Majority (85.6%) of the cocoa farmers acknowledged lack of collateral security as a constraint in credit acquisition, while about 71.1 % acknowledged that high interest rate was a factor hindering credit acquisition. On the other hand, gender (p<0.05), distance to credit source (p<0.1) and interest rate (p<0.01) are significant but have negative effects on access to credit by cocoa farmers in the study area. Farm size (p<0.05), income (p<0.05) and years of schooling (p<0.05) show significant and positive effects on access to credit.
The results for the entire respondents showed average values of 46 years for age, 25 years for year of experience, 8 persons for household size, and about 88% of the respondents have formal education. Data were analyzed using Descriptive statistics and logit Regression. A total number of 180 farmers were selected for the study. A multi-stage sampling procedure was used for selecting respondents for this study.
The study was conducted in Osun state, south-western Nigeria. Specifically, the study described the socio-economic characteristics of cocoa farmers in the study area, examined the factors affecting access to credit by cocoa farmers in the study area and identified the constraints faced by cocoa farmers in credit acquisition. This study investigated the determinants of access to credit among cocoa farmers in Osun state, Nigeria. Department of Agricultural Economics, Faculty of Agriculture, Obafemi Awolowo University, Ile Ife, Osun State, Nigeriaĭeterminants, Access to Credit, Cocoa Farmers, Osun State Abstract
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