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PROJECT TOPIC- EFFECTIVE BANKING ACTIVITIES AND AGRICULTURAL SURVIVAL AND GROWTH IN EDO STATE

PROJECT TOPIC- EFFECTIVE BANKING ACTIVITIES AND AGRICULTURAL SURVIVAL AND GROWTH IN EDO STATE

Abstract

The research work is on the effective banking activities on agricultural survival and growth in Edo State. In this study personal interview, questionnaire and secondary source of data such as textbook, journals and internet were employed in the collection of data. Problem encountered in this study are time constraint, long distance or appropriate place of interest to obtain relevant information and also lack of sufficient fund to acquire material necessary for efficient researchers. The objective of the study is to find out if facilities like road, market, storage are affected by agricultural growth and survival and to find out if agricultural growth and survival is affected by non-possession of collateral securities by farmers. The method adopted in the study is basically table and percentage method. After careful analysis, it was revealed that absence of some basic facilities like good road, electricity, water, communication system etc have negative impact on agricultural growth and survival because it increases the farmers discomfort, inconvenience, stress etc thus reducing their production output. Based on the above findings, it was concluded that government should embark on the provision of basic infrastructural amenities such as good road, electricity, storage facilities etc so that farmer can easily transport their products, store them and feel comfortable.

 

 

CHAPTER ONE

INTRODUCTION

  • Background to the Study

There is considerable in literature, that increased agricultural productivity is a vital criterion for rapid economic growth and survival.

In Nigeria, where agriculture is generally the dominant sector, increase in agricultural productivity has some important roles to play. Firstly, it must meet the need of the fast growing population and thus preventing unnecessary expenditure on food importation. Secondly, it should increase foreign exchange earnings through the exportation of cash crops. Thirdly, it should be able to meet the employment need of the fast growing population.

In the last three decades, government in Nigeria has in various ways attempted to influence the level of agricultural productivity to attain the objective mention above, using banks as its agents. The rate of funding of agriculture is an important factor which dictates the pace at which agriculture production will increase. In this context, the role of government using banks as its agents, will be emphasize.

Most of the farmers do not have adequate facilities like capital, modern tools and equipment’s, technical assistance etc. this is where the role of bank comes into play i.e. making fund available by way of loan, advance etc. This will enable the farmers to overcome some financial based difficulties (inadequate capital etc).

Over the years, banks have been accused of not contributing significantly to agricultural growth and survival in Nigeria. This accusation has become stronger in recent times because most of the agricultural loan and advances application are being dishonoured by banks. This is because most of the farmers do not have banks requirements like collateral security, guarantor etc. Also banks are afraid because of the uncertainty (e.g. bad weather that could lead to poor harvest) that characterize agricultural ventures.

One of the promotional roles of the Central Bank of Nigeria (CBN) is the establishment of specialized financial institutions like the Nigeria Agricultural and Co-operative Bank (NACB) in 1973, to cater for specific needs of small medium and large scale agricultural enterprise. Its main objective was to enhance agricultural productivity which could lead to agricultural survival through rendering of financial assistance to farmers. The Central Bank, as the pivot of the country’s financial system and economic activities, also introduced other means of influencing agricultural survival. For instance, it issues credit guidelines to banks in which it prescribes the maximum proportion of their loan and advances that should be allocated to agricultural sector of the economy.

In 1978, the Agricultural Credit Guarantee Scheme (ACGS) was set up to support banks in their lending programmes to agriculture by ways of guaranteeing up to 75% of all loan and advances granted by banks to farmers. Penalties were also prescribed for non-compliance with directives.

In conclusion, it can be observed that since the inception of Nigeria Agricultural and Co-operative Bank (NACB), coupled with the various regulations of CBN in provision of loan and advance towards agriculture, the banking industry has begun to discharge its responsibilities to agricultural growth and survival in Nigeria.

PROJECT TOPIC- EFFECTIVE BANKING ACTIVITIES AND AGRICULTURAL SURVIVAL AND GROWTH IN EDO STATE

  • Statement of Problem

The importance of Agricultural growth and survival in a country cannot be over emphasized. This growth and survival can only be realistic if, banks contribute their quota by granting loan to farmers. This will enable the farmers get some of the facilities that will help them increase their productivity’s.

However, most of the farmers find it difficult to obtain the loan because they can not meet up with bank’s requirements like collateral security, guarantor etc. Also banks are afraid because agricultural output cannot be predicted.

  • Research Questions
  • What is the extent of banks’ contribution towards agricultural growth and survival?
  • Does the absence of good facilities like road, market, storage etc affect agricultural growth and survival?
  • Is agricultural growth and survival affected by non-possession of collateral securities by farmers?
  • Does bad weather hinder agricultural growth and survival?
    • Objectives of the Study
  • To highlight the contribution of banks to agricultural growth and survival in Nigeria with special reference to Edo State.
  • To find out if facilities like road, market, storage etc affect agricultural growth and survival.
  • To find out if agricultural growth and survival is affected by non-possession of collateral securities by farmers.
  • To find out if bad weather hinders agricultural growth and survival.
    • Statement of Hypothesis

Ho:  The federal or state government does not disburse any amount of money to the bank to be allocated for agriculture.

Hi:   The federal or state government disburses any amount of money to the bank to be allocated for agriculture.

Ho:  Federal or State government does not allocate money to the ministry for agricultural purpose.

Hi:   Federal or State government does allocate money to the ministry for agricultural purpose.

Ho:  There are some steps taken by the banks in solving the problems facing the recovery of farmers’ loans.

Hi:   There is no step taken by the banks in solving the problems facing the recovery of farmers’ loans.

 

  • Significance of the Study

It is hoped that this study will be of benefit to the government, banks and farmers in Nigeria as in knowing and arising to their responsibilities in agricultural growth and survival.

  • Scope of the Study

The study will be limited to the financing of agriculture through banking activities in Nigeria, using Edo State as a case study.

1.8   Limitation of the Study

In the course of this research, some problems were encountered which include the following:

Time constraint proved a great limitation to the researchers. As a result of this, it was difficult to discuss exhaustively all the vital points on a study of considerable interest like this.

Also, long distance or appropriate place of interest to obtain relevant information was a problem encountered. Also lack of sufficient fund to acquire materials necessary for efficient research work of the study was another problem encountered.

1.9   Definition of Terms

  • Agriculture: This is also called farming or husbandry, which is the cultivation of animals, plants and other forms of food, fiber and other products used to sustain and enhance human life.
  • Promotion: The publicization of a product, organization or venture to increase sales or public awareness.
  • Banking: A business conducted or services offered by a bank.
  • Financial Institution: This is an institution or organization that provides financial services for its clients or member.
  • Growth: This refers to a positive change in size, often over a period of time.
  • Commercialization: This is the process or cycle of introducing a new product or production method into the market.
  • Production: This is the act of creating output, goods or services which has value and contributes to the utility of individuals.
  • Population: A population is a summation of all the organisms of the same group or species who live in the same geographical area and have the capability of interbreeding.

    PROJECT TOPIC- EFFECTIVE BANKING ACTIVITIES AND AGRICULTURAL SURVIVAL AND GROWTH IN EDO STATE

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BANKACCOUNT NAME
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DIAMOND BANK
FREEMANBIZ COMMUNICATION
007 031 2905
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FREEMANBIZ COMMUNICATION
560 028 4107
GTBFREEMANBIZ COMMUNICATION013 772 5121
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FREEMANBIZ COMMUNICATION
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