agriculture
Don to Farmers: Minimize risk via diversification
A Professor at the Department of Agricultural Economics and Farm Management, University of Ilorin, Opeyemi Eyitayo Ayinde, has urged farmers to ensure the diversification of their income sources and crops as a strategy of risk management, explaining that risk is an inevitable phenomenon in life.
Prof. Ayinde stated this last Thursday, while delivering the 251st Inaugural Lecture of the University, titled”The Risk of not taking Risk in Agricultural Innovation and Gender Inclusivity” at the University Main Auditorium.
She explained that farmers must be ready to take the risk and that the government and other stakeholders must work to ensure that farmers are guided through the risk taking in order to boost agricultural productivity and food security.
The renowned scholar insisted that the suggestion is important because we live in a world that thrives on risk-taking. She added that risk taking is a necessity in life and particularly in the field of Agriculture, which is a system that is highly subject to risk and uncertainty.
Prof. Ayinde, who is the current Vice President of the Agricultural Economists Association, also canvassed the promotion of financial innovation and access to credit for small-scale farmers.
She urged for the creation of financial products tailored towards the specific needs of farmers, particularly those who rely on personal savings, saying that increasing access to credit and introducing innovative financial solutions would help in the better management of financial risks and invest more in their operations for maximum productivity.
Prof. Ayinde also called for the provision of specific information and training that would mitigate risks effectively. She noted that the inculcation of the right information in farmers would empower them to make informed decisions and implement strategies that would help them to manage the risk involved.
The Inaugural Lecturer also appealed to farmers to make deliberate efforts at strengthening their social networks, saying that it is important to recognise the significance of social networks and groups in facilitating the adoption of agricultural innovations.
Prof. Ayinde also noted the need to enhance the promotion of awareness among farmers about the risks associated with climate change especially the effects of climatic parameters like rainfall and temperature on agricultural productivity.
She also called for the adoption of climate-resilient crop varieties by farmers was given a trial to stabilise their incomes especially in regions that are prone to climate-related risks. She explained that doing so will significantly contribute to food security and poverty reduction.
Ayinde also encouraged farmers and other stakeholders to promote environmentally-friendly technologies that will reduce the impacts of climate fluctuations on agricultural productivity.
To maintain low inflation rates and stabilise the country’s economy, Prof. Ayinde explained that it is crucial to implement a comprehensive policy that addresses agricultural surplus management. She explained that stakeholders must encourage farmers during times of surplus to absorb excess agricultural output and ensure its distribution to the appropriate sectors in order to curb inflation.
The don also called for effective governance and government support, which he said would play a vital role in risk management. She added that government policies should focus on creating a conducive environment for risk awareness and management, which include governance systems that promote transparency, accountability and resilience within the agricultural sector.
The highlight of Inaugural Lecture was the institutionalisation of an endowment fund worth One Million Five Hundred Thousand Naira(N1,500,000:00) by Prof Ayinde for the award of three different annual prizes in honour of her parents, Mr and Mrs S. D. Moriyonu; her husband, Prof. Kayode Ayinde and herself for the best graduating student in the Faculty of Agriculture, best female graduating student from the Department of Statistics and the best graduating student of the Department of Agricultural Economics and Farm Management, respectively. She explained that each winner of the prizes would go home with the sum of Fifty Thousand Naira(N50, 000:00) for the next ten years.
Contact: info@royalnews.com.ng
Download ROYAL NEWS app