FORMAL CREDITS ACCESS AND FARMERS WELFARE IN PLATEAU STATE, NIGERIA

This is an analysis of the impact of credits from formal financial institutions on the welfare of farmers in Plateau state Nigeria. The study used survey research design and the instrument of questionnaire to capture input variables, output data and welfare data. Data was partly fitted into the Cobb-Douglas production function for analysis to ascertain the impact of credit on productivity, and welfare data were analyzed through descriptive statistics. It was found that credit available to farmers in Plateau state is inadequate to significantly raise farm productivity and hence the welfare conditions of farmers. It was further found that profitability, Net farm Income and welfare status of borrowers were slightly higher than that of non-borrowers. The study therefore recommends a renewed commitment of both government and formal financial institutions towards improved quality and quantity of credit to farmers so as to boost output and welfare conditions of the farmers in the state.