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Pyrex Journal of Business and Finance Management Research

December 2017 Vol. 3(8), pp. 150-154

ISSN: 2550-7877

Copyright © 2017 Pyrex Journals




Full Length Research Paper


An Assessment of Financial Risk of Food Vendors in Calabar Metropolis, Cross River, Nigeria


Asuquo, I.A., Enimu S*., Odey, G.N. and Eyo O.E.

Department of Agricultural Economics, University of Calabar, Cross River state, Calabar, Nigeria.

Corresponding Author E-mail: solomonenimu@gmail.com

Accepted 23rd December, 2017



Abstract


This study assessed the financial risk of food vendors in Calabar Metropolis. It specifically sought to identify the types of financial risk in the study area, the level of financial risk, the effect of financial risk factors on vendorís sales and strategies used to manage financial risk. The study used random sampling technique to select 120 restaurants in Calabar metropolis. Data were obtained from primary source using structured questionnaire and analyzed using descriptive and inferential statistics. The results showed that interest rate risk was the most common type of financial risk in the study area at 46.7%. The result also revealed that the mean financial risk level was 34.93%. Three variables were statistically significant in influencing sales and these were taxation, variable cost and financial risk. The result further revealed that savings was the most common financial risk management technique at 37.2%. The study therefore, recommends that food vendors should insure their businesses to reduce the effects of financial risk. Food vendors should maintain a balance with lending institutions to curtail financial risk for their viability and sustainability.

Keywords: Financial Risk; Food Vendors; Risk Management; Calabar Metropolis.

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