Impact of loan acquisition among beef sellers in abattoir market, FCT-Abuja, Nigeria

Abstract

The study investigated the effects of loan acquisition among beef vendors in Abuja's abbattoir market. In the Abuja Municipal Area Council, FCT-Abuja, the study was carried out in Kubwa, Bwari Area Council, Gwarinpa, and Wuse. The study was directed by four goals: describing the respondents' socioeconomic traits; identifying their financial sources; identifying the problems faced by the beef dealers; and identifying the variables impacting respondents' access to loans. Data gathered from 100 beef vendors utilizing a structured questionnaire and interview approach were used to obtain primary data, which were then analyzed using descriptive statistics, the logit regression model, and the binary regression model. The findings indicate that, with a mean age of about 33 years, the majority of the beef vendors were men. Most respondents (74%) had access to loans, mostly from friends. The outcome of a binary logistic regression model for the variables influencing the acquisition of loans by beef sellers in the study area revealed that the coefficients of the variables for marital status and beef selling experience had a positive impact on the acquisition of loans by beef sellers in the study area. At a 10% significant level of confidence, the coefficients of gender and age both had a detrimental impact on the beef vendors' ability to obtain loans in the research area. Although insufficient capital was the main obstacle facing enterprises involving the sale of beef in the research area.