The study examined the sources of risk and management strategies of monocropping and intercopping systems in Kebbi State, Nigeria with the aim of identifying the most important sources of risk and coping strategies. The study is based on primary data gathered through a questionnaire survey of the sampled farmers in the study area. A multi-stage sampling technique was used to select 256 farmers comprising 98 monocrop farmers and 158 intercrop farmers. A Likert-type scale of 1 (not at all) to 5 (very important) was presented to the respondents in order to establish the important sources of risk and risk management strategies of the monocrop and intercrop farmers. The respondents were asked to score a list of 21 and 20 potential risk sources and risk management strategies respectively, according to their importance. The most important risksources and management trategies were ranked based on the mean scores of the variables on the lists. The results from the study revealed that the most important sources of risk for both monocroppers and intercroppers are diseases, erratic rainfall, changes in government policy, changes in climatic conditions, price fluctuation (of inputs and outputs) and floods/storms. The most important risk management strategies for monocroppers are spraying for diseases and pests, spreading sales, borrowing (cash or grains) and fadama cultivation. The intercrop farmers perceived family members working off-farm, spreading sales, intercropping and borrowing (cash or grains) as the most important coping strategies. These factors should be considered when designing extension programmes and insurance schemes.