Risk Preferences and Coping Strategies among Poultry Farmers in Abeokuta Metropolis, Nigeria
The study analyzed the risk preferences and coping strategies among poultry farmers in Abeokuta, Nigeria. The multistage sampling technique was used to select 70 poultry farmers for the study. Data obtained were analyzed using descriptive statistics, risk behavioural and multiple regression models. Results showed that 64% of the farmers had tertiary education, 81% had previous risk experience, 76% earned above N100,000 ($ 625) monthly. Major sources of risk included market and production risks. Common risk coping strategies included increasing staff working hours and diversification of enterprise. Some 53% of the farmers are risk seekers. Factors which positively and significantly (p ≤0.05) determine risk preference included age, educational level, household size, cooperatives participation, credit access and income level. It is recommended that government efforts should be directed towards reducing production and market risks; enhancing farmers’ participation in cooperatives and facilitating access to agricultural credit facilities to indirectly insure farms against risks.
