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THE IMPACT OF NIGERIAN AGRICULTURAL CO-OPERATIVE AND RURAL DEVELOPMENT BANK (NACRDB) IN AGRICULTURAL PRODUCTION IN UDI LOCAL GOVERNMENT AREA OF ENUGU STATE

THE IMPACT OF NIGERIAN AGRICULTURAL CO-OPERATIVE AND RURAL DEVELOPMENT BANK (NACRDB) IN AGRICULTURAL PRODUCTION IN UDI LOCAL GOVERNMENT AREA OF  ENUGU STATE

Chapter one

Introduction

Background of the Study

The beginning of 1970s, Nigeria was regarded as one of abundant agricultural production countries in Africa. Nigeria has an area of about 923,768 square kilometres and lies between latitude 40 and 14o  East  of the Greenwich meridian. It lies entirely within the tropical zone, her diversity of climate and vegetation foster the production of different crops in the forest; examples include   palm, Kola nut, Cashew, orange, pawpaw, Cocoa, Plantain, Cereals and tuber. Agriculture plays an important role in the social– economic development of many countries. It fosters the provision of food, shelter; raw materials for industries, foreign exchange earning and  ready employments for about 60 percent of adult in Nigeria and other developing countries, (Anon 2000).

Food production in African is growing, but not fast enough to keep pace with the population. This is not surprising when we consider that the continent’s population growth rate is 3.1 percent per annum. It is probably the highest experienced by the human race and certainly higher than the maximum experienced in South East Asia and Latin American,    (F.A.O. 2001). As a result of these, within 25 to 30 years, many Africa countries need to feed population twice their current size and the task of doubling food production becomes a problem. The persistence of the problem led to the establishment of Nigeria. Agricultural Co-operative and Rural Development Bank (NACRDB) in 1973 by the Central Bank of Nigeria (CBN) and the federal government, with the objective of making funds available to the agric sector, oversee the distribution,  allocation and monitoring of loans and credit given to farmers. The assistance of Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB) can help farmers in many ways, to bring about increased agricultural output,  improve economic return from farm activities, acquire land  and purchase farm input,: (Dean, 2003).

Farmers encounter various problems in the course of producing crops and animal, namely; purchasing farm inputs, and acquiring land among others with the aim of building a sustainable agricultural development. The access to agric capital and loan has been a serious problem to farmers for many years and this led to the dwindling nature of   agricultural production. If food production by our farmers must catch up with the population growth, farmers must be helped financially to move higher. In their production activities, this study tends to find out the extent of loan disbursement to the farmers in Udi Local Government Area of Enugu State.

Statement of the Problem

Agriculture has been the mainstream of the Nigerian economy having 90% of the rural population being employed with its sub-sectors, fisheries, crop production, animal production and other sectors of Agriculture. Farmers encounter various problems in the course of raising a sustainable agricultural food production in Nigeria. The access to agricultural loans to the farmers has become a serious problem for many years in Nigeria. This led to low food production to meet the demand of Nigerian teeming population. The Nigerian government has established Nigerian Agricultural Co-operative and Rural Development Bank to help in reducing the problem of farmers. The researcher is worried that the establishment of this institution not withstanding, the problems of Nigeria farmers still linger. The  researcher is therefore poised to find out the impact of (NACRDB) in loan disbursement to farmers in Udi Local Government Area of Enugu   State.

Purpose of the Study

The purpose of this study is to determine the impact of the Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB) in giving loans to farmers for agricultural production in Udi Local Government Area of Enugu State. Specifically the study intends  to:

  1. Identify the extent of loans disbursement to farmers.

ii       Determine the class of farmers who were beneficiaries  of Nigerian Agricultural Co-operative and Rural Development Bank ( NACRDB) loan.

  1. Determine the regularity of the loan disbursement.
  • Determine the interest rate on the loan disbursement to the farmers by the Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB),
  1. Ascertain the repayment  rate by the farmers.

Significance of the Study

The study will be of paramount important to the farmers, community, Government, among others.

The Farmers: The result of this study will help the farmers to obtain loans from the  Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB) in Udi Local Government, this will enable them achieve their objectives of maximising their profits in farming ventures and stimulate development in Udi local government area of Enugu State. It will boost high food production within Udi and beyond and enhance their economic status.

The Community: The result of this study will help in the community development, when the loan is disbursed to registered farmer in the local government area. The farmers will utilize the money to invest on agricultural production, which will increase their individual revenue base. When majority of the farmer’s economy increases, Udi generally will enhance their development, hunger will be reduced, poverty will also be reduced in the area. Population will be increased in Udi. The Government: The result of this study will help the local, state and federal government in achieving her objective as stated by the Food and Agricultural Organization (FAO) in 2001, making loan available to farmers. Farmers will produce in large quality and quantity, taxes will be raised on some of these products creating income to the government while others will be exported as a means of  foreign exchange to other countries.

Research Questions

  1. To what extent are loan disbursed to farmers by Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB) in Udi local government area of Enugu state?
  2. Which class of farmers benefits from Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB) in Udi local government area of Enugu state?
  • How regular is the loan disburse d to farmer by Nigeria Agricultural co-operation and Rural Development Bank (NACRDB) in Udi local government area of Enugu state?
  1. What are the interest rate on loans disbursed to farmers by  Nigeria Agricultural Co-operative and Rural Development Bank (NACRDB) in Udi local government area of Enugu state?
  2. At what rate do farmers repay their loans to Nigerian Agricultural Co-operative and Rural Development  Bank  (NACRDB)?

Scope of the Study

The study cantered on the impact of Nigeria Agricultural Co-operative and Rural Development Bank in Udi Local Government Area of Enugu State. This study covers the registered and non registered farmers in Udi Local Government Area of Enugu State.

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