ROLE OF NARDB IN THE FINANCING OF AGRICULTURAL CO-OPERATIVES SOCIETY IN NIGERIA.
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ROLE OF NARDB IN THE FINANCING OF AGRICULTURAL CO-OPERATIVES SOCIETY IN NIGERIA.
ABSTRACT
The study aims to analyse the function of banks in funding agricultural production, specifically focusing on the Nigeria Agricultural and Rural Development Bank (NACRDB) as the primary agricultural lending institution in the state.
The researcher sought to investigate the underlying difficulties, such as illiteracy, loan default, loan diversion, poor payments, and natural desertion.
The primary aim of this study is to ascertain the role of the National Agricultural Cooperative and Rural Development Bank (NACRDB) in providing financial support for the agriculture sector.
The research activity involved the utilisation of statistical tools, including the assessment of the questionnaire. The data utilised consists of both primary and secondary sources.
The main data collection method is conducting oral interviews using questionnaires, while the secondary data is gathered from sources such as NACRDB, books, journals, newspapers, and magazines.
A sample size of 75 by 50 was chosen based on the number of questionnaires returned. The researcher discovered several key findings during the course of the research.
One finding is that agricultural financing by banks primarily involves providing soft loans to smallholders, farmers, and medium-scale farmers.
However, banks face challenges in agricultural financing, such as high rates of loan default. This is often attributed to the perception that banks are government institutions and that the loans are seen as part of the national cake. And so on.
Ultimately, the researcher proposed a recommendation that bank management should streamline the loan acquisition procedure, ensuring that it is timed appropriately and offered after the rainy season specifically for farmers.
Chapter 1
1.0 BACKGROUND
Banks are financial institutions that have the capacity to provide guidance and facilitate monetary transactions for groups and individuals.
Sound financial regulation is crucial for economic well-being, and providing help and establishing a financial foundation to construct a secure monetary training reserve is of utmost importance.
The effective impact of the central bank on a broader community is consistently commendable. The banks play a crucial role in providing intellectual services by ensuring the education of society members in establishing a financially sustainable social foundation, which is essential for the establishment of a well-established and accepted economic group.
In an agricultural co-operative society. When individuals who possess financial stocks combine their resources, the collective union of these stockholders can lead to significant gains for their personal well-being and collective motivation.
The involvement of banks, offering their expertise and material assistance, has provided a considerable sense of relief. The government is burdened with a substantial workload in managing its finances, leaving little time for overseeing or monitoring economic activities. She has delegated a responsibility to her agency.
These entities are considered crucial in facilitating the progress of cooperative societies and also provide the essential resources for enhancing and implementing standardised procedures.
A specialised agro-allied bank has been established under the auspices of the central bank to provide financial assistance to agricultural stakeholders. These banks are specifically categorised as commercial banks.
The Nigeria Agriculture and Cooperative Bank Limited and the Nigeria Agricultural and Co-operative and Rural Development Bank. This financial entity has the authority to address the various challenges affecting agriculture and the establishment of agricultural unions in Nigeria.
Agricultural production is increasingly becoming mechanised, requiring significant financial investment to achieve high yields of both food and income crops. The government has collaborated with numerous entities to provide assistance to individuals desiring to become agro-stock holders, using their intellect.
Every national bank has a crucial role to play in promoting the financial prosperity of the economy.
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