Don Harps On Risk Taking In Agricultural Innovation

A Professor of Agricultural Economics and Farm Management in the University of Ilorin, Opeyemi Ayinde, has stressed the importance of taking risks in agriculture innovation and promoting gender inclusivity.
Delivering the 251st inaugural lecture of the university, titled, “The risk of not taking risk in agricultural innovation and gender inclusivity”, Professor Ayinde emphasised the need for strategies to enhance agricultural risk management, dissemination and adoption of innovation and substantial growth in Nigeria’s agricultural sector, while empowering farmers.
One of the key recommendations Ayinde highlighted was the promotion of financial innovation and access to credit for small-scale farmers.
“By creating financial products tailored to farmers’ needs and increasing access to agricultural credit, farmers can better manage financial risks and invest in their operations, ultimately increasing productivity and resilience to market fluctuations. I also suggest the introduction of innovative financial solutions such as index-based insurance.
“By enhancing access to information and providing training programmes, farmers can make more informed decisions and implement strategies to manage risks effectively.
“These programmes can also empower farmers to adopt best practices and innovative technologies, enhancing their risk management capabilities”, he said.
Professor Ayinde stressed the importance of diversification of income sources as a crucial risk management strategy, stating that encouraging farmers to diversify their investments in agriculture and non-agricultural sectors can reduce the impact of individual risk factors.
Recognising the significance of social networks in facilitating the adoption of agricultural innovations, Ayinde recommended establishing and supporting social groups that connect farmers with researchers.
“This network, he said, can enhance the dissemination of crucial information and accelerate innovation adoption.
He also said, “promoting gender-inclusive agricultural research was imperative, emphasising the need to involve both male and female farmers in the selection and development of agricultural innovations to ensure equitable access to resources and technology.