THE ROLE OF FINANCIAL INSTITUTIONS IN AGRICULTURAL DEVELOPMENT IN NIGERIA (A CASE STUDY OF UNION BANK)
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THE ROLE OF FINANCIAL
INSTITUTIONS IN AGRICULTURAL DEVELOPMENT IN NIGERIA
(A CASE STUDY
OF UNION BANK)
ABSTRACT
The research on the financial
institutions in agricultural development in Nigeria” A case study of Union Bank
Plc was necessitated by the fact that the agriculture development has been on
issue of great concern in Nigeria. The financial institutions particularly
Union Bank Plc has played to the development of this sector are critically
examined in the study. The study is also aware of the pass role of agriculture
in the development process when cocoa and rubber products were our major source
of revenue. The purpose of the study includes ways in which the Nigeria
agriculture and financial institutions particularly Union Bank Plc have been
trying to revamp the agricultural sectors, highlighting some of the problems
which prevent the full realization of objectives of Union Bank Plc and finding
solution to some of its problems. The research also includes the procedure methods
used in collecting data and other important information. The primary data
method is the first method used to collect data. All the information gathered
in this method were mainly through personal interview. The other method termed
participant observation affords the one opportunity to watch the social
settings and attitudes of the people under references. Finally, the work has
tried to examine the problems militating against small scale farmers and the
full realization of Union Bank Plc objectives is agricultural development. Some
policy recommendations that will help improve agricultural sector were made,
these include the best policy formulation aimed at revitalizing the
agricultural loans, increased rural banking (new branches and mobile banking
scheme) favourable agricultural produce marketing policies, adequate
infrastructural development and agriculture research and extension services.
Also for policies to succeed, state government and their agencies are
required to pay their loan in time so as to make the bank program work. Debts
to Union Bank should be promptly paid without their liquidity will be adversely
affected and of course limits the recycling of loanable funds. All these when
needed in policy making will enhance sound agricultural development through the
role of financial institution.
TABLE OF CONTENTS
CHAPTER ONE:
INTRODUCTION
Background of the study
Objectives of the study
Statement of the problem
Scope of the study
CHAPTER TWO:
LITERATURE REVIEW
Agricultural credit in Nigeria
Problem of financing the rural sector
Agriculture by banking
Agricultural credit development
Objectives of the bank
Function of the bank
CHAPTER THREE:
METHODOLOGY
Population size
Method of data collection
Research instrument
Method of data analysis
CHAPTER FOUR:
PRESENTATION AND
ANALYSIS OF DATA
Presentation of data and Analysis of
data
CHAPTER FIVE:
SUMMARY OF FINDINGS,
CONCLUSION AND RECOMMENDATION
Summary of findings
Conclusion
Recommendation
BIBLIOGRAPHY
QUESTIONNAIRES
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE
STUDY
Agricultural developments in Nigeria were established during the third National
Development Plan (1975-1980) to enhance agriculture and food production. These
are World Bank assisted projects consisting of an input delivery and credit
supply system.
However the role of financial institution in agricultural development involves
ways and means by which a farmer obtains the entire necessary fund required in
order to carry out agricultural production. And it also deals with the supply
of demand for funds in agricultural sector of the economy. Where a farmer has a
sufficient capital of his own to carry out farm production he can then obtain
credit from the best available sources.
Agricultural finance is playing
significant role in the development of the agricultural sector because adequate
fiancé is required by farmers to establish economic size farms or large scale
farms, and to expand existing farms. Adequate finance also brings significant
changes in the structure of agriculture. This is because finance enables the
acquisition of machinery and farm equipment to substitute labour use and the
purchase of other farm inputs.
The use of finance in farming leads to rapid increase in farm land value which
necessitates the farmers to look outward for fund.
Agricultural finance from co-operative societies is very important in
communities where credit institutions such as commercial banks are lacking; farmers
who belong to a co0operative society can often get inputs against liens over
produce for sale through the societies. Credit it normally limited to goods and
services, but cash loans are sometimes made.
Therefore, agricultural fiancé is development are has been made mandatory in
Nigeria through government directives on rural banking and the lending of a
certain percentage of the banks loanable fund or deposit to agricultural sector
of the economy.
As a result of the Nigeria enterprises 1972, the federal government of Nigeria
acquired banks shares.
However, agriculture is very important
in most developing countries.
The purpose of agricultural or land Banks is to help in the development of
agriculture with the supply of credit. It requires to provide short and long
term loans to farmers to carry our agricultural production.
OBJECTIVES OF THE
STUDY
The objectives of this study are
1.
To examine the impact role of financial institutions in agricultural
development
2.
To examine why there is decline in agricultural production
3.
To examine the ways and means by which a farmer obtains all the necessary fund
required in order to carry out agricultural production
STATEMENT OF THE
PROBLEM
The following are some of the statement of problem
1.
The low educational background of some of he farmers makes it difficult for
majority of the farmers to get information about the existing credit facilities
and the procedure involved in getting such loans
2.
Farmers in some cases do not get their disbursement from the ministries loan
units in good time for finely operation
3.
Inadequate supervision of individual farmers bring about difficulty in recovery
loans that has been given to farmers
4.
State agencies do not reach the number of farmers originally targeted
5.
Funds to other project that is not originally included in the programme without
due consultation bring about difficult in loan recovery
6.
Most, farmers do not have the required collateral to obtain loan
7.
There are many loan defaulters and this prevents other farmers from benefiting
8.
Too many risks in farming. There is risk of crop failure as a result of disease
s and pest, prices of products may fall after harvest
SCOPE OF THE STUDY
The study is reviewing the effects role of financial institutions in
agricultural development in Nigeria. This is only a case study since the result
will be directly relevant to financial institution in agricultural development
in Nigeria and the society at large.
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