inflation (mean=4.66), lack of product variety (mean=3.12), past failure (mean=3.4.07) and too many competitors (mean= 3.97). The significant economic and financial risk facing the support agripreneurs were limited ways of raising fund (mean=4.95), exchange rate fluctuation (mean=4.42) and high interest on loans (mean=4.53). Programs and policies meant to promote capital access of the agripreneurs should be promoted and executed judiciously. Agripreneurs should be enlightened that risk is essential part of entrepreneurial success.

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How to cite this paper

Analysis of Risk Types Faced by Agriprenuers in North Central, Nigeria

How to cite this paper: N. Okutue, E. E. Osuji, O. B. Ibeagwa, E. J. Okeke. (2022) Analysis of Risk Types Faced by Agriprenuers in North Central, NigeriaInternational Journal of Food Science and Agriculture6(3), 242-252.

DOI: http://dx.doi.org/10.26855/ijfsa.2022.09.002

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