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FINANCING CLIMATE-SMART AGRICULTURAL PRACTICES OF RICE FARMERS IN EBONYI STATE, NIGERIA
Financing climate-smart agricultural practices of rice farmers in Ebonyi State, Nigeria was investigated. Rice farmers numbering 240 were obtained via multi-stage sampling. Questionnaire was used to collect required data and were analyzed using chart, percentage, and probit regression model. Results showed that farmers were aware of changing climate and practiced various climate-smart agricultural techniques such as crop diversification (96.2%), improved water management techniques (95.0%), soil conservation practices (94.7%), integrated pest management (82.5%) and improved crop varieties (80.8%). Sources of climate-smart financing includes personal savings (96.5%), rural money lenders (92.7%), agricultural cooperatives (91.1%), foreign supports (80.6%) and credit supports from political office holders. Lack of basic information (P<-0.01), complicated bank application processes (P<-0.05), lack of required collateral (P<-0.01), illiteracy (P<-0.01), bureaucratic bottlenecks (P<-0.05) and high interest rates (P<-0.05) constrained financing access of climate-smart agricultural techniques. Pests and diseases, climate variability and change, high cost of inputs, poor access to improved seed varieties, low mechanization and high post-harvest losses were major challenges encountered in rice production. The study recommends the government and other relevant stake-holders to intensify efforts in financing climate-smart agricultural practices of local farmers; this will help mitigate climate change and further improve rice production and profitability of rice farmers.
Keywords: Financing, climate-smart, agricultural practices, rice farmers
