Effect of Poverty on risk attitudes of Farmers in Benue State, Nigeria

The study investigated the Effects of Poverty on the Risk Attitudes of
Farmers in Benue State, Nigeria. Nigeria has remained one of the poorest
countries in the world and Benue State in particular was ranked the eight poorest
of the thirty-six states of the Federation. The dominance of the oil sector and the
consequent neglect of agricuiturai sector is one of the major precursors of
poverty in Nigeria. Small-scale farmers who operate in an environment
characterized by risk and uncertainty produce the bulk of Nigeria's food and fibre.
Presently, the Nigerian agriculture is characterized by low productivity, low level
of technological adoption, and use of inefficient production techniques. The
present poor state of the Nigerian agriculture is related to farmers' attitudes
towards risks in the production and socioeconomic environment.
Based on the above problems the specific objectives of the study
were to: determine the extent of poverty among farmers in Benue State; identify
the various risk situations faced and risk aversion strategies employed by
farmers with differing poverty levels; assess the risl< attitudes of farmers; and
determine the effect of poverty and socioeconomic variables on risk attitudes of
the farmers.