Findings from University of Abuja Broaden Understanding of Crop Insurance (Evaluation of maize farmers’ attitude towards risk management and preference for crop insurance in Nigeria): Agriculture – Crop Insurance

Insurance Daily News

2023 FEB 27 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Data detailed on crop insurance have been presented. According to news originating from the University of Abuja by NewsRx editors, the research stated, “This study focused on evaluation of maize farmers’ attitude towards risk management and preference for crop insurance in Nigeria. Multi-stage method of sampling was used.”

Our news correspondents obtained a quote from the research from University of Abuja: “One hundred (100) maize producers were sampled and selected. Primary sources of data were used for this study and the data were collected through the use of well-structured and well-designed questionnaire. Econometrics and statistical tools employed were used for data analysis. The results obtained show that 51% of maize farmers were risk averse, 21% were risk preferring, and 28% were risk neutral. Age, gender, and education level were statistically and significant predictors influencing risk averse attitudes of maize farmers. Age, farm size, household size, gender, risk aversion, education level, and access to agricultural extension services were the statistically and significant predictors influencing preference of maize farmers for crop insurance policy. Garrett index ranking technique employed for risk management strategies and crop insurance policy adopted by maize farmers show that crop diversification was ranked 1st, weather information was ranked 2nd, crop insurance was ranked 3rd, and off-farm activities was ranked 4th respectively. The results of constraints faced by maize producers revealed that lack of extension services was ranked 1st, lack of credit facilities was ranked 2nd, inadequate knowledge of agricultural insurance was ranked 3rd, high premium of agricultural insurance was ranked 4th, while lack of fertilizer was ranked 5th respectively. The constraints retained explained 74.85% of all constraints in the analysis.”

According to the news reporters, the research concluded: “The study recommends that extension officers should be employed to disseminate research results, innovations and information on risk management strategies and crop insurance to maize farmers. Weather information should be made available to maize farmers, and credit facilities at low interest rate should be provided to maize farmers. Bureaucratic process and cumbersome administrative procedures in accessing credit facilities should be removed.”

For more information on this research see: Evaluation of maize farmers’ attitude towards risk management and preference for crop insurance in Nigeria. International Journal of Agriculture, Environment and Food Sciences, 2023. (International Journal of Agriculture, Environment and Food Sciences - http://dergipark.gov.tr/jaefs). The publisher for International Journal of Agriculture, Environment and Food Sciences is International Journal of Agriculture Environment and Food Sciences.

A free version of this journal article is available at https://doi.org/10.31015/jaefs.2023.1.7.

Our news editors report that more information may be obtained by contacting Olugbenga Omotayo ALABI, Department of Agricultural-Economics, University of Abuja, PMB 117, Gwagwalada-Abuja, Nigeria. Additional authors for this research include Sheu Bako MAKARAU, Jeremiah ALUWONG, Joseph BAYEI, Jummai Sunday LYOCKS, Abdullahi MAN, Godbless Friday SAFUGHA, Chinwe Edith ANEKWE, Godbless Friday SAFUGHA, Funso ALABUJA.

ORCID is an identifier for authors and includes bibliographic information. The following is ORCID information for the author of this research: Funso ALABUJA (http://orcid.org/0000-0002-7579-1041).