Abstract
The study examined the socio-economic determinants of level of adoption of risk management strategies by fish farmers in Degema Local Government Area of Rivers State. The study specifically described the socioeconomic characteristics of fish farmers, identified the various sources of risk and determined the socioeconomic factors that influence the level of adoption of risk management strategies. A two-stage sampling technique was used to select sixty-seven (67) fish farmers. Structured questionnaire and interview schedule were used for data collection. Data analysis was done using descriptive statistics and multiple regression. The result showed that majority were young male with an average age of 40 years. The most common sources of risk were the fluctuation in prices of fish feed and fish. The age of farmers, household size, and farming experience were some of the factors that influenced the adoption to risk management strategies. However due to the inadequate extension service activities, farmers were not able to fully utilize the different and essential risk management strategies. Hence, the study recommends that young women should be encouraged to invest in fish farming business. Also, extension agents should be encouraged to disseminate useful information to farmers on essential risk management strategies.Keywords: Risk, Risk Management Strategies, Fish farming, Adoption
Highlights
Fish farming is the cultivation of fish species such as catfish and tilapia amongst others
The result further showed that majority (67.2%) of the fish farmers had household size ranging from 1-5 persons with a mean household size of 5
Fish farming serves as a good source of livelihood to farmers in Nigeria
Summary
Fish farming is the cultivation of fish species such as catfish and tilapia amongst others. We have risks that are associated with climate change, fluctuation in prices, imperfect markets, weak rural infrastructure, inadequate credit and insurance scheme for farmers, and poor implementation of government policies. These risk factors affect farmers’ income and general wellbeing. To reduce risk effects in the fish farms, one must be willing to reduce the income generated. The reason for this is because there is a direct relationship between risk and farm returns.
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