Assessment of the Education Background on Perception of Single Digit Interest Rate among Members of Farmers Cooperative in Anambra State

One of the major problems facing the agricultural sector in Nigeria over the years has remained the issue of finance. Due to the high risk inherent in the sector, many financial institutions often time have refused to abide by the CBN policy on agricultural loan. More so, poor infrastructural facilities resulted in the financial institutions operating on a support system which is more expensive and in turn reduce the size of loanable funds in their custody. Thus, the study on the assessment of the education background on the perception of single digit interest rate among members of farmer's cooperative in Anambra State primarily focused on the socioeconomic profile of farmers, perception of farmers on SDIR, effects of more than one SDIR and factor affecting the actualization of the SDIR in Nigeria. The study used a multi stage sampling technique to collect data from 160 farmers. Descriptive statistics, ordinary least square regression model and inferential statistics were utilized. Farmers mean age, farm size, and monthly income were found to be 46 years, 2.41ha and N25,500.28 respectively. The study evidently revealed the significant relationship between the level of education and perception of SDIR at t ratio of 3.28 and a probability level of 1 . Furthermore, some of the factors affecting the actualization of the SDIR were lack of political will to enforce policy, undue political influence, government treasury borrowing from commercial banks at 18 and offloading at 10.5 . Thus, to diversify the oil based economy, there is a need to implement SDIR in Nigeria especially in the priority sector like agriculture. Obianefo C. A. | Okafor I. P. | Bola-Audu I. | Umebali E. E "Assessment of the Education Background on Perception of Single Digit Interest Rate among Members of Farmers Cooperative in Anambra State" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25205.pdfPaper URL: https://www.ijtsrd.com/management/accounting-and-finance/25205/assessment-of-the-education-background-on-perception-of-single-digit-interest-rate-among-members-of-farmers-cooperative-in-anambra-state/obianefo-c-a