Farmers And Financial Records

Most farmers don’t keep financial record.
We calculate by memorising

Something like…
” I have 10,000 in my account when I start farming”

“I shaa know I have been borrowing more money to run the farm”

” Friends and family members have been supporting my business”

Etc

Several of the above reason make it extremely difficult for farmers to access loan from any financial institution

Most farmers started well by keeping records but got lost as the farm activities proceed and they keep spending and spending without getting any return

Most farmers calculate profits by guess work..

” I bought goat N5,000
I sold the goat for N10,000

I have made profit of N10,000

But in real sense they might be running at a big loss which they did not know

If only they will sit down to estimate the other incurred expenses like …
Housing
Feeding
Medication etc

How then do farmers break even?
One is forced to wonder

There is a lot to learn in the agribusiness sector
Take time to acquire knowledge

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s