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Analysis of Savings and Investment Strategies Among Cassava Processors in Okitipupa Local Government Area, Ondo State

Analysis of Savings and Investment Strategies Among Cassava Processors in Okitipupa Local Government Area, Ondo State

JAFE Vol.  9(3): 1-10, 2022
Enimu, S., Edoja, P.E., Okuma, O.L. and Olasanmi, A.I.
The study aimed to analyze the savings and investment strategies of cassava processors in Okitipupa Local Government Area, Ondo state. A total of 150 participants were randomly selected using a well-structured questionnaire and interview schedule. The respondents’ mean age was 45 years, and most of them had primary school education, were female, and married. The average household size was 7.5, and over 10 years of farming experience were prevalent. The quantity of processed cassava products was significantly influenced by the age of processors, level of education, household size, income, and experience. The regression analysis showed that processing cassava into cassava flour, garri, and cassava balls is a profitable venture. The study found that the mean savings per month was 28740.00 Nigerian Naira (NGN), the Mean Total cost was 50140.00 NGN, while the average total revenue/Mean of money realized was 78880.00 NGN. The three most significant constraints to cassava processing were high bank charges, ill health and spoilage of products while processing, while theft was the least important. The study recommends that farmers use modern processing techniques instead of traditional methods such as manual peeling of cassava root using knives to increase their profits.
Keywords:Savings, investments, strategies, processors, cassava
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