THE ROLE OF CENTRAL BANK OF NIGERIA (C.B.N) IN AGRICULTURAL FINANCE DEVELOPMENT,
PROBLEMS AND PROSPECTS.
A CASE STUDY OF NIGERIA AGRICULTURAL INSURANCE COMPANY (NAIC) ENUGU –
ENUGU STATE

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ABSTRACT

Based on historical evidence, the highest contribution to the Nigeria Economy was Agriculture at present, Agricultural Production has been deducing drastically, especially since the oil boom. This was also contributed to the neglect on this sector due to the problem the Agriculturist encountered.
Nigeria Agriculture is characterized by the pre-prudence of small scale farming which yields the bulk of the total production. The small scale farmers have been the bedrock of our Agriculture economy and is characterized by illiteracy, small size of farm holding, little capital, unclear titled to land, low productivity and little savings. The muddle class farmers has been increasing in absolute number but is significant in terms of ration. He has large capital, he is more educated and has probably succeeded in his career before retiring into farming. He has better access to credit and information and because this class of farmers were still insignificant in terms of contribution to Agricultural production. It is university and misleading to base Agriculture policy formation on it.
The government in its various tiers is another of Agriculture, in Nigeria. She gets involved into physical farming as well as provision of basic infrastructure and inputs. Examples are: Agriculture Development Project, National Accelerated Food Production Programme, Poverty Alleviation Programme, etc. The plethora of this programme is but a pointer to the confusion regarding the role of government in Agriculture.
Apparently, government has been inefficient and ineffective both in physical farming and in a way of encouraging agricultural finance appears to have increased the volume of Central Bank of Nigeria loans in this direction but it has not had a corresponding impact on the economy. A need to reappraise and indirect agricultural policies and strategy towards the small scale farmer is suggested as one of the basic solution. To achieve and fulfill the motive of this study, the researcher tried as much as she could to use both primary and secondary data.
TABLE OF CONTENT
Title Page ii
Approval Page iii
Dedication iv
Acknowledgement v
Abstract vii
Table of content ix
CHAPTER ONE:
1.1 Background of the study 1
1.2 Statement of problem 4
1.3 Objective of the Study 6
1.4 Research Questions 7
1.5 Research Hypothesis 8
1.6 Significance of the Study 10
1.7 Scope, Limitation and Delimitations 11
1.8 Definition of Terms 13
Reference 15
CHAPTER TWO:
2.0 Review Of Related Literature 16
2.1 Nigerian Agricultural Insurance Company’s
Relationship with any other Establishment 17
2.2 Accelerating with cheaper food production 18
2.3 Reasons for low agriculture output 20
2.4 Banking industry and development of agriculture 22
2.5 Role of agricultural credit 24
2.6 Reasons for low participations by
farmers in Nigerian agriculture 26
2.7 Role of agricultural insurance company 28
2.8 Insurance and Agriculture 29
2.9 Summary of the Reviewed Literature 32
Reference 34
CHAPTER THREE
3.0 Research design and methodology 35
3.1 Research design 35
3.2 Area of study 35
3.3 Population 36
3.4 Sample and Sampling Techniques 36
3.5 Instrument of Data Collection 38
3.6 Methods of Data presentation 39
3.7 Methods of Data Analysis 39
Reference 41
CHAPTER FOUR
4.0 Presentation and Analysis of data 42
4.1 Data presentation 42
4.2 Testing the Hypothesis 49
Reference 60
CHAPTER FIVE
5.0 Findings, Recommendation and Conclusions 61
5.1 Findings 61
5.2 Recommendations 62
5.3 Conclusions 64
Bibliography 67

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY
Agriculture is defined as the cultivation of land for the purpose of producing food for man, feed for animal and fiber or raw material for our industries. It is includes the processing and marketing of crops”. In order words, it embraces all activities involved in the primary and controlled production of plant and animals, such as fishing, forestry, farming, livestock, poultry and small scale industries connected with processing of agricultural products.
Agriculture is one of Nigeria’s largest industry and it does only provide the food and cash crops which are consumed locally and exported to earn foreign exchange, but also employs more than 75% of the entire population, thereby generating revenue to individuals and government.
This goes a long way to increase the ratio of our Gross National Product (GNP).
It is important to note that the present economic predicament of Nigeria could be credited to the drastic fall in the contributions of the agricultural sector. The contribution of agricultural sector to the national economy before independence and the years period after, cannot be emphasized. During this period of per-independence and shortly after words, agricultural products dominated in Nigeria export trade, but today, these products (GNP). Agriculture contribution in the early years of independence (1963 – 1964) was 61.5% throughout the 60s. In the 1970s, it declined miserably by 2.3%. The decline may be attributed to the domination of the nations exports by oil since 1970 and the oil sector accounted for 57:6% of total export income in 1970 and this share rose steadily, attaining an overwhelming proportion of 98% in 1981.
This oil lead to absolute neglect in the both GDP (Gross Domestic Product) and export earnings which has been the major factor dictating the need to reactivate out agricultural products. The need for the re-activation and in effort to revamp this sector has been the reason years to it. It rose from 6% in 1970s to 22% in 1984. This increase acts as incentive and motivation to farmers, but these farmers while engaging in these agricultural ventures are exposed to a lot of problems like disease and pest attacks, fire destructions, industries pollution, machinery breakdown and other problems.
To these problems, the farmers need some aids in solving or minimizing them.
Loan, through the Central Bank of Nigeria seems to be one of the solutions to these problems. To deal more effectively with these risks that the farmers are exposed and to encourage the growth of Agriculture Contribution towards our economy; agriculture insurance was introduced and launched in Nigeria on 15th December 1987, by the Federal Government of Nigeria. The scheme at it’s launched in Nigeria in the year has a budgetary allocation of N4.5m, N6.5m was used to set initial expenses and N35m, the initial contribution to the reserve fund. The main farming activities being covered under this scheme are crops (maize and rice) livestock (poultry and cattle). Tangible fixed assets like farm buildings and farmers, employees and dependants.
Following the formal launching, the Nigeria Agriculture insurance Company was established by the Federal Government of Nigeria (Central Bank of Nigeria i.e their agent) to enhance and oversee the operation of the scheme and to underwrite the loans given to farmers by the Central Bank of Nigeria. The scheme was designed to benefit the small, medium and large scale farmers, either in group or as individual producers.
In order to make the scheme a success, the Federal Government of Nigeria through the Central Bank of Nigeria subsidized the premium rate to 59% to enable subsistence farmers to participate in the scheme. This will definitely boost food production and surplus for exportation upon the efforts of the Central Bank of Nigeria to make this scheme a success, it has not been following effectively and efficient as expected, hence, this is an indicator that there has been some elements of problems debilitating it from functioning positively.

1.2 STATEMENT OF PROBLEM
It is self incident that agriculture has been losing it’s portal role in Nigeria economy irrespective of the various programmes that have been designed to resuscitated it. Finance has been traced to the major handicap to the typical Nigeria farmer, lack of modern farming storage facilities, making and distribution system.. Then the central Bank of Nigeria the apex bank has been mandated by the federal Government of Nigeria is find a solution to these problem.
Consequently, the central Bank of Nigeria through its agencies grant credit for the purpose of agriculture. But was faced with the following problems:
– Lack of general awareness.
– Inadequate public enlightment
– Mismanagement