Analysis of Savings and Investment Patterns Among Rural Farming Households in Yewa Division, Ogun State, Nigeria

Abstract

This study examined the analysis of savings and investment patterns among rural farming households in Yewa Division of Ogun State, Nigeria. The study was based on primary data obtained in a cross-section of 120 farming households drawn by multi- stage random sampling.Results showed that 44.2% were males with age bracket 31 – 40 years. The famers were mostly married 90.8% and 52.5% practice Islamic religion. The percentage of those that were educated was 64.2% and majority of these farmers (37.5%) had a farming experience of about 6-10years. The income level earned by these farmers was majorly between N20,000.00–N40,000.00 which is approximately (50%) of the entire sampled households.The Regression 2 Analysis of the determinants of savings among the respondents revealed an Adjusted R value of 0.579 which implies that 57.9% of the variation in dependent variable (Y) which is farm output is accounted for by the selection of socio-economic variables (X -X ) included in the model.Evidence from the study shows that 1 8 age, marital status and return on investment are statically significant in determining the investment pattern of the farmers in the survey area. It is therefore recommended that support should be given for the establishment of farm service centres reasonably close to the farmers, through which they may be able to gain access to modern inputs