THE EFFECTS OF RURAL BANKING ON DEVELOPMENT IN BORNO STATE
Abstract
The rural sector which dominates the Nigerian economy has been stagnant of declining over the years. One of the major factors that account for the insalubrity is poor capital market which, largely inhibits the development efforts of rural entrepreneurs. One of the efforts made to overcome this obstacle by the Federal Government is the establishment of Rural Banking Scheme through the Central Bank of Nigeria in 1977. To bridge the gap between demand and supply for rural credit, the Rural Banking Scheme was saddled with the role of harnessing the financial resources of the rural sector ana channel same to productive ventures of the sector. Using data obtained from constructed questionnaires responded to by bank branch managers, farmers and small scale entrepreneurs in rural areas of Borno State, this study examined the extent to which Rural Banking Scheme has achieved its set objectives. The main objective is mobilization of financial resources and the provision of same to the rural economy by the rural banks. The findings of the study show that Rural Banking Scheme has not been very effective in achieving its main objective of developing the rural economy. It is discovered that the rural banks only transmit the funds generated within the rural cector to the urban economy. Another major finding of the study reveals that the little credits viii made available to the rural producers, tended to be shared among those with substantial landed property and other securities. Other major findings of the study reveal that bank loan defaults are more of urban dwellers than rural and rural entrepreneurs appreciate the need for another credit source. Finally, a multi-agency approach to rural banking is recommended because of the wide gap between demand and supply of rural lending facilities in the study area. To develop the rural economy, the present Rural Banking Scheme should be more effective, and in addition, Rural Community Banks (RCBs) model, with a potential of meeting the credit needs and aspirations of the rural economy, is suggested. In order to make the above recommendations more practicable for rural development, the nation’s monetary policy and other legal clauses should be reviewed.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
THE EFFECTS OF RURAL BANKING ON DEVELOPMENT IN BORNO STATE
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