Socio-demographic Determinants and Constraints to Savings and Investment among Cassava Processors in Etche Local Government Area, Rivers State, Nigeria

Abstract

The purpose of this study was to investigate the factors that influence and constrain savings and investment strategies among cassava processors in Etche Local Government Area, Rivers State, Nigeria. The specific goals were to learn about the socioeconomic characteristics of cassava processors, the determinants of savings and investment among cassava processors, and the challenges of savings and investment strategies among respondents. A structured questionnaire was used to select 168 cassava processors for the study using a multi-stage sampling technique. The significant factors of savings and investment were determined using descriptive analysis and multiple regression analyses. According to the findings, 68.5% of cassava processors were women, with the majority (78.57%) being under 40 years old, 78% being educated, and 78.57% having experience in cassava processing for 15 years. All factors had positive values and were significant at the 1% level, resulting in a 74.24% savings coefficient of multiple determination (R2). Investment had a coefficient of multiple determination (R2) of 66.70 %, with all variables significant at 1%. Savings and investment in cassava processing are positive in Etche Local Government Area of Rivers State (Nigeria), according to the study. As a result, it is suggested that modern processing facilities be subsidized in order to lower processing costs, encourage future investment, reduce drudgery, increase value addition, income, and, as a result, investment.