ANALYSIS OF LOAN ADMINISTRATION IN FINANCIAL INSTITUTION IN THE NIGERIA ECONOMY.
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ANALYSIS OF LOAN ADMINISTRATION IN FINANCIAL INSTITUTION IN THE NIGERIA ECONOMY.
Chapter one
1.1 Introduction
Loan administration is an external means of financing for several sectors of the economy, particularly agriculture. This is because the agriculture sector accounts for the majority of the country’s food production and supply.
This loan is being administered through a financial entity established by Nigeria’s federal government. It (loan administration) has been implemented to assist rural farmers and small-scale companies financially in their varied operations.
This improves and increases agricultural productivity. Loan administration in financial institutions is also an important factor in determining the country’s economic growth and development.
Financial institutions in the 1990s did not adequately distribute their funds to the largest sector of the economy, which is agriculture, resulting in the importation of food into Nigeria, making the country heavily reliant on other countries for food. As a result of insufficient funding, the agricultural sector was unable to boast of food production.
In Nigeria, up to 75% of production is engaged in agriculture, which is the country’s primary source of food supply, and the majority of them are poor and rural farmers with insufficient funds to manufacture the input and technology required to carry out their agricultural operation.
This lack of funding resulted in a diminution in the country’s food supply while also slowing economic growth and development. As a result, the agricultural sector must be appropriately funded through loan administration in order for the economy to boast independence from other countries while still developing.
Due to the issue of a lack of capital experience in the agriculture sector, particularly among rural farmers and small-scale traders, the federal government of Nigeria has placed a high priority on loan administration in order to boost the country’s economic development through financial institutions.
This resulted in the founding of the Nigeria Agricultural Cooperatives and Rural Development Bank (NACRDB), the Family Economic Advancement Programme (FEAP), and the Nigeria Agricultural Cooperative and Rural Development Bank (NACRDB).
This was established in January 200, but was dually confirmed by Nigeria’s federal executive council in November 200. The bank is overseen by the federal Ministry of Agriculture.
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