Select Currency
Translate this page

AGRICULTURAL FINANCING AND ECONOMIC GROWTH IN NIGERIA

Format: MS WORD  |  Chapter: 1-5  |  Pages: 65  |  1134 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE FULL PROJECT

ABSTRACT

This study is on agricultural financing and economic growth in Nigeria. The total population for the study is 200 staff of ministry of agriculture Uyo, Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made supervisors, agronomists, senior staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies.

 

CHAPTER ONE

INTRODUCTION

1.1   Background to the Study

Finance for agricultural development has an increasing role in contemporary times. Finance affects economic growth, stagnation or even decline in any economic system. However, a growing concern has developed over time regarding the need for effective access to credit facilities for farming purposes. The Nigerian government recognizes that finance is an essential tool for promoting agricultural development because the agriculture sector is one of its main sources of sustainability. Access to finance for agriculture is an incentive for increasing the agricultural sector’s performance; it stimulates productive growth, and supports the survival of small and new enterprises. Access to finance increases the average inputs of labour and capital which has positive effects on production output. Irrespective of the benefits that can be derived from financing agriculture, there is an inherent risk of loan defaults amongst farmers, which discourages banks from lending to farmers. According to Beck and Demirguc-Kunt (2016), specific financing tools can be useful in facilitating greater access to finance.

The government of Nigeria, being fully aware of the need for progressive policies, has introduced various initiatives and policies dating back to the 1970s to attract finance to enhance agriculture productions. Such policies have mainly been in the form of specialized agriculture lending, the supply of credit finance by the commercial banks in favour of the agriculture sector and through various programmes. While some of these efforts have failed, the operation of the remaining leaves one to wonder if they are actually achieving their intended objectives as rural poverty is on the increase and yet a large portion of the population is engaged in agricultural activities. The problem of access to finance for agriculture is not solely as a result of non availability of finance but it is caused by the reluctance of credit providers to give out loans without a certainty of recovering the loan. However, the banks are not to be blamed as they are not charity organizations who disburse money without recourse to repayment; rather they are in business to make profit from their lending operations. Unfortunately, the situation makes farmers a neglected group in the economy because they are not able to provide the adequate collateral needed to secure bank loans. Because of the challenges facing farmers, which have adverse effects on agricultural production, the government thought it fit to act as an intermediary through the Agricultural Credit Guarantee Scheme (ACGS) whereby the government stands as a guarantor for agricultural loans in order to mitigate the risk involved in agricultural financing.

Agriculture contributes immensely to the Nigerian economy in many ways, namely; in the provision of food for the increasing population; supply of adequate raw materials to a growing industrial sector, a major source of employment generation, foreign exchange earnings; and provision of a market for the products of the industrial sector (Food Agricultural Organization, 2006). The agrarian sector has a strong rural base; hence, generation concern for agriculture and rural development. Support for agriculture is widely driven by both government and the public sector, which has established an institutional support in the form of agricultural research, extension, commodity marketing, input supply, and land use legislation to fast-track development of agriculture and rural economic empowerment. Central Bank of Nigeria (2010) asserts that over the years, the inability of this sector to expand and as well contribute meaningfully to the growth of Nigerian economy was due to inadequate financing to improve on the situation; that is, facilitating agricultural credit). Also, the problem of agricultural development in Nigeria indicates that efforts directed at achieving expanded economic base in the rural farmers were frustrated by the scarcity of, and restrictive access to loanable fund. One of the reasons for the decline in the contribution of agriculture to the economy is lack of formal credit policy and paucity of credit institutions which can assist farmers.

The role of financial capital as a factor of production to facilitate economic growth and development as well as the need to appropriately channel credit to rural areas for economic development of the poor rural farmers cannot be over emphasized. Credit is viewed as more than just another resource such as labour, land, equipment and raw materials (Rhaji, 2014). According to Shepherd (2012), credit determines access to all the resources on which farmers depend. Since banking cannot be separated from economic development, the banks (especially Deposit Money Banks) in the banking industry have been instrumental to various development schemes of Nigeria over the years. However, their performance in the facilitation of agricultural finance has not been adequately felt in the Nigerian economy; especially in the rural areas (farmers). Also, in line with Nigeria’s quest for development; the erratic nature of events within the banking industry vis-à-vis agricultural financing is a cause for concern. This uncertain nature of access to credit by farmers in the agricultural sector could result to total loss of confidence in banks by citizens in the sector, as well as growth impediment in the overall economy of Nigeria. Questions are been asked concerning the role of agricultural financing, its contribution to the attainment of agricultural growth and development. It is therefore pertinent to empirically analyze agricultural financing and its economic implication (impact) on Nigeria with the aim of identifying measures to tackle the existing challenges and rebuild the lost glory of the agricultural sector.

  DOWNLOAD THE FULL PROJECT

AGRICULTURAL FINANCING AND ECONOMIC GROWTH IN NIGERIA

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON AGRICULTURAL FINANCING AND ECONOMIC GROWTH IN NIGERIA INSTANTLY

  • Click on the Download Button above.
  • Select any option to get the complete project immediately.
  • Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
  • All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Abdulrazak Bello Marsha
Usman Dan fodio University
It was quite a better guide for project and paper presentation purpoting. Many thanks.
Average
Musa From Ahmadu Bello University
Thank you iprojectmaster for saving my life, please keep it up and may God continue to bless you people.
Excellent
Adam Alhassan Yakubu
UDS
Excellent work and delivery , I promise to share my testimonies everyone in need of this kind of work. You're the best
Excellent
Abdulrahman Jibrin
Nti Abaji
Nice one work prompt delivery tanx
Very Good
Peace From Unilag
I cried not knowing how to go about my project but the day i searched online and saw iprojectmaster, i called and got my full project in less than 15minutes, i was shocked!
Excellent
Uduak From Uniuyo
IProjectMaster is the best project site for students. Their works are unique and free of plagiarism!
Excellent
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on AGRICULTURAL FINANCING AND ECONOMIC GROWTH IN NIGERIA?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

How fast can I get this complete project on AGRICULTURAL FINANCING AND ECONOMIC GROWTH IN NIGERIA?

Within 15 minutes if you want this exact project topic without adjustment

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

What if I want to change the case study for AGRICULTURAL FINANCING AND ECONOMIC GROWTH IN NIGERIA, What do i do?

Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!