Agricultural Sub-sector Research Articles

- Invited Review - Pig production in Africa: current status, challenges, prospects and opportunities.

Pig production is one of the viable enterprises of the livestock sub-sector of agriculture. It contributes significantly to the economy and animal protein supply to enhance food security in Africa and globally. This article explored the present status of pig production in Africa, the challenges, prospects and potentials. The pig population of Africa represents 4.6% of the global pig population. They are widely distributed across Africa except in Northern Africa where pig production is not popular due to religio-cultural reasons. They are mostly reared in rural parts of Africa by smallholder farmers, informing why majority of the pig population in most parts of Africa are indigenous breeds and their crosses. Pig plays important roles in the sustenance of livelihood in the rural communities and have cultural and social significance. The pig production system in Africa is predominantly traditional, but rapidly growing and transforming into the modern system. The annual pork production in Africa has grown from less than a million tonnes in year 2000 to over 2 million tonnes in 2021. Incidence of disease outbreak, especially African swine fever is one of the main constraints affecting pig production in Africa. Others are lack of skills and technical know-how, high ambient temperature, limited access to high-quality breeds, high cost of feed ingredients and veterinary inputs, unfriendly government policies, religious and cultural bias, inadequate processing facilities as well as under-developed value-chain. The projected human population of 2.5 billion in Africa by 2050, increasing urbanization and decreasing farming population are pointers to the need for increased food production. The production systems of pigs in Africa requires developmental research, improvements in housing, feed production and manufacturing, animal health, processing, capacity building and pig friendly policies for improved productivity and facilitation of export.

Comparison of Thermochemical and Physical Properties of Some Indonesian Agricultural Wastes

Indonesia is one of the largest agricultural countries in the world. Two main agricultural sub-sectors in Indonesia are food crops and estate crops. Agricultural waste is one of the biomass energy sources that has the potential to replace fossil energy sources. The weakness of energy sources from different types of agricultural waste is their heterogeneous thermochemical and physical properties. The objective of the experimental study is to compare the thermochemical and physical properties of fourteen selected agricultural wastes in Indonesia. The thermochemical properties that were compared are high heating value (HHV), percentage of lignocellulosic components, and ultimate analysis, while that of physical properties are the grindability, hydrophilicity, and proximate analysis. A material with high fixed carbon, low moisture, and low ash contents is preferred as a solid fuel source. Based on the experimental results of proximate analysis, coffee husk has the highest fixed carbon content (20.85%). Empty fruit bunch has the lowest moisture content (7.04%). Palm kernel shell has the lowest ash content (1.82%). Based on the results of the ultimate analysis, the palm kernel shell is the sample with the highest carbon content (49.42%), while the empty fruit bunch has the highest hydrogen content (6.69%). The coconut shell was identified as containing the lowest nitrogen (0.14%) and sulfur 0.052%). Peanut shell is the easiest to grind, while empty fruit bunch is the hardest to grind materials. The hydrophilicity of sugarcane trash is lower than other samples (9.34%). Coconut shell has the highest percentage of cellulose (47.21%). Several pairs of agricultural waste have similar properties that can be used as considerations for handling management and co-utilization.

Current Ratio and Financial Performance of Agricultural Firms Listed at the Nairobi Securites Exchange, Kenya

The significant importance of the Agricultural sub-sector is depicted through its contribution to the economic and social developments of Kenya. The study originates from the Doctoral dissertation of the first author in which the co-authors served as supervisors. A census approach was adopted where secondary data from audited annual financial reports of all the six Agricultural firms listed at the Nairobi Securities exchange, Kenya was used, covering the period 2015 to 2022. Descriptive analysis and panel regression analysis were applied. The findings from the panel regression analysis indicated that current ratio has significant effect on financial performance of the Agricultural firms listed at the Nairobi Securities Exchange, Kenya. The study recommends that agricultural firms listed at the Nairobi Securities Exchange need to increase their current assets holdings for purposes of increasing their liquidity levels. This is due to current ratio positive effect on the financial performance of agricultural firms listed at the Nairobi Securities Exchange, Kenya. However, just as very low current ratio is discouraged for firms, it should notably not to be too high as this will serve as an indication that managers are not efficiently utilizing assets. Managers need to properly assess the short term obligations of their firms so as to ensure a corresponding current ratio is attained. Further researches can be undertaken on current ratio and financial performance relationships in the context of firms in other sectors that are listed at the Nairobi Securities Exchange, Kenya.

Unlocking Opportunities in Agro-Industrialization and Agro-Processing for Inclusive Growth in Ghana

Unlocking Opportunities in Agro-Industrialization and Agro-Processing for Inclusive Growth in Ghana

The Financial Feasibility Of Rhizome Cultivation During Covid-19 Pandemic

The agricultural sector is one of the supporting sectors of the Indonesian economy during the Covid-19 pandemic. Horticulture is one of the agricultural sub-sectors that contributes significantly to the national economy. Biopharmaceutical plants are part of the horticulture sub-sector and are used as raw materials for health products. Ginger, turmeric, galangal, kencur, and temulawak are five biopharmaceutical plants of the rhizome group that can be used as herbal medicines to anticipate some symptoms of Covid-19. One of the cultivators of these five biopharmaceutical plants is Taman Sringganis. The problem faced is that the cultivation of medicinal plants in the rhizome group is not optimal due to the many types of medicinal plants being cultivated. The financial feasibility of cultivation must be known To optimize the cultivation of rhizome plants. This research was conducted to determine the feasibility of cultivating medicinal plants in the rhizome group. As a result, during the Covid-19 pandemic, the cultivation of Taman Sringganis rhizomes was still feasible. Based on the calculation results of the four investment feasibility criteria, it is known that the Net Present Value (NPV) is positive or more than equal to zero, namely Rp. 258,213,256, the Net Benefit Cost Ratio (Net B/C Ratio) is more than one, namely 1.79, the Internal Rate of Return (IRR) is more than the predetermined social interest rate (10.1%), namely 36% and Payback Period (PP) is faster than the business age (5 years) which is 3 years 4 months. Rhizome, medicinal plant cultivation, supports the 8th SDGs.

Study of Leading Products to Map the Potential of Agribusiness For Tourism Development in the City of Banjarmasin

The study aims to map the potential of superior agribusiness products for tourism development in Banjarmasin City. The research method is quantitative descriptive using secondary data obtained from BPS South Kalimantan Province and Banjarmasin City. The analysis technique identifies the internal potential of a region, namely basic sectors and non-basic sectors. The potential for agribusiness in the Food Crop Agriculture Sub Sector in Banjarmasin City which can become a base for food crop commodities is the South Banjarmasin District and the North Banjarmasin District. The potential for agribusiness in the Livestock Sub Sector in Banjarmasin City which can be the basis for the livestock sub-sector is the District of South Banjarmasin and Central Banjarmasin. The Fisheries Sub Sector in Banjarmasin City which can be the basis for the livestock sub sector is the North Banjarmasin District and the East Banjarmasin District. The results of research on agribusiness potential in Banjarmasin City seen from the Food Crop Agriculture Sub-Sector include rice, Siamese oranges, and bananas. The agribusiness potential of the Livestock Sub-Sector includes beef cattle, broiler chickens, laying hens, ducks, quail, goats, and free-range chickens. The Fisheries Sub-Sector includes: capture fisheries and freshwater floating net cultivation fisheries, capture fisheries, and still water pond cultivation fisheries.

ИНВЕСТИРОВАНИЕ В ОТДЕЛЬНЫХ СЕГМЕНТАХ АГРАРНОГО СЕКТОРА РФ: СПЕЦИФИКА, ПРОБЛЕМЫ И ТРЕНДЫ

Qualitative and quantitative characteristics of the investment process determine the prospects for the development of any industry, including agriculture. The paper attempts to systematize the features, benefits and risks of investing in certain sectors of the agricultural sector (grain production, vegetable growing, animal husbandry, poultry farming). The main problematic points in the development of investment processes in the sub-sectors of agriculture have been identified, related both to objective reasons (long payback period of investments, significant capital intensity, risks due to natural factors) and subjective aspects (Western sanctions, protectionism in the export of products, leading to restraining purchase prices for agricultural products). The analysis of indicators characterizing the conditions, dynamics and results of investment activities in the industry as a whole and the specifics of investing in individual segments has been carried out. It is concluded that there is a general positive trend in the investment activity of agricultural producers in 2018-2022, both due to maintaining good profitability of activities and due to government subsidization of interest rates on loans. In the context of individual sub-sectors, different rates, volumes and results of investment processes are noted. An assessment of the sources of financing investments in the agricultural sector is given, according to which the main source of investment is the enterprises' own funds. At the same time, state financial support through concessional lending to agricultural producers retains an important role. The conditions and promising directions for the development of investment in agriculture, including those related to import substitution, are outlined.

Food Safety: A Developing Country Perspective

Abstract Developing countries, trying to achieve an acceptable level of food safety at the least possible cost (efficiency objective) and facilitation of market access to the large and lucrative developed country food markets (market access objective), could follow the multilateral, regional, unilateral or the independent approach. The paper studying the pros and cons of these approaches aims to determine the most appropriate food safety reform package. It shows that the best approach is the unilateral. Under this approach the achievement of efficiency objective requires the adoption and implementation of the multilateral approach. The achievement of market access objective requires the adoption and implementation of the regulatory regime of the developed country whose markets the developing country is intending to penetrate. Instead, the paper proposes that the developing country adopts and implements the developed countries‘ regulatory regime only in agricultural sub-sectors with highest comparative advantage scores, and that in all other agricultural sub-sectors the country should adopt and implement the regulatory regime as developed by multilateral approach. Since the tasks associated with designing and implementing the food safety policy reform are challenging, the paper advocates that this task should be left to a new institution, the ‘Food Safety Council‘, which needs to be formed as an autonomous public institution with sufficient financial and technical resources.

Attitude and Knowledge of Belahi Cattle Rearers for Improve Dairy Farming Practices in Haryana

Belahi cattle are seemed to play an important role in sustaining livelihood security of rural Gujjar pastoralists of the Shivalik foothill of Haryana. So that present study was conducted during June 2019 to March 2021 in selected three districts of Shivalik foothill of Haryana due to native tract of Belahi cattle. From each district one tehsil was selected purposively having the highest Belahi cattle population. Three villages from each Tehsil and twenty migratory Belahi cattle rearer from each village were selected randomly. Therefore, total sample size of the study was 180. Knowledge test and attitude scale developed to ascertain knowledge and attitude of the respondents towards improved dairy farming practices. Belahi cattle rearers possessed medium to higher knowledge and low level of favourable attitude towards scientific dairy farming practices. Majority of the respondents were having good knowledge level about management practices, but very lower level of knowledge about breeding practices. According to the 20th Livestock Census (GOI, 2019), the livestock Livestock sector contribute 4.11 per cent to GDP and 20.5 million people depend upon livestock sector for their livelihood. India is the house of the 536.76 million livestock. Livestock contributed 16 per cent to the income of small farm household as against average of 14 per cent for rural households (20th Livestock Census (GOI, 2019). =Livestock is one of the fast growing sub-sector of agriculture. Millions of rural farmers rely on it for employment and income, and it is also rich source of premium products like milk, meat, and eggs. sector contributes about 26 per cent of total agricultural GDP and also provide employment to approximately 20 million people.

Understanding the characteristics of the household energy transition in a developing country

Understanding the energy transition process in developing countries is crucial to implement policies to reduce the use of traditional fossil fuel-based energy sources, which increase pollution, worsen global climate change, and negatively impact people's health. Existing literature indicates that households account for approximately 25% of total energy consumption for consumption and production activities. However, understanding the energy consumption patterns of choices of energy sources and their determinants has largely been neglected in the existing literature. As such, this study uses the multivariate probit model to identify the factors influencing household energy choices in Vietnam, using data from 2016 to 2020 from the Vietnamese Households Living Standard Surveys (VHLSS). Our study focuses on how households' multiple occupations, particularly in rural areas, affect energy sources choices. We find that households participate in different agricultural sub-sectors simultaneously, resulting in differential access to multiple energy sources. Households engaging in cultivation, forestry, and animal husbandry activities are more likely to choose coal, fuelwood, and biomass as the primary energy sources for production and daily uses. In contrast, higher household income and household head with higher education level also increases the likelihood of choosing cleaner energy choices for daily uses and production activities. In addition, our empirical findings confirm the validity of the "energy stacking” hypothesis rather than the “energy ladders" hypothesis – two contrasting hypotheses concerning household energy transition in the literature. Policy implications have emerged based on the findings of this paper to enhance the clean energy transition in Vietnam in achieving sustainable economic development and social transformation and her commitment to combating global climate change issues.

Financial performance determinants of Ukrainian agricultural companies in the pre-war period

Purpose. The purpose of the article is to identify the determinants of the financial performance of agricultural companies in Ukraine in the pre-war period.
 Methodology / approach. Panel data regression analysis, carried out using the GRETL software, was used as a research method. The financial statements of thirty Ukrainian agricultural companies over the defined period 2015–2021 were selected to be data for analysis. Three models were constructed in the article based on the use of three different dependent variables (Return on Assets, Return on Equity, Return on Sales) and seven independent variables (Current Ratio, Capital Intensity, Export Intensity, Leverage, Size, Dummy variable for agricultural sub-sectors, Dummy variable for location). The selection of the mentioned independent variables was logically substantiated by the structure of the financial reports of the Ukrainian agricultural companies and analytical system “You Control”.
 Results. The study of the determinants of financial performance of the agricultural companies is a widespread area of research among academicians, however, is characterized by quite controversial results. Some of these conclusions were refuted, but certain results were confirmed on the example of Ukrainian enterprises. The results of the panel regression analysis with respect to Models 1-3, partially are in contradiction with the conclusions of other studies regarding the impact of the determinants on the financial performance of agricultural companies. None of the chosen independent variables has a significant effect on all the dependent variables as investigated in the article, namely ROA, ROE, and ROS. This confirms the formulated in the study hypothesis regarding the availability of a unique set of financial performance determinants for agricultural enterprises for each individual country. The independent variables used in the study have the most significant impact on ROA. Primarily, ROA is significantly affected by CAPI (5 % level), EXPI (10 % level), and DVL (5 % level). The results obtained confirm a need for improving regional support and ensuring an access to capital for agricultural enterprises in Ukraine.
 Originality / scientific novelty. The originality of the conducted research lies in the study of a set of factors that influenced the financial condition of Ukrainian agrarian companies in the pre-war period, considering the peculiarities of the Ukrainian agrarian sector of the economy.
 Practical value / implications. Investors and financial institutions can benefit from the research results. By recognizing which factors have the most significant impact on financial performance, they can make more informed decisions when considering investments in Ukrainian agricultural companies. Understanding which factors influence financial performance can help in risk management for both agricultural companies and financial institutions.

Strategic evaluation of the sustainability of the Spanish primary sector within the framework of the circular economy

AbstractFood security depends on the implementation of sustainable development in agri‐food. It is essential to determine the sustainability of the main production systems in order to establish specific measures for each territory, by virtue of correcting their negative externalities and improving the commitment of stakeholders. Therefore, this article assessed the economic, social, environmental and global sustainability of the Spanish primary sector based on a synthetic indicator proposed in previous research. The results suggest the existence of a moderate degree of sustainability of the food production system in Spain (0.5019), with the regions of Aragón (0.5482), Castile and Leon (0.5473), Extremadura (0.5438) and Andalucía (0.5399) standing out. An inverse relationship between the economic and the environmental subcomponents of sustainability was obtained. The cluster analysis revealed the need to apply a customized territorial policy in order to meet sustainability goals due to the diversity of agricultural subsectors identified in them.

Bee Products for Poultry and Rabbits: Current Challenges and Perspectives.

Poultry and rabbit production are important and rapidly growing agricultural subsectors, particularly in several developing countries. To ensure the sustainability of poultry and rabbit production, realistic poultry and rabbit farming practices must be improved. Apitherapy is a traditional alternative medicine that involves the prevention and treatment of some diseases with several bee products including propolis, royal jelly, pollen, and venom. More feeding investigations on the numerous benefits of bee products for poultry and rabbits are crucial to be addressed. Poultry and rabbit production has recently experienced numerous challenges, including climate change, disease spread, and antibiotic misuse. Improving animal welfare, health, and production is a top priority for all livestock farms, as is supplying consumers with safe and healthy products. Therefore, this review aims to collect and investigate recent relevant literature on the use of bee products, as feed additives, drinking water supplements, and injections, for poultry and rabbits to improve animal health and production. From the current findings, bee products can improve the growth and immunological performance of small-livestock animals, such as poultry and rabbits, by activating digestive enzymes, maintaining microbial balance, and promoting vitamin synthesis. Therefore, bee products could be a promising natural alternative to growth promoters, reproductive stimulants, and immunological enhancers in poultry and rabbit farms to provide safe and healthy products for humans.

Analisis Konten Peraturan Daerah Perlindungan dan Pemberdayaan Petani di Jawa Tengah (Peraturan Daerah Tahun 2015-2022)

Central Java Province has become one of the national food reservoirs. Ironically, based on farmers' welfare indicators, the characteristics of poor households are based on income, with the majority working in the agricultural sector. The reason is that there are still problems and challenges in the agricultural sector. Therefore, there is a need for policies that can help the condition. In an attempt to intervene in the welfare of farmers, the local government has issued policies relating to the protection and empowerment of the farmers. There are 18 districts in Central Java that have issued regional regulations. In this study using the method of content analysis from Krippendorff (2004) to look at the portrait of the strategy of protection and empowerment of farmers in Central Java. An analysis was carried out to see potential strategies in regional regulation in solving problems and challenges in the agricultural sector. The findings show that strategies for protecting farmers and empowering farmers in general have the potential to address problems and challenges in the agricultural sector. Further policies need to lead to digital farming and specifically regulate issues in the agricultural subsector.

Diversification as a strategy for ensuring security of business subjects in the agricultural sector

Agricultural business is one of the riskiest types of economic activity. In addition to the set of traditional risks, there are threats in agriculture caused by the specifics of agrarian entrepreneurship, which require the search for appropriate strategies and tools for neutralization. Diversification of economic activities of agricultural producers appears as one of these tools. The article examines vital risks that threaten the safe development of agrarian business entities. The main trends in the activity of Ukrainian agricultural enterprises during the last ten years and directly impacted the diversification processes of their economic activity were determined. Price (market) risks were identified as the determining risks of activating diversification processes. Existing processes and trends significantly influenced the formation of the philosophy and main principles of agrarian business, of which the commercial interests of the owners of agricultural structures became the priority. The article assesses the dynamics of the diversification level of agricultural enterprises' economic activity. It was revealed that over the past twenty years, the balance of the development of industries and their share in the structure of agricultural production has been disturbed. The specific weight of agribusiness structures' agricultural services and other non-agricultural activities remained practically unchanged. An analysis of the diversification structure of the plant and animal husbandry industries was carried out. The results showed the presence of problematic structural shifts, which are a consequence of the unjustified deepening of specialization of agricultural enterprises. It was revealed that the curtailment of diversification processes led to the disruption of the intra-industry structure and the emergence of threats to the disappearance of specific sub-sectors of domestic agriculture. Despite this, the agricultural sector of the Ukrainian economy has demonstrated a relatively high level of sustainability and efficiency. It was determined that diversification is an element of strategic agricultural management, which has a significant potential for reducing the level of riskiness of agrarian business and forming prerequisites for achieving the goals of sustainable development of agriculture and rural areas. Keywords: agricultural enterprises, business, diversification, risks, security, agricultural management.

Аграрное российско-белорусское пространство на пути углубления управленческих отношений с акцентом на приграничные субъекты специализированного хозяйствования

The article is devoted to the consideration of the issues of macroeconomic management of the placement and specialization of certain sub-sectors of agriculture of the border geostrategic Cen-tral macro-region of the Non-Chernozem zone of the Russian Federation in the context of the development of a common agro-food market in the integration process with the Republic of Belarus. The analysis of the state of cooperation between the subjects of the Russian-Belarusian border shows that both of them do not sufficiently use the logistical proximity for more effec-tive management of specialization and concentration of agricultural production, since the indica-tors characterizing it are not higher than the average country parameters. One of the essential features of the functioning of the Russian-Belarusian agrarian borderland is the radiation pollu-tion of the territories of the subjects under consideration, which leaves its imprint on the system of agriculture and farming, requiring close macroeconomic management intervention, insuffi-cient at present. To change this situation, it is recommended to create a single management body for the contaminated territories of the Union State, with the formation of a kind of decontamina-tion agrarian economy here. Different results of agrarian reform in Russia and the Republic of Belarus, including in the border territories, indicate that the so-called "points of advanced growth" are being identified in Belarus, the basis of which is a socio-economic mechanism of an integration nature, when the agricultural production of goods of a number of industries has reached an export-oriented level here, with the export of this products to all continents of the world. Such a scientific macroeconomic approach of Belarusians is a visual algorithm for im-proving managerial relations in the Russian agro-industrial complex.

Analysis of Fishery and Forestry Ventures and Poverty Reduction in Nigeria

Fishery and forestry ventures are sub-sectors of agriculture with the potential for poverty reduction through employment creation, value addition, and improvement in export earnings. Nevertheless, they have received relatively less attention from all levels of government in Nigeria. This paper examined the effect of fishery and forestry ventures on poverty reduction in Nigeria between 1976 and 2022. Ex-post facto research design was adopted. Data were sourced from CBN annual statistical bulletin, the National Bureau of Statistics, publications of the World Bank, as the Federal Ministry of Agriculture and Rural Development. NARDL was adopted for data analysis. Phillip-Peron Unit root tests revealed a uniform order of integration, while Co-integration Bounds test revealed no existence of long-run relationship between the fishery and forestry ventures and poverty reduction. Findings revealed that agricultural production in fishery and forestry has no significant long-run nexus with poverty reduction in Nigeria. The paper recommended that the Federal Department of Fisheries should engage reputable research institutes and colleges in the fishery industry in Nigeria to train and retrain participants in the sub-sectors to provide skilled workforce in the development of sustainable fishery production towards poverty reduction in Nigeria. The paper also recommended that regulatory agencies in the forestry sub-sector in Nigeria appoint more supervisors and enforcement officers to ensure adequate regulation of the industry towards adding maximum economic value to the exploration and exploitation of the forestry resources in Nigeria by reducing leakages and ensuring that adequate taxes and levies are paid including collection of relevant penalties from defaulters in order to attain sustainable income generation and poverty reduction among the accredited participants.

Beyond the agricultural “suffering slot”: Structural agency in U.S. farm work

AbstractEthnographic research on Connecticut farms reveals that workers in the agricultural sector experience a wide range of working and living conditions. While legal precarity, poverty, and oppressive social dynamics confine all farmworkers to positions of structural vulnerability, some acquire a kind of “structural agency” that enables them to exert influence over their conditions of work in ways that are meaningful to their everyday experiences. Several key variables are at play in producing structural vulnerability and structural agency, including agricultural subsector, farm size, type of work, immigration status of workers, workplace interpersonal dynamics, racial and ethnic hierarchies, individual farm cultures, and local and state approaches to im/migration and labor policy enforcement. Ethnography of agricultural labor must take seriously the diversity of farm work experiences and incorporate the perspectives of individuals at multiple levels of farm hierarchies. A new concept linked to structural vulnerability, “structural agency,” can facilitate analyses of how people in broader contexts of marginalization work toward positive outcomes for themselves and others.

Smallholder crop farmers’ attributes for formal financial services in Nigeria: An analysis

Financial services to the agricultural sub-sector in Nigeria and particularly to small farmers is difficult because financial institutions have specific requirements that must be met. Many small farmers are hardly serviced and this has affected the growth of the sector. Nevertheless, understanding the nature of the sector and peculiarities of categories of farmers will help build an efficient financial system that is beneficial to farmers and financial institutions alike. This study examined attributes of formal financial institutions smallholder crop farmers prefer for better financial services in Nigeria. Data were elicited from the six agro-ecological zones of the country using the extension officers in Agricultural Development Projects (ADP) of the different states. A total of 399 smallholder crop farmers were sampled and the study used the conjoint technique and multinomial logistic technique in analyzing the data. Results revealed that financial services such as loan, insurance, account opening, credit/debit cards, and funds transfer, were highly rated and preferred by most smallholder crop farmers. However, these farmers were more inclined to loans that were customized (flex loans), insurance claims due within 90 days, savings account opening, cash points for credit/ debit cards within a kilometer of their residence, and funds transferred in 24 hours. Conjoint analysis of the key variables showed that funds transfer within 24 hours was the only significant variable; and the interaction effect (trade-off effect) of this variable with others revealed that, an average smallholder crop farmer would rather prefer loan that is customized, insurance claim within 90 days, and a cash point within a kilometer of his residence to funds that would take longer than 24hrs to arrive. The multinomial result showed that a farmer’s level of education, gender, and farm size were key determinants of an average farmer’s choice of a financial institution. The study, therefore, recommends that, financial institutions should optimize their services in terms of funds transfer and accessibility, and should emphasize only services that are important so as to operate maximally. JEL Classification: Q14, G21, G22, G29, G41. Keywords: Formal financial services, Nigeria, smallholder crop farmers, conjoint analysis, multinomial logistic

Priority efforts to increase income of agribusiness companies in West Bandung, West Java, Indonesia

Horticulture is one of the agricultural sub-sectors with excellent potential to develop in Indonesia. Horticulture includes vegetables, fruits, medicinal plants, and ornamental plants. Along with the development of agricultural technology, horticultural crops can be cultivated with a hydroponic system. The hydroponic system or soilless culture is a way of cultivating plants using a solution medium. Hydroponic systems are proliferating for cultivating horticultural vegetables due to the increasing demand for quality vegetables. Vegetables cultivated using the hydroponic system are fresher and cleaner, so they have better quality than conventional vegetables. The reason is that plant roots are not in direct contact with the soil. One of the agribusiness companies that cultivate vegetables with a hydroponic system is Wangunsari Farm Hydroponics (WFH). WFH is in Lembang District, West Bandung Regency, West Java Province. WFH plans to cultivate Redoakleaf Lettuce vegetables and establish a Kale Crunch business to increase income. This study aims to analyze the financial aspects of cultivating RedOakleaf Lettuce and establishing a Kale Crunch business, and determining which business is a priority to be carried out first. The analytical method used is descriptive graphics, quantitative tabulation, and counting Net Present Value (NPV), Gross B/C, Net B/C, Internal Rate of Return (IRR), and Payback Period. Based on the financial feasibility calculations, it is concluded that both businesses are feasible for increasing WFH income. However, the Kale Crunch business has become a priority before cultivating the Red Oakleaf Lettuce vegetable because it has a value NPV IDR 27,149,410, Net B/C 4.1, Gross B/C>1 1.1, IRR>DR is 95% where DR is 3.5% and the payback period is two years where the business life is five years. Horticultural agribusiness supports the eighth Sustainable Development Goals (SDGs).