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
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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Date
1992-12
Authors
BELLO, OLADIPO RASHEED
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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.
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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.
Description
A PROJECT WORK SUBMITTED TO THE POST GRADUATE SCHOOL, AHMADU BELLO UNIVERSITY ZARIA. IN PARTIAL FULFILEMENT OF THE REQUIREMENT FOR AN AWARD OF MASTER IN BUSINESS ADMINISTRATION, IN THE DEPARTMENT OF BUSINESS ADMINISTRA¬TION.
BY
BELLO, OLADIPO RASHEED
DECEMBER, 1992
Keywords
ROLE,, FINANCIAL INSTITUTIONS,, AGRICULTURAL DEVELOPMENT,, NIGERIA,, CO-OPERATIVE BANK LTD KADUNA,