WEALTH CREATION STRATEGIES AND FRUITFUL BUSINESS VENTURES FOR SUSTAINABLE LIVELIHOOD AMONG RURAL COMMUNITIES IN KATSINA STATE

Abstract

This study explores the various strategies of wealth creation and most profitable businesses for livelihood among rural communities in Katsina state. The study utilizes Primary data sourced from the administration of four hundred and twenty-five Questionnaires across twenty-one (21) out of Thirty-six (36) local Governments of Katsina State. Data analysis was conducted based on Correlational Matrix, Regression analysis and Analysis of variance.   Findings from this study revealed that the combination of the explanatory variables, that is; personal savings, sale of Agricultural produce and agricultural production jointly and significantly influences wealth creation in rural communities of Katsina State. While Bootstrapping, Entrepreneurship funding programs, loans, Angel investors, services, Manufacturing and Craft have a relatively weak influence on wealth creation in rural communities of Katsina State. The study further concludes that personal saving and sale of agricultural produce exert a strong and significant influence in the process of wealth creation in rural communities of Katsina state, Moreover, Sales of Agricultural produce is reported to be the best predictor of wealth creation in rural communities in Katsina State. It also implies that Entrepreneurship funding programs, and the activities of Angel investors should target agricultural production which is found to have 63% influence in the process of wealth creation among rural communities in Katsina state. Lastly, credit schemes, loans and other sources of financing enterprises should be linked to Agribusiness that has direct link with the livelihood of the rural populace in Katsina state.