Financial inclusion and its effect on achieving sustainable economic development in the Nigerian agriculture sector

Abstract

One of the key challenges facing Nigeria's agriculture sector is the limited access to finance. Exploring whether improving financial services for farmers can contribute to sustainable development in Nigeria is an important area of focus. To address this, the study employed a survey research design to gather and analyze the views of 250 farmers' in five States of the North West Nigeria, these are: Kano State, Kaduna State, Katsina State, Sokoto and Kebbi State with 50 farmers chosen from each state. Ultimately, 215 completed questionnaires were retrieved and analyzed. The research instrument gathered socio-economic data, such as the farmers' education levels, farm sizes, and years of experience, which were used to assess their perceptions. Descriptive statistics, including mean and standard deviation, as well as inferential statistics like the Kruskal-Wallis test was used for data analysis. The findings suggest that enhancing financial inclusion within the agricultural sector can play a crucial role in achieving sustainable development. The study recommends increasing the presence of financial institutions in rural areas and promoting financial discipline, among other strategies, to support financial inclusion in agriculture.