size of one hundred and seventy rice farmers (170) were selected using multi-stage sampling method. Structured questionnaire complimented with interview scheduled were used for data collection. Data collected were analyzed using wellbeing status index, ordered logit regression and factor analysis. The findings revealed that rice farmers were satisfied with community connectedness (X̅ =6.94), personal relationship (X̅ =6.67), life achievement (X̅ =6.26), spiritual/religious activities (X̅ =6.23), standard of living (X̅ =5.84) and future security (X̅ =5.06). The coefficient of rice farm size (-1.295823), educational level (0.4637844), sources of labour (1.534896), training (0.2329947) and income after contract farming (4.23e-06) farmers’ participation in contract farming. The most associated with farmer’s participation in contract farming were breach of contract by the farmers (0.9522), diversion of inputs by contract farmers (0.9326) and political interference (0.9372). It is recommended that contract farmers should be properly monitored by the contracting firms in order to reduce diversion of input in the study area, contracting firms should abolish all forms of politicking associated with inputs distribution.