– The Role of Financial Institutions in Agricultural Development –
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ABSTRACT
This study examined the role of financial institutions in agricultural development.( A case study of Nigeria Agricultural Cooperative and Rural Development Bank) with a view to make useful suggestions and recommendations as way of enhancing the development of agricultural sector.
The population of the study includes large and small scale farmers and the sampling method adopted for the study is the stratified random sampling in order to ensure adequate representation of the population.
In order to achieve the objective of making useful suggestions that would improve the agricultural sector, a number of hypotheses were made and tested. Samples of one hundred and eighty responses were collected and analyzed using the chi-square (ײ).
It was discovered that bank credit loan scheme is making some impacts in lending loans to farmers.
The result also showed that farmers prefer informal to the formal sources of finance mostly because of the demand of formal institutions that farmers most present collateral security. Finally, the study also indicated that the problems facing agricultural financing.
TABLE OF CONTENTS
APPROVAL i
CERTIFICATION ii
Dedication iii
Acknowledgement iv
Outline page v
Abstract 1
CHAPTER ONE INTRODUCTION
1.1Background to the study. 2
1.2 Statement of Research Problem. 2
1.3 Research Questions 3
1.4 Objectives of A Study. 3
1.5 Statement of the Research Hypothesis. 3
1.6 Scope of A Study. 4
1.7 Significance of A Study 4
1.8 Limitation of the Study. 5
1.9 Definition of Terms 5
CHAPTER TWO LITERATURE REVIEW
2.1 Theoretical Background. 7
2.3 Agricultural credit policies 9
- Bank Credit for Agricultural Development. 11
2.5 The Role of Parastatals in the Development of Agriculture in Nigeria. 11
2.6 Commercial Agriculture Credit Scheme (CACS) 13
2.7 Bank of Agriculture Limited (BOA). 16
2.8 Assessment of Banking Industries Development of Agriculture ,Future Expectation. 17
2.9 Extension Research and Rural Development Strategies In Aid Of Agricultural. 20
2.10 Importance of Credit Facilities In Agriculture 21
2.11 Constraints of the Nigerian Agricultural Sector 21
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Introduction 23
3.2 Research Design 23
3.3 Population of the Study 23
3.4 Sampling Design 23
3.5 Methods of Data Collection 23
3.6 Method of Data Analysis 24
3.7 Sources of Data. 24
CHAPTER FOUR DATA PRESENTATION AND ANALYSIS
4.1 Introduction 25
4.2 Educational level of respondents 25
4.3 Level of Operation 26
4.4 The Analysis of roles of financial institution in Agricultural Development 26
4.5 Test of Hypothes 31
CHAPTER FIVE SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings 37
5.2 Conclusion 38
5.3 Recommendations 39
REFERENCES 43
APPENDIX 45
INTRODUCTION
Nigeria is endowed with natural resources, large fertile arable land, wide range of crops, and abundant water resources amongst others. Despite its abundant natural resources it is faced with a poor food situation.
The poor food situation is traceable to the decline in the agricultural sector. The problem of feeding is increasing by the day.
Prior to the discovery of petroleum in Nigeria agriculture used to be the highest foreign exchange resource earner and its contribution to gross domestic product GDP has been estimated to about 62.63% in 1960, 48.08% in 1970, and 20.63% in 1980.
One of those efforts was the ban made on importation of agricultural products like palm oil, maize and rice. This was done to encourage improvements on our production standard.
Due to the fall in the level of production from decade to decade, the country could no longer feed the large population, provide raw material for domestic industries, engage in export of agricultural produce and employ the labor force of the country despite the abundance of human and material resources.
Though, the Nigerian agriculture is characterized by low farm income, low level capacity to satisfy the food In spite of growing urbanization, Nigeria is known to be predominantly rural in nature and majority of needs of the country, due to the outdated and primitive techniques of production, it is still the mainstay of the nation’s economy.
REFERENCES
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Central Bank Of Nigeria.(2009).Geographical Distribution of Small and Medium Industries Equity Investment Scheme. Retrieved from www.cenbank.org/out/publications/reports/DFD/2009.
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