Savings Behaviour of Co-operative and Non co-operative Farmers in Bayelsa State, Nigeria
Keywords:
Savings, co-operative farmers, non-co-operative farmers, Bayelsa StateAbstract
The study analyzes savings behavior of co-operative and non-co-operative farmers in Bayelsa State of Nigeria. The objectives are to compare the amount and frequency of savings of co-operative and non-co-operative farmers; to compare the determinants of savings among co-operative and non-co-operative farmers; and to determine the relationship between the co-operative membership
and propensity to save among co-operative and non-co-operative farmers in the State. The population
of the study comprised of 500 members of fifteen purposively selected registered farmers multipurpose co-operative societies in Bayelsa State. Descriptive survey research design was adopted. A total sample of 444 respondents (222 cooperative farmers and 222 non-cooperative farmers) was selected using multi stage sampling technique. Both primary and secondary data
were used for the study. Data obtained were analyzed using descriptive statistical tools of mean, table, frequency distribution, mean percentages. Three hypotheses were formulated and tested using multiple regression models and The study revealed that cooperative membership stood out
as a significant determinant of savings in the comparison of cooperative and non-cooperative farmers. Furthermore, there is a significant difference in both amount and frequency of savings of cooperative and non-cooperative farmers. Co-operative farmers saved more than non- co-operative farmers. The study concluded that cooperative membership have strong effect in the propensity to
save. It was recommended that co-operative societies should be seen as critical partners in economic
empowerment and be given a pride of place in different economic sectors in Bayelsa State.
References
Adekunle, K.O. and Henson, L. S. (2007). A micro econometric analysis of
households saving determinants in Morocco. The 1st GDRI DREEM Conference,
Istanbul, 21-23 May 2009.
Agu, P.N. (1986). Allongement de l’esperance de vie et choix du systeme de retraite.
Revue Economique, 53(4), 80- 92.
Central Bank of Nigeria (2006). Savings and microfinance: The Microfinanace
Revolution. CBN: Publication.
Chhoedup, T. (2013). Analysis of household saving determinants in Bhutun
International Journal of Humanities and Management Sciences, 1(2), 17 – 27.
Chilokwu I.D.O. (2008). Macroeconomics: Theory and application. Onitsha: Omega
Printing and Publishing.
Daniel, G. (2007) ‘Household propensity to save: The pre-requisites. In Mauri, A.
(Ed.). Mobilization of Household savings: A tool for Development, Cassa di
risparmio delle provincie Lombarde, Milan.
Degu, A. (2007). Household savings behavior and determinants of savings and credit
co-operatives. Oklahoma, USA: Haramaya University Press.
Denizer, C., Wolf, H. & Ying, Y. (2000). Household savings in the transition. Journal
of Economic Literature. 2(4): 27-33.
Echukwu, I. (2009). Financing microenterprises and rural small farm holder in Ida
Local Government Area of Benue State. Journal of Development Studies. 27(2):14-23.
Elom-Obed, M.A. Odo, G.M., Uchedu, M.O. & Okonkwo, J.A. (2016). Determinants
of private savings in Nigeria. Journal of Business and Economic Development.
(3): 31-39.
Epaphra, M. (2014). Empirical investigation of the determinants of Tanzania’s
national savings. Journal of Economics and Development Studies. 2(4):22-31.
hllps://doi.org/10.15640/jeds.v2n4al6.
Esmail, H. A. H. (2014). Macroeconomic determinants of savings in Egypt “Statistical
Model”. International Journal of Business and Economic Development (IJBED).
(2): 52-59 https://www.ijbed.org.
Friedman, M. (1957). A theory of the consumption function. Princeton, NJ: Princeton
University Press for the National Bureau of Economic Research.
Gadaway, J. & O’Donnel, M. G. (2006). The life-cycle hypothesis of saving:
Aggregate implication and test: American Economic Review. 53(2): 52-64.
Hassan, A.F. & Salim, R. (2011). Population, age structure, saving, capital flows
and the exchange rate: A survey of the literature. Journal of Economic
Development. 25(4): 17-25
Imoughele, M.A. & Ismaila, T.O. (2014). Does income, inflation, trade, financial
deepening and asset accumulation affect savings in Nigeria? Journal of
Economics and Social Development. 12(1): 13-22.
Jalo, J. N., Onu, J. I, Dire, B. & Margwa, R. S. (2015). Analysis of savings among
co-operative farmers in Numan & Demsa Local Government Areas of Adamawa
State of Nigeria, Journal of Agriculture and Environmental Management. 4(1),
– 54.
Keynes, J. M. (1936). The general theory of employment, interest and money. London:
Macmillian.
Kudaisi, B. V. (2013). Savings and its determinants in West Africa countries. Journal
of Economics and Sustainable Development, 4(18), 107-119. Retrieved from
Malapit, H. J. (2009). The determinants of savings pooling within Households
evidence from Thailand, 1 – 33. Fukui Bangkok.
Mkpado, M. & Arene, C.J. (2007). Determinants of saving behavior in Nsukka
Local Government Area of Enugu State. Journal of Agriculture and Rural
Development. 4(6): 37-48.
Nwachukwu, T. E. & Odigie, P. (2009) What drives private saving in Nigeria. Paper
presented at the Centre for the Study of African Economies (CSAE) Conference,
University of Oxford.
Nwankwo F., Ewuim N. & Asoya N. P. (2013). Effect of co-operatives on the savings behaviours in Oyi Local Government Area of Anamabra State. African Research
Review, An International Multidisciplinary Journal, Ethiopia. 7(1): 10-20, Serial
Nwobi, T. (2014), Service Co-operatives. In Umebali, E.E. (Ed.) Readings on Cooperative Economics and Management (2nd ed). Enugu: Cecta Publication
Nigeria Limited.
Obayelu, O. A. (2012). Saving behaviour of rural household in Kwara State Nigeria.
African Journal of Basic and Applied Sciences, 4(4), 115 – 123.
Odhiambo, M. M. (2013). The determinants of savings in Nigeria: An empirical
investigation. African Finance Journal, 9(2) 37-52, retrieved from http://
hdl.handle.net/10520/EJC33835.
Oke, T. A., Adeyemo, E. O. & Agbonlahor, M. A. (2007). The effect of family cycle
and financial management practices on household saving pattern. Journal of
Korean Economic Association. 4(1): 79-92.
Olashore, M T. (2012). Analysis of savings among co-operative farmers in Numan
and Demsa Local Government Areas of Adamawa State of Nigeria. Journal of
Agriculture and Environmental Management. 4(1): 46-54.
Rehman, M.O., Buba, S.A. & Yandalu, A.J. (2011). Determinants of household
savings in Adamawa State, Nigeria. International Journal of Economics,
Commerce and Management. 3(7): 25-36.
Robinson, M. (2004). Savings and new microfinance. The Microfinance Revolution.
Washington D.C: World Bank.
Schultz, T. P. (2004). Demographic determinants of savings estimating and
interpreting the aggregate association in Asia, IZA Discussion Paper, no. 1479.
Shittu, G. A. (2012). Rural households income and savings pattern in South-West
Nigeria. Agricultural Journal, 7(3), 72 – 81.
Wafure, C.A. (2012). Effect of self control mechanism on household savings
behaviour, financial counselling and planning in Nigeria. Journal of Humanities
and Social Sciences. 2(4): 47-58.
Wodimu, T. C. (2011). Saving behaviour among different income group in Taraba
State, Nigeria. International Journal of Humanities and Social Science. 1(10):
-35.
World Bank (2006). Making Finance Work for Africa. Washington D. C.: World
Bank Publication.
