Effects of 2023 Naira Redesign Policy on Selected Dry Season Vegetable Farming Along River Banks of River Benue in Makurdi Local Government Area of Benue State, Nigeria

E.A. Weye, A. Bogbenda and J. M. Awuna
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E.A. Weye: Department of Agricultural Economics, Joseph Sarwuan Tarka University,Makurdi, Benue State, Nigeria.
A. Bogbenda: Department of Agricultural Economics, Joseph Sarwuan Tarka University,Makurdi, Benue State, Nigeria.
J. M. Awuna: Department of Agricultural Economics, Joseph Sarwuan Tarka University,Makurdi, Benue State, Nigeria.

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 5, 696-706

Abstract: This study was conducted to analyze the effect of Naira redesign policy on selected dry season vegetable farmers along river banks of river Benue in Makurdi Local Government Area of Benue State, Nigeria. Simple random sampling technique was used to select one hundred respondents. Primary data were collected using a structured questionnaire. Descriptive statistics such as frequency, percentages and mean scores were used, Gross margin analysis was used to analyze cost and returns while logistic regression was used as inferential statistical tools in analyzing effects of Naira redesign policy on selected dry season vegetable farming in the study area. Findings revealed that the mean age of the farmers was about 37years, very many (65.0%) were females, 68.0% were married, and 77.0% had formal education. The mean household size was 7 persons, an average annual income of ₦180935.00 and mean farming experience was about 10 years. The study revealed that dry season vegetable is profitable in the study area. Increase in income, increase in output, damage of produce and increase sales were significantly affected during naira redesign policy in the study area. The result of constraints revealed that certain factors such as poor marketing, lack of storage facilities, lack of access to credit facilities, and cost of pesticide were the major challenge facing dry season vegetable in the study area. The study recommended that Federal government and Central Bank of Nigeria should ensure availability of new notes before recalling the old notes next time when redesign policy is to be made, farmers and other individuals should come together to form cooperatives that will enable them access credit from banks and other financial institutions that will help in efficient production.

Date: 2024
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