ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW,
PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL
PROJECT COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE
COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953,
08168759420
AGRICULTURAL FINANCING AND ECONOMIC
GROWTH IN NIGERIA
ABSTRACT
The
objective of this study is to find out the impact of agricultural financing on
economic growth in Nigeria for the period 1981 to 2014. The study used
endogenous components of Agricultural Credit Guarantee Scheme (ACGS) loans to
Individual Farmers (LIF), loans to Informal Group (LIG), loans to Co-operative
(LCO), and loans to Company (LCY) as explanatory variables to capture agricultural
financing. Gross Domestic Product (GDP) at constant prices was used to proxy
economic growth. Data for the study were obtained from the Central Bank of
Nigeria (CBN) statistical bulletin of various publications, and regression
analysis was carried out using IBM SPSS statistics. The t-test coefficients
which attests to the significance of each of the independent variables of the
study reveals that three of the parameters of the explanatory variables; ACGS
loans to Informal Groups (LIG), ACGS loans to Cooperatives (LCO) and ACGS loans
to Companies (LCY) counter apriori expectation with negative signs
respectively. This implies that they do not have significant impact on economic
growth (GDP). On the other hand, the variable of ACGS loans to individual farmers
(LIF) as revealed by the regression result proved to have significant impact on
economic growth (GDP). This indication is as a result of the variable’s
conformity to the aprori expectation with positive sign in the analysis. It was
recommended that more loanable funds should be made available to individual
farmers (for commercial purposes), as ACGS loans to individual farmers can be
used to formulate policies that can impact significantly on economic growth
(GDP) in Nigeria. Further recommendation made was that, all economic
stakeholders, monetary and regulatory authorities; both at the public and
private sector of the economy should combine efforts and formulate policies
aimed at improving financial inter-mediation, in the area of providing adequate credit to farmers in Nigeria. This
will eventually lead to the achievement of a favourable productive-based
economy and viable growth of GDP in the country. The study has contributed to
the body of knowledge by providing current information on agricultural
financing vis-Ã -vis Agricultural Credit Guarantee Scheme (ACGS), with an
extensive period of 1981 to 2014 (34 years). This study thus has implications
for global economy particularly in the area of food production and living
standard of nations.
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Finance for
agricultural development has an increasing role in contemporary times. Finance
affects economic growth, stagnation or even decline in any economic system.
However, a growing concern has developed over time regarding the need for
effective access to credit facilities for farming purposes. The Nigerian
government recognizes that finance is an essential tool for promoting
agricultural development because the agriculture sector is one of its main sources
of sustainability. Access to finance for agriculture is an incentive for
increasing the agricultural sector’s performance; it stimulates productive
growth, and supports the survival of small and new enterprises. Access to
finance increases the average inputs of labour and capital which has positive
effects on production output. Irrespective of the benefits that can be derived
from financing agriculture, there is an inherent risk of loan defaults amongst
farmers, which discourages banks from lending to farmers.
According to
Beck and Demirguc-Kunt (2006), specific financing tools can be useful in
facilitating greater access to finance. The government of Nigeria, being fully
aware of the need for progressive policies, has introduced various initiatives
and policies dating back to the 1970s to attract finance to enhance agriculture
productions. Such policies have mainly been in the form of specialized
agriculture lending, the supply of credit finance by the commercial banks in
favour of the agriculture sector and through various programmes. While some of
these efforts have failed, the operation of the remaining leaves one to wonder
if they are actually achieving their intended objectives as rural poverty is on
the increase and yet a large portion of the population is engaged in
agricultural activities.
The problem
of access to finance for agriculture is not solely as a result of non
availability of finance but it is caused by the reluctance of credit providers
to give out loans without a certainty of recovering the loan. However, the
banks are not to be blamed as they are not charity organizations who disburse
money without recourse to repayment; rather they are in business to make profit
from their lending operations. Unfortunately, the situation makes farmers a
neglected group in the economy because they are not able to provide the
adequate collateral needed to secure bank loans. Because of the challenges
facing farmers, which have adverse effects on agricultural production, the
government thought it fit to act as an intermediary through the Agricultural
Credit Guarantee Scheme (ACGS) whereby the government stands as a guarantor for
agricultural loans in order to mitigate the risk involved in agricultural
financing.
Agriculture
contributes immensely to the Nigerian economy in many ways, namely; in the
provision of food for the increasing population; supply of adequate raw
materials to a growing industrial sector, a major source of employment
generation, foreign exchange earnings; and provision of a market for the
products of the industrial sector (Food Agricultural Organization, 2006). The
agrarian sector has a strong rural base; hence, generation concern for
agriculture and rural development. Support for agriculture is widely driven by
both government and the public sector, which has established an institutional
support in the form of agricultural research, extension, commodity marketing,
input supply, and land use legislation to fast-track development of agriculture
and rural economic empowerment. Central Bank of Nigeria (2010) asserts that
over the years, the inability of this sector to expand and as well contribute
meaningfully to the growth of Nigerian economy was due to inadequate financing
to improve on the situation; that is, facilitating agricultural credit). Also,
the problem of agricultural development in Nigeria indicates that efforts
directed at achieving expanded economic base in the rural farmers were
frustrated by the scarcity of, and restrictive access to loanable fund. One of
the reasons for the decline in the contribution of agriculture to the economy
is lack of formal credit policy and paucity of credit institutions which can
assist farmers
The role of
financial capital as a factor of production to facilitate economic growth and
development as well as the need to appropriately channel credit to rural areas
for economic development of the poor rural farmers cannot be over emphasized.
Credit is viewed as more than just another resource such as labour, land,
equipment and raw materials (Rhaji, 2008). According to Shepherd (2002), credit
determines access to all the resources on which farmers depend. Since banking
cannot be separated from economic development, the banks (especially Deposit
Money Banks) in the banking industry have been instrumental to various
development schemes of Nigeria over the years. However, their performance in
the facilitation of agricultural finance has not been adequately felt in the
Nigerian economy; especially in the rural areas (farmers).
Also, in
line with Nigeria’s quest for development; the erratic nature of events within
the banking industry vis-Ã -vis agricultural financing is a cause for concern.
This uncertain nature of access to credit by farmers in the agricultural sector
could result to total loss of confidence in banks by citizens in the sector, as
well as growth impediment in the overall economy of Nigeria. Questions are been
asked concerning the role of agricultural financing, its contribution to the
attainment of agricultural growth and development. It is therefore pertinent to
empirically analyze agricultural financing and its economic implication
(impact) on Nigeria with the aim of identifying measures to tackle the existing
challenges and rebuild the lost glory of the agricultural sector.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you
will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5,000) into our bank Account
below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3)
Payment Name (If you made a transfer)
(4)
Teller Number (If you made a direct deposit)
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW,
PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL
PROJECT COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE
COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953,
08168759420
THE PROBLEM AND PROSPECTS OF COCOYAM
PRODUCTION
ABSTRACT
It is a common practice in Nigeria
and other West Africa Countries especially in area lying within the rainforest
belt, with thick vegetation cover, the aim of management should be to avoid
excessive and inadequate level of farming system and maintains sufficient for
planting of cocoyam. The study therefore seeks to examine and appraise the problems
and prospects of cocoyam production in our society, a case study of Ovia North
East Local Government Area.
TABLE OF CONTENT
CHAPTER ONE
Background of the study
Statement of the problem
Research questions
Purpose of the study
Significance of the study
Scope of the study
Limitation of the study
Definition of terms
CHAPTER TWO
Historical Literature review
CHAPTER THREE
Research methodology
Research design
Population of the study
Research instrument
Data collection
Statistical techniques
CHAPTER FOUR
Data presentation and interpretation
of result
CHAPTER FIVE
Summary, conclusion and
recommendation
REFERENCES
QUESTIONNAIRE
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND TO THE STUDY
Cocoyam (colocasia spp and xanthosoma
spp) is grown in the tropical and sub-tropical regions of the world
particularly in Africa for human nutrition, animal feed, and cash income for
both farmers and traders (Onwueme and Chales, 1994). Cocoyam is vegetative
propagated using the corms and to a lesser extent the cormels. As food for
human consumption, the nutritional value parts of cocoyam is primarily caloric
(Davis et al, 1992). The underground cormels provides easily digested starch;
and the leaves are nutritious spinach like vegetable, which give a lot of
minerals, vitamins and thiamine (Tambong et al, 1997).
There are two major types commonly
grown in Nigeria namely; colocasia spp and xanthosma spp. In Nigeria, it is
regarded as a major crop especially in X2 female headed household. Nigeria is
one of the largest producers of cocoyam in the world contributing about 40% of
total annual production okinpshectares of land out of the total arable land of
27,900.00 hectares under cocoyam production.
Cocoyam grows in association with
other food and tree crops a system mostly practiced by subsistence farmers in
Nigeria. The bulk of the production of cocoyam is in South East, Nigeria
(Enyinnia, 2001). Cocoyam is regarded as
a major food crop in Nigeria especially in female headed households. Nwabuzor
(2001) noted that cocoyam can be consumed in various forms when boiled, fried,
pounded or roasted. It can also be processed into chips (“achicha”) which has a
long shelf and provides food all year round especially during lean planting
season (Asadu, 2006). Cocoyam leaves are also used as vegetable for preparing
soup in various part of the world. There is a decline in the yields of cocoyam
on the past few years. As population pressure on land continues to increases, the
importance of cocoyam in ensuring household food security is given adequate
recognition even through the present yield are still below expectation. This
could be attributed to a lot of factors such as climate variation, drought,
poor cultural practices among cocoyam growers, pest and diseases infestation
(Ezenwu, 2010).
Despite the usefulness of cocoyam
corms and leaves in human nutrition, its production and processing in Nigeria
is faced with a lot of challenges. Some of these challenges are the alarming
rate of land degradation and lack of improved varieties for commercial cocoyam
and leaf production. Decreasing rainfall and poor soil have also been
identified as some of the challenges processing of cocoyam in Nigeria (Osagoe,
2006). Therefore, this study was carried out with the broad objective of
ascertaining strategies for improving cocoyam production and processing among
women farmers in Edo State, Nigeria.
1.2
STATEMENT OF PROBLEM
In any human endeavour, there are
bound to be some obstacle or hindrance in any of achieving exception to this
general rule. Hence this research is designed to find out the problem and
prospects of cocoyam production in Ovia North East Local Government Area of Edo
State.
1.3
PURPOSE OF THE STUDY
The main aim of the study is to
examine and appraise the problem and prospects of cocoyam production in our
society, a case study of Ovia North East Local Government Area.
To know the number of farmer producing cocoyam in the local government
area.
To know the type of production system.
Identifying problem of cocoyam production
1.4
SIGNIFICANCE OF THE STUDY
It is a common practice in Nigeria
and other West Africa countries especially in area lying within the rainforest
belt with thick vegetation cover, the aim of management should be avoid
excessive and inadequate level of farming system and maintains enough stock raw
materials in period of short supply and anticipate price changes.
1.5
RESEARCH QUESTIONS
This study is centred on planning of cocoyam
in our local government council (Ovia North East) with more emphasis on cocoyam
production. Survey is a broad discipline that cannot be treated in full in this
study. The researcher while trying to obtain information from respondents
encountered certain drawback which hindered on farming system.
This investigation had a very limited
for the study and they only limited time for the study and they only limited
the work.
1.6
SCOPE OF THE STUDY
This study is centered on planting of
cocoyam in our local government council (Ovia North East) with more emphasis on
cocoyam production. Survey is a broad discipline that cannot be treated in full
in this study. The researcher while trying to obtain information from
respondents encountered certain drawback which hindered on farming system.
1.8
DEFINITION OF TERMS
Cocoyam: Cocoyam are herbaceous
perennial plants belonging to the family araceae and are grown primarily of
their edible roots, although all parts of the plant are edible. Cocoyam that are
cultivated as food crops belong to either the genus colocasia or the genus
xanthosoma and are generally comprised of a large spherical corm (swollen
underground storage stem), from which a few large leaves emerge.
Problem: A problem is a road block in
a situation, something that sets up a conflict and forces you to find a
resolution.
Prospect: A prospect is the
possibility that something fabulous will happen. After you graduate top of your
class at Harvard, for example, your job prospects look great.
Production: The process of making or
growing something for scale or use.
HOW
TO GET THE FULL PROJECT WORK
PLEASE,
print the following instructions and information if you will like to order/buy
our complete written material(s).
HOW
TO RECEIVE PROJECT MATERIAL(S)
After
paying the appropriate amount (#5,000) into our bank Account below, send the
following information to
08068231953
or 08168759420
(1)
Your project topics
(2)
Email Address
(3)
Payment Name (If you made a transfer)
(4)
Teller Number (If you made a direct deposit)
We
will send your material(s) after we receive bank alert
BANK
ACCOUNTS
Account
Name: AMUTAH DANIEL CHUKWUDI
Account
Number: 0046579864
Bank:
GTBank.
OR
Account
Name: AMUTAH DANIEL CHUKWUDI
Account
Number: 2023350498
Bank:
UBA.
FOR
MORE INFORMATION, CALL:
08068231953
or 08168759420
AFFILIATE LINKS:
www.myeasyproject.com.ng
www.easyprojectmaterials.com
www.easyprojectmaterials.net.ng
www.easyprojectsmaterials.net.ng
www.easyprojectsmaterial.net.ng
www.easyprojectmaterial.net.ng
www.projectmaterials.com.ng
www.googleprojectsng.blogspot.com
www.myprojectsng.blogspot.com.ng
www.projectmaterialsng.blogspot.com.ng
www.foreasyprojectmaterials.blogspot.com.ng\
www.mypostumes.blogspot.com.ng
www.myeasymaterials.blogspot.com.ng
www.eazyprojectsmaterial.blogspot.com.ng
www.easzprojectmaterial.blogspot.com.ng
www.easyprojectmaterials.com.ng
Comments
Post a Comment