ROLE OF NIGERIA AGRICULTURAL CO-OPERATIVE AND RURAL DEVELOPMENT BANK ON NIGERIA ECONOMY
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ROLE OF NIGERIA AGRICULTURAL CO-OPERATIVE AND RURAL DEVELOPMENT BANK ON NIGERIA ECONOMY
INTRODUCTION TO CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Banking in Nigeria has undergone remarkable changes in the last decade, and the business has developed much above hopeful forecasts. Over time, the number of banks increased, as did the diversity of banks. Banking operations were significantly deregulated, competition intensified, and banks were compelled to be more inventive and service oriented.
Nigerian Agricultural, co-operative and Rural development bank (NACRDB) COME IN AS A Financial Institution which provides medium and long term financing for the creation or expansion of agricultural, commercial and industrial companies of the Economy. It is usually set up by the government.
Agriculture is one of the sectors in the Nigerian economy that is critical to its economic growth and development. It plays an important role in the economy by providing food, raising domestic savings, giving foreign exchange earnings, employment, raw materials for the industrial sector, and growing the country’s GDP.
Prior to the establishment of NACRDB, the government tried numerous other methods to support agriculture in the country, but they all failed the economy. These Nigerian Agricultural, Cooperative, and Rural Development Banks were established in pursuit of an effective agricultural financing organisation.
1.2 STATEMENT OF THE PROBLEM
The Nigeria Agricultural, Cooperative, and Rural Development Bank has been acknowledged as a driving force behind genuine economic transformation. Among the issues discussed are the bank’s troubles.
1. Inadequate funding: Development financing necessitates a large capital outlay, but the bank’s available funds are small in comparison to competing needs.
2. Misconception of bank loans: Most development financing recipients believe, incorrectly, that the amounts borrowed are part of their nonrefundable piece of the national cake.
3. Excessive duty: Combining the tasks of three different institutions by one bank appears to be an impossible undertaking for the bank.
4. Inadequate data: NACRDB lacks statistics and information for the bank’s programmers to plan effectively.
1.3 PURPOSE / OBJECTIVE OF THE STUDY
The following are some of the goals of this study project.
1. To critically assess the bank’s contributions to the country’s economic progress.
2. To identify any issues that are impeding the bank’s ability to carry out its responsibilities.
3. To examine the degree of contribution received by banks from the government.
4. Determine the impact of the bank’s failure on the economy, if any.
1.4 SIGNIFICANCE OF THE STUDY
The government will benefit greatly from this research on the role of Nigerian agricultural, cooperative, and rural development banks in the Nigerian economy. The outcome will allow the government to evaluate why it should allocate more funds to the bank.
Investors, farmers, and other development financing recipients stand to benefit much from this research; the findings are critical to them. By repaying the money borrowed from the bank, they will be able to design more realistic and completely honest policies/attitudes, allowing the institution to recycle the funds.
Finally, this research will be used as a resource for future research.
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