Income Diversification and Household Well-Being in Ilorin Metropolis, Nigeria:

Abstract

This paper examines the impact of income diversification on well-being in Ilorin metropolis, using a collection of household data, household consumption-expenditure per adult equivalent as a measure of well-being, the Simpson Index of Diversity (SID) used in indicates that income diversification and a multiple regression analysis. The result obtained indicates that income diversification has no significant impact on household well-being in Ilorin metropolis. Given this result, the following measures were suggested ; that the people in the metropolis should engage in other (minor) income generation activities that would augment their main income source. Provision of incentives for entrepreneurial development in the people in the metropolis by the government and expanding and improving the existing credit markets, infrastructural and information facilities that would allow for multiple income generating activities in the metropolis.