ASSESSMENT OF FARMERS READINESS TO CRAFT A PROFESSIONAL BUSINESS PLAN AND SEEK FUNDING FOR THEIR AGRIBUSINESS IN MAIDUGURI METROPOLITAN COUNCIL, BORNO STATE.

ABSTRACT The study investigated framers readiness to craft a professional business plan and seek funding for their agribusiness in Maiduguri Metropolitan Council, Borno State. Objectives of the study were to describe the socioeconomic characteristics of agribusiness farmers in Maiduguri Metropolitan Council: determine the farmers current knowledge and skills related to business plan in the study area; determine the farmers level of commitment to developing and implement a business plan in the study area; and what are the potential barriers hindering farmers from writing a business plan in the study area. The targeted population were agribusiness farmers in Maiduguri Metropolitan Council. Multistage sampling procedure was employed in selecting 70 agribusiness farmers. Both primary and secondary data information were used in the study. Primary data were collected through structured questionnaire, while secondary data information were obtained from journals and textbooks. Data collected were analyzed using frequency count, mean, and percentages. The results on socioeconomic characteristic revealed that majority of the respondents were male, married and with mean age of 40 years. On the areas of knowledge and skills, the findings reveals that the majority 35.71% of the respondents’ can write good executive summary of business plan which also had the highest percent. From the farmers level of Commitment to developing and implementing a business plan, the findings reveals that the majority 64.3% of the respondents’ were committed in implementing a business plan. This is so because it is an important aspect when starting up an agribusiness. While the minority 15.7% of the respondents’ were not committed in implementing a business plan, they view that implementing a business plan when starting up an agribusiness is not important at all. The study concluded that the majority of the respondents’ views that most challenging aspect that is hindering them from writing a business plan is creating a financial plan. While the minority of the respondents’ indicates that lack of knowledge of the business plan was their biggest challenges in writing a business plan.