THE ROLE OF FINANCIAL INSTITUTIONS IN AGRICULTURAL DEVELOPMENT IN NIGERIA; A CASE STUDY OF NIGERIAN AGRICULTURAL AND CO-OPERATIVE BANK LTD, KADUNA A PROJECT WORK SUBMITTED TO THE
Abstract
The reason for our research efforts on the role of financial institutions in the agricultural development in Nigeria is too obvious because, if agricultural development is to be substained, it must be rqoted in solid credit availability foundations This is in recognition of the impact of agricultural financing on agricultural development. The need for agricultural financing came up as a result of the fact that, agriculture is an indispensable sector of the Nigerian economy. It has been aptly described as the mainstay of the Nigerian economy since it provides employment and means of livelihood to about 75 percent of the labour force. Agriculture also provides the food requirements of our teeming population and as well as the raw materials for the industries. Also, it serves as a major source of foreign exchange earning. Before the advent of the of oil boom era of the late ’70s, agriculture’s contributions to Gross Domestic Product (GDP) of the country were quite significant. For example, between 1960 and 1969, the share of agriculture in the GDP average about 56 percent. However, following the discovery of crude petroleum in commercial quantities in Nigeria, the share of agriculture in the GDP declined considerably, averaging only about 24 percent between 1970 and 1979. vii It is note worthy that the contribution of agriculture to the GDP which increased to nearly 40 percent since 1987 has been attributed, in part to statutary effect of the structural Adjustment Programme (SAP) as embarked upon by government in 1986. Agriculture is an important tool that plays a greater role in the economic development of Nigeria. But it has been declining over the years and therefore, need to be revamped. This can only be done through the adequate provision of credit facilities to the farmers for the purchase of modern faming techniques, which include the use of improved seedings, modern machinery equipment and storage facilities. This research work therefore is an attempt to find out the role played by the financial institutions especially Nigerian Agricultural and Co-operative Bank in Agricultural Development. We also, examined the roles and objective of establishing the NACB, how it started and how it has been giving priority to agricultural sector as a major financer of agricultural projects. While, the problems facing the financial institutions and farmers were also locked into and remedial measures were suggested. Based on research findings, our recommendations are aimed at improving the services of Nigerian Agricultural and Co-operative Bank and other financial institutions, making them more responsive to agricultural sector in Nigeria through the provision of adequate credit facilities to the farmers for the purchase of modern farming techniques.
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 ROLE OF FINANCIAL INSTITUTIONS IN AGRICULTURAL DEVELOPMENT IN NIGERIA; A CASE STUDY OF NIGERIAN AGRICULTURAL AND CO-OPERATIVE BANK LTD, KADUNA A PROJECT WORK SUBMITTED TO THE
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