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Distress problems in .Nigerian financial institutions resulted into their liquidation. Prior to the distress syndrome, many financial institutions could not respond very effectively to the needs of small-holder farmers in Nigeria.
However, empirical evidence shows that debt recovery is one major constraint of most financial institutions. It was in view of the identified problem that a research was carried out in Enugu State of Nigeria to investigate how effective is the use )of local sanction strategies for agricultural loans by farmers under the community banking system.
The result of final statistics of factor analysis showed that three factors accounted for 72.3 percent of the total variance observed in farmer' loan recovery 'rankings of nine attributes. Factor one alone accounted for 35.4% of the observed variance compared to 23.3 % accounted for by factor two, and 13.6% by factor three., Thus, factor one may therefore, be regarded as "the group's refusal of loan-debtors having share in annual feasts amongst others or stoppage of social benefit", factor two as "non participation in elective positions" while factor three may be regarded as "market sanctions" with Eigenvalues of
a ~ 1 ~.2249Ol respectively. The Variance summarized values were 0.35453,
0.23268. 0.1361 , 0.72331 for factors 1, 2, 3 and cornrnunality of 0.72331 respectively.
Recommendations are that the edict and decree establishing community banks and their loan should be strengthened and entrenched with more empowerment to community authorities as peer groups to seize and sell assets of defaulting members to offset of loans guaranteed. Community banks' loan recovery linkages should be studied further with probit, logit, tobit or linear probability models to improve on the gains of recent research findings.
The use of community leaders and bank officials as recovery team for loan debt is recommended.
1.1 Background of the study
Agriculture has remained the "mainstay" of Nigerian economy and economic development. Conventionally, the agricultural sector has been ascribed the following roles:
Adequate food supply for growing population. Serving as a major source of employment. Providing market outlets for industrial products. Providing a major source of foreign exchange earnings. Structural base for rural, economic growth and development.
The evaluation of the performance of the Nigerian agriculture is based on the extent to which these roles have been satisfactorily performed. The oerall importance of agricultural sector in Nigerian economy is indicated by its share of the Gross Domestic Product (GDP).
In 1990, Nigeria population was 119 million with a land area of 910,770 square kilometers and 31 % of this is arable land, while labour force in agriculture was 60 % (USDA, 1991).
'According to CBN (1986) the share of GDP for agriculture between
1960 - 1969 was 56 percent on the average but between 1970 - 1979 it declined to an average of 24 percent of the GDP. From available CBN
c;t cr,cs, agricultural share of the GDP is on decline*-from :bout 1980 to
Prior to independence, agricultural earnings served as engine for economic growth and aevelopment. After independence, the contribution of the agricultural sector to GDP declined significantly over time. This is due to slower growth of the sector relative to the other sectors of the Nigerian economy. Indication of problems in the Nigerian agriculture
srartecl to manifest from the first decade of our independence (1960 -
I These signals were clearly evident from increasing food supply short falls, rising food prices and declining foreign exchange earning from the agricultural sector.
The second decade of independence (1970 - 1979) witnessed rapid deterioration in Nigerian agricultural situation. Not only that there were widening food supply demand gaps and increasing food import bills, but thcre also existed increased decline in government revenue from ag1-ick~lture(Ogunde et al, 1991; CBN, 1996). The situation was further coniplicated by the 1967170 Nigerian Civil War, severe drought in some parts of the country, government fiscal and monetary policies, and above
all, an "Oil Boom" nicknamed "Oil Doom" which created serious
distortions i l l the
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