Rice Farmers’ Perception on Adopting Crowdfunding as a Medium of Capital Mobilisation in Ogun State, Nigeria

Abstract

The study explored rice farmers’ perception of adopting crowdfunding as a medium of capital mobilisation in Ogun State, Nigeria.  A multistage sampling procedure was used in selecting a total of 96 rice farmers. An interview schedule was used to obtain relevant information.  Data were analysed using means, standard deviation, weighted mean and Pearson Product-Moment Correlation. The result of the study revealed that the major factor influencing the decision to adopt crowdfunding was the inability to raise funds to finance their enterprise on a commercial scale (1.18 ). The major constraints to adopting crowdfunding were, lack of trust among stakeholders (2.17 ), and formalising investment portfolios are time-consuming (1.72 ). Rice production activities constrained most by funding were land preparation (1.46 ± 0.21), fertiliser supply (2.17 ), and milling (1.72 ). A significant relationship (r=0.023; p<0.05) was established between factors influencing the decision to adopt crowdfunding and perception of crowdfunding as a medium of capital mobilisation. The study concludes that rice farmers were favorably disposed to adopting crowdfunding as a medium of capital mobilisation. The study recommended that a viable framework that will enhance investor confidence and boost the viability of investment be developed by its promoters.