Consumption and Savings Pattern among Food Crop Farmers in Imeko Afon Local Government Area of Ogun State, Nigeria

Abstract

This study examines savings and consumption patterns among food crop farmers in Imeko-Afon Local Government Area of Ogun State, Nigeria. The primary data used for the study were obtained through structured questionnaires using random sampling technique. Descriptive statistics and Ordinary Least Square Regression model were used to analyze the data. Descriptive analysis showed that 58.3% of the household heads were males, 64.2% of them were married, and 26.7% fell within the age bracket of 30 and 49 years, indicating that the majority of them are within agile and productive ages. Most of the respondents (70.9%) had tertiary education and the average household size was below 5 persons. Furthermore, the consumption pattern shows that N22,973.39 was expended on food items while N144,407.88 was spent on non-food items and N68,475.62 was incurred on agricultural purpose, and N13,602.33 was saved.  The result of the Ordinary Least Square Regression model showed that the age of respondents, level of education and marital status of the household heads were significantly influenced by household’s monthly food expenditure (consumption) in the study area, while, monthly income and amount of food expenditure were major determinants of savings. The study recommends among other things enlightenment programmes that will educate the rural dwellers on the need to eat good quality food and need for savings.

Keywords: Saving, Consumption, Loan Repayment, Multistage, Policy