Banking And Finance Project MateriaLS PREVIEW

PROBLEMS AND PROSPECTS OF LENDING TO SMALL SCALE AGRICULTURAL PRODUCERS IN BANK OF AGRICULTURE OF NIGERIA

PROBLEMS AND PROSPECTS OF LENDING TO SMALL SCALE AGRICULTURAL PRODUCERS IN BANK OF AGRICULTURE OF NIGERIA

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ABSTRACT

The research work on “The Problems and Prospects of Lending to Small Scale Agricultural Producers in Bank of Agriculture. For the research work to be adequately understood, the researcher introduced the subject matter highlighting the statement of general problem. This project also touched on the research objectives, scope of study and significance of the study, the research went further to review related literatures on the subject matter. Due to time constraints, the researcher has only highlighted the major aspects of the agricultural credit schemes and repayment of loans. In a way it could still provide for an input to deeper analysis of the subject matter in this part of the Bank (B.O.A) and other in the commercial process of banks in general in carrying out this work. However, this dissertation has been grouped into five chapters.

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY        –         –         –         –         –         1

1.2     STATEMENT OF THE PROBLEM      –         –         –         –         –         7

1.3     OBJECTIVES OF THE STUDY –         –         –         –         –         –         8

1.4     RESEARCH QUESTIONS         –         –         –         –         –         –         8

1.5     SIGNIFICANCE OF THE STUDY       –         –         –         –         –         9

1.6     SCOPE OF THE STUDY –         –         –         –         –         –         –         10

1.7     LIMITATION OF THE STUDY  –         –         –         –         –         –         11

CHAPTER TWO

  1. LITERATURE REVIEW          –         –         –         –         –         –         12
    1. ROLE OF CREDIT IN AGRICULTURAL DEVELOPMENT         –         13

2.2     CHANNELS AVAILABLE FOR FINANCING TO SMALL SCALE FARMERS IN NIGERIA  –         –         –         –         –         –         –         14

2.3     LOAN PROCEDURES IN BANK OF AGRICULTURE       –         –         16

2.4     SMALL SCALE FARMERS IN NIGERIA       –         –         –         –         18

2.5     PROBLEMS IN ACCESSING AND REPAYMENT OF LOANS BY SMALL SCALE FARMERS –         –         –         –         –         –         20

  1. PROSPECTS OF LOAN FINANCING TO AGRICULTURAL SECTOR PARTICULARLY SMALL SCALE FARMERS          –         –         –         21

CHAPTER THREE

RESEARCH METHODOLOGY

3.0     INTRODUCTION  –         –         –         –         –         –         –         –         26

3.1     RESEARCH DESIGN      –         –         –         –         –         –         –         26

3.2     AREA OF STUDY  –         –         –         –         –         –         –         –         27

3.3     POPULATION OF THE STUDY          –         –         –         –         –         27

3.4     SAMPLE SIZE AND SAMPLING TECHNIQUE      –         –         –         27

3.5     RESEARCH INSTRUMENT USED      –         –         –         –         –         27

3.6     AMDINISTRATION OF THE INSTRUMENT          –         –         –         28

3.7     TECHNIQUES USED FOR DATA ANALYSIS         –         –         –         28

CHAPTER FOUR

DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1     INTRODUCTION  –         –         –         –         –         –         –         –         29

4.2     DATA PRESENTATION  –         –         –         –         –         –         –         29

4.3     DATA ANALYSIS  –         –         –         –         –         –         –         –         30

4.4     ANALYSIS OF DATA COLLECTION  –         –         –         –         –         36

4.5     SUMMARY OF FINDINGS       –         –         –         –         –         –         36

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1     SUMMARY  –         –         –         –         –         –         –         –         –         38

5.2     CONCLUSION      –         –         –         –         –         –         –         –         39

5.3     RECOMMENDATIONS   –         –         –         –         –         –         –         41

BIBLIOGRAPHY   –         –         –         –         –         –         –         –         –         43

APPENDIX I          –         –         –         –         –         –         –         –         –         45

APPENDIX II        –         –         –         –         –         –         –         –         –         46

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Nigeria has been endowed with abundant human and material resources. Yet, imports bills for good and agricultural raw materials have been on the increase over the years.

Prior to political independence and immediately after the country got its independence, it was not only sufficient in food production and agricultural raw materials, but was generally having surplus for export.

Statistics from the Central Bank of Nigeria indicates that the agricultural sectors share of the gross domestic product G.D.P was as high as 65 percent in the sixties but has been on the decline since then. In 1973, it contributed 31 percent, while only 23 percent in the 1990s At the same time, food importation has been on the increase.

Concerted efforts have been made by government, federal, state and local government and by organizations and co-operative union towards improving the delivering agricultural output.

More than 80 percent of the Nigerian agricultural producers are peasant farmers who are low-income earners. Lack of credit facilities to these categories of farmers is greatly happening the needed change from subsistence farming to large-scale mechanized farming. Inadequate or lack of credit facilities is one of the most important factors that make it difficult for peasant farmers to innovate new methods of farming and implementation of research finding cannot be adopted if access to financial resources is restricted or not in existence.

For the expected transformation to take place in the rural sector, the technology and technique of agricultural cultivation, the quality of seeds planted, storage and marketing facilities must be improved to enable such improvements to take place. Financial resources through rural credit must be adequate it is quite obvious that most peasant farmers do not possess enough resources of their own to acquire such basic implements like tractors and animals driver ploughs, spraying equipments and pay for fertilizers and other inputs which are usually very expensive.

There are quite a number of sources of agricultural credits available to farmers these are categorized into two mainly institutional credits in Nigeria are obtained from commercial banks, cooperative societies, bank of agriculture, while the non-institutional sources of credits includes money lenders, landlords, shopkeepers relations and friends, which are more assessable to the peasant farmers.

For peasant crops like cocoa and palm trees as opposed to food crops, long term credit is required which is obtainable only from banks. The nationwide network of branches of various banks is not doubt a great advantage and importantly no doubt facilitate flow of funds to the grass root. However, this has not been achieved due to a number of problems. Which are:

  1. Natural hazards which are rampant these days e.g. flood and diseases to live stocks.
  2. Untimely approval of loans
  3. Lack of adequate supervision by the extension workers in charge of the scheme. Most of these farmers need supervision to ensure the right usage of the funds and to discuss problems with them.

Most importantly