ECONOMIC ANALYSIS OF SUYA PRODUCTION IN BENIN CITY, EDO STATE, NIGERIA
DOI:
https://doi.org/10.51406/jagse.v15i1.1468Keywords:
Economics, profitability, Suya, ProductionAbstract
The study focused on economic analysis of suya production in Benin City, Edo State of Nigeria. Its specific objectives were to examine the socio-economic characteristics of suya producers, estimate the costs and returns of suya production, examine the relationship between gross income of suya production and the inputs affecting it, and identify the constraints limiting suya production. A total of 33 suya producers identified in the study area using snowballing sampling technique were used for the study. A structured questionnaire was used to elicit information from the respondents. Data analysis was done using descriptive statistics, budgeting and multiple regression analyses. The results showed that suya production in the study area was on a small-scale level with initial average capital investment of about N9,809.00. However, the suya production was profitable with gross margin and net profit of N 518.00 and N 508.00 per kilogramme (Kg) of meat respectively. Every naira invested in the business yielded a net return of 58k. The regression results showed that about 71% of the variation in the gross income from Suya production was significantly (p < 0.01) influenced by the costs of meat, charcoal and labour. Costs of meat and charcoal positively influenced the gross income while labour cost affected it negatively. Major problems identified to militate against suya production were high cost of input (91%), lack of credit facility (82%), inadequate capital (70%) and disruption of the business by frequent heavy rainfall (61%). In view of the profitability of suya production, entrepreneurs were encouraged to invest in it.
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