PROFITABILITY OF OFADA RICE AMONG RICE MARKETERS IN YEWA NORTH LOCAL GOVERNMENT, OGUN STATE, NIGERIA

Lawal, Raimot Adepeju and Ogunseitan, Taiwo Olusola and Osunmakinde, A and Azeez, S (2022) PROFITABILITY OF OFADA RICE AMONG RICE MARKETERS IN YEWA NORTH LOCAL GOVERNMENT, OGUN STATE, NIGERIA. In: Proceedings of the 3rd International Conference, The Federal Polytechnic, Ilaro, 16th & 17th Aug, 2022, 16-17 August, 2022, The Federal Polytechnic Ilaro, Ogun State, Nigeria.

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Abstract

The study analyzed the profitability of ofada rice in theYewa North Local Government Area of Ogun State. Data used for the analysis were attained from115 ofada rice marketers through the Purposive sample procedure. Data were analyzed using descriptive statistics, Benefit-Cost Ratio, and market efficiency. The findings revealed that the majority (92.2%) of the respondents were females. Half (52.2%) of the respondents fall within the age of 20-40 years, which is considered to be active age and highly productive. About 61.7% of the ofada rice marketers were married. Most (60.9%) of the respondents are illiterate with no formal education. The result of benefit-cost ratio and market efficiency showed that for every ₦ 1 invested in the ofada rice business, it will generate revenue of ₦1.86 in return. Thus, ofada rice business will return 86 kobo to the rice marketer as net profits. The Market is efficient as it adds about 85% to the profit of the rice marketers compared to the situation when they sell at the farm gate. Bad roads, inadequate storage facilities, and adequate information about the market price which results in price fluctuation were the most severe problems faced by rice marketers. The study recommended that Government should publicize a minimum price for ofada rice farmers and marketers to bring stability to prices. Thereby, helping the farmers to dedicate and use their full efforts to acquire maximum production which will increase the export of ofada rice. And also reduce the profits of the wholesalers in the business.

Item Type:	Conference or Workshop Item (Paper)
Subjects:	S Agriculture > S Agriculture (General)
Divisions:	Faculty of Engineering, Science and Mathematics > School of Chemistry
Depositing User:	Mr. Bolanle Yisau I.
Date Deposited:	14 Jun 2023 03:38
Last Modified:	14 Jun 2023 03:38
URI:	http://eprints.federalpolyilaro.edu.ng/id/eprint/2212

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