<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research purpose:</bold> Food security remains a major component of economic development. Many developing nations are facing challenges of food insecurity, which had contributed to starvation and other societal problems. With adequate food intake, human healthy living is assured. This study investigates the impact of access to formal finance and indigenous technology and knowledge on food security in Ondo central senatorial district in Ondo state, Nigeria.<bold>Methodology</bold>: In total, 216 farmers were sampled, and data were collected through a well-structured questionnaire and focus interviews. Data collected were analysed using descriptive statistics and logit estimation technique.<bold>Findings</bold>: Descriptive statistics show that there are more male farmers (61.1%) than female counterparts (38.9%), with most of the farmers (42.7%) in their ages 56 years and above and with 51.9% having primary education. Majority of the farmers (65.7%) engage in arable crop farming, while 15.2 and 19.1% engage in cash crop and livestock farming, respectively. The econometric model reveals that age, income, gender, education, marital status, religion, family size, assets owned and distance are major determinants of a farmer’s decision on account ownership, savings and borrowing. Indigenous knowledge of soil fertility, disease-resistant and quickly-growing crops, food storage, local weather, water management, pest and diseases control are significant determinants of food security in Ondo central senatorial district. Likewise, account ownership, savings and borrowing from formal financial institutions are significant determinants of food security.<bold>Practical implications</bold>: It is, therefore, important that efforts to ease access to formal financial services and improve indigenous technology to serve as complement to modern farming techniques to achieve food security be made a priority by government and private institutions.</abstract>

Research purpose: Food security remains a major component of economic development. Many developing nations are facing challenges of food insecurity, which had contributed to starvation and other societal problems. With adequate food intake, human healthy living is assured. This study investigates the impact of access to formal finance and indigenous technology and knowledge on food security in Ondo central senatorial district in Ondo state, Nigeria.Methodology: In total, 216 farmers were sampled, and data were collected through a well-structured questionnaire and focus interviews. Data collected were analysed using descriptive statistics and logit estimation technique.Findings: Descriptive statistics show that there are more male farmers (61.1%) than female counterparts (38.9%), with most of the farmers (42.7%) in their ages 56 years and above and with 51.9% having primary education. Majority of the farmers (65.7%) engage in arable crop farming, while 15.2 and 19.1% engage in cash crop and livestock farming, respectively. The econometric model reveals that age, income, gender, education, marital status, religion, family size, assets owned and distance are major determinants of a farmer’s decision on account ownership, savings and borrowing. Indigenous knowledge of soil fertility, disease-resistant and quickly-growing crops, food storage, local weather, water management, pest and diseases control are significant determinants of food security in Ondo central senatorial district. Likewise, account ownership, savings and borrowing from formal financial institutions are significant determinants of food security.Practical implications: It is, therefore, important that efforts to ease access to formal financial services and improve indigenous technology to serve as complement to modern farming techniques to achieve food security be made a priority by government and private institutions.

Access to Finance, Indigenous Technology and Food Security in Nigeria: Case Study of Ondo Central Senatorial District

Economics and Culture

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Research purpose: Food security remains a major component of economic development. Many developing nations are facing challenges of food insecurity, which had...

Access to Finance, Indigenous Technology and Food Security in Nigeria: Case Study of Ondo Central Senatorial District

Published Online: Dec 28, 2020

Page range: 75 - 87

DOI: https://doi.org/10.2478/jec-2020-0022

Keywords
Indigenous technology, Food security, Access to formal finance

© 2020 Akinwumi Sharimakin et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Access to Finance, Indigenous Technology and Food Security in Nigeria: Case Study of Ondo Central Senatorial District

Published Online: Dec 28, 2020

Page range: 75 - 87

DOI: https://doi.org/10.2478/jec-2020-0022

KeywordsIndigenous technology, Food security, Access to formal finance

© 2020 Akinwumi Sharimakin et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
Indigenous technology, Food security, Access to formal finance