Credit Management Techniques in Agricultural Co-operative Bank in Nigeria

(A case study of NACRDB, Enugu).

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CHAPTER ONE

 

• INTRODUCTION

 

1.1     BACKGROUND OF THE STUDY:

The Nigeria Agricultural, Co-operative and Rural Development Bank Limited is a development bank established in the year 2000 following the merger of the defunct Nigeria Agricultural and Co-operative Bank Limited (NACB) and former People’s Bank of Nigeria Limited (PBN) and the Risk Assets of the Family Economics Advancement Programme (FEAP).  The vision of the bank is “to be foremost people centred, self-sustaining development finance institution for rural savings, mobilization and delivery of micro and macro agricultural credit and micro credit to the poor”.  The mission is “providing affordable financial and advisory services to the farmers and non-farmers enterprises of the national economy using well trained and highly motivated staff, backed by appropriate technology, thereby fostering accelerated agricultural and rural development.  “Nigerian Agricultural, Co-operative and Rural Development Bank Ltd, is dedicated primarily to agricultural financing at both the micro and macro levels as well as micro financing of small and medium scale enterprises.

 

The bank has a 3-tier administrative structure.  The Head Office is in Kaduna and there are six zonal offices located at Abuja, Kano, Bauchi, Enugu, Port Harcourt and Ibadan.  Under the Zonal Offices, there is a network of over 200 branches.  Enugu zonal office is responsible for monitoring and supervision of the activities of the 26 branches in the South-East zone which are distributed as follows:

ABIA	ANAMBRA	EBONYI	ENUGU	IMO
Umuahia	Awka	Abakaliki	Enugu	Owerri
Akoli Imenyi	Ihiala	Afikpo	Nsukka	Aboh Mbaise
Isuochi	Nteje	Akaeze	Oji River	Atta
Ohafia	Oko	Onicha	Mgbowo	Ideato
Ukwa	Onitsha	Uburu		Oguta
	Ukpo			Orlu

 

The awareness of the serious decline in agricultural production necessitated the establishment of the bank.  The NACRDB is not the only financial institution which provides agricultural credit.  Prior to the establishment of NACRDB, agricultural credit schemes was operated by some agencies such as the Ministry of Agriculture, supervising credit scheme, agricultural credit co-operative thrift and loan scheme, farmers multi-purpose co-operative societies.  Most of these institutions were not effective sources for strictly agricultural credit.  There were a lot of evidence that creditors borrowed money for agriculture but diverted it to other ventures.  Again, credit was often extended to only favourites and scarcely to genuine small scale farmers.  Besides, they could not meet the collateral and equity contribution requirements, a situation that compelled a significant proportion of the farmers to seek for other sources of credit.

 

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According to Idachaba quoted from Cardoso, (1987:18) or research carried out showed that 58% of farming related borrowing was from family and friends, 224% from private money tenders, 15% from merchants and only 3% from institutional sources.

However, while family and friends charged little or no interests, private money tenders charged exorbitant interests organized credit facilities for Nigerian rural farming population would reduce the dependence on sources other than the formal financial houses.

It is against this background that the researcher is to investigate how credit will effectively administered in co-operative enterprises.  They will enable us to identify the major problems associated with credit administration in co-operative agricultural banks and seek solution to these problem to ensure continued existence of developing co-operatives.

 

 

 

• STATEMENT OF PROBLEM:

In this  sector, co-operative banks mobilizes credit for their members through the savings of members.  It has been observed that they are inefficient in mobilizing and utilization of credits.  Many problems led to this ineffective mobilization of credit.  They are:

• Illiteracy and lack of awareness.
• High cost of credit delivery due to the fact that farmers are many and are scattered.

 

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