An assessment of the impact of price fluctuations on local rice farmers in Yewa North Local Government Area, Ogun State.
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- NGN 5000
Background of the study:
Local rice farming in Yewa North is a cornerstone of the agricultural sector and a major source of livelihood for many rural families. Price fluctuations in the rice market have significant implications on the income stability and sustainability of these farmers (Olumide, 2023; Balogun, 2024). While rice cultivation is a traditional practice in the region, recent market volatility driven by supply chain disruptions, changing consumer demand, and policy inconsistencies has heightened farmers’ vulnerability. Research in recent years suggests that these fluctuations not only affect income levels but also influence production decisions and investment in improved agricultural practices (Adeyemi, 2024). Consequently, the study examines how local rice farmers navigate price instability, focusing on strategies for risk management and the overall impact on their economic well-being. By integrating empirical data and contemporary theoretical frameworks, the research seeks to offer insights into mitigating adverse effects and enhancing market resilience for local rice farming communities.
Statement of the problem:
Price fluctuations in the rice market have led to significant economic instability for local rice farmers in Yewa North. Inconsistent market prices reduce farmers’ ability to plan production and secure fair returns for their crops, resulting in diminished income and increased financial vulnerability. The lack of effective risk management strategies further exacerbates these challenges, thereby necessitating a focused investigation into the causes and effects of price volatility on local rice farming.
Objectives of the study:
1. To assess the economic impact of rice price fluctuations on local farmers.
2. To identify the key factors contributing to price volatility in the rice market.
3. To propose strategies for mitigating the adverse effects of price fluctuations on rice farmers.
Research questions:
1. How do price fluctuations affect the income and production decisions of rice farmers in Yewa North?
2. What are the main factors driving volatility in the rice market?
3. What strategies can farmers employ to manage the risks associated with price fluctuations?
Research Hypotheses:
1. Price fluctuations significantly affect the income stability of local rice farmers.
2. Market and policy factors are major contributors to rice price volatility.
3. Adoption of risk management strategies can mitigate the negative impact of price fluctuations.
Significance of the study:
This study is significant as it provides insights into how price instability in the rice market impacts local farmers. The findings will inform policymakers and stakeholders on measures to stabilize prices and support sustainable rice production, thereby enhancing rural economic resilience.
Scope and limitations of the study:
The study is limited to assessing the impact of price fluctuations on local rice farmers in Yewa North Local Government Area, Ogun State and does not cover other crops or regions.
Definitions of terms:
• Price fluctuations: Variations in market prices over time.
• Local rice farmers: Farmers engaged in rice cultivation within a specified local area.
• Risk management: Strategies employed to minimize the financial impact of market uncertainties.
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