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ABSTRACT
This research work tries to investigate the role of microfinance bank on agricultural development in Nigeria using Nigeria as a case study. Using ordinary least square method, data collected were secondary data and the durbin-watson t-statistics were used in the regression analysis. The study shows that Microfinance bank loans have a positive impact on agricultural development in Nigeria. Based on these findings some recommendations were made, interest rate should be reduce to encourage farmers in borrowing and The federal government should give a directive through microfinance bank that will encourage the farmers by giving them incentives. This will automatically increase the efficiency of farmers and thereby attract more youths to the agricultural sector.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Nigeria is endowed with natural resources, large fertile farmland, wide
range crops, and river amongst others. Despite its abundant natural
resources it is faced with poor food situation. The poor food situation
is traceable to the decline in the agricultural sector. The problem of
feeding and provision of natural resources is increasing by the day.
However several efforts are being made to improved the standard.
Prior to the discovery of petroleum in Nigeria agriculture used to be
the highest foreign exchange resources earner and contribution to gross
domestic product GDP has been estimated to about 62.63% in 1960, 48.08%
in 1970s, and 20.63% in 1980. Recently due to the growing awareness of
the role of agriculture, the various governments have intensified
efforts aimed at transforming from its present subsistence level to a
market oriented production. One of those efforts was the ban made on
importation of agricultural products like palm oil, maize and rice. This
was done to encourage improvements on our production standard.
Due to the fall in the level of production from decade to decade, the
country could no longer feed the large population, provide raw material
for domestic-industries,
engage in export of agricultural produce and employ the labor force of
the country despite the abundance of human and material resources.
In spite of growing urbanization, Nigeria is known to be predominantly
rural in natural and majority of population is dependent directly or
indirectly on agriculture for their live hood. Credit delivery is
perhaps one of the most important roles of microfinance banks, as the
loans extended are used to expand existing businesses and in some cases
to start new ones. According to CBN (2008) microfinance loans granted to
clients is increasing from 2007 to date and most of it goes to
financing micro-enterprises in rural areas.
Ketu (2008) observed that Microfinance banks have disbursed more than
eight hundred million micro-credits to over 13,000 farmers across the
country to empower their productive capacities. As such it is expected
that agricultural output will increase with the increase in finding. The
entrepreneurial capacity of the farmers we thus improve.
1.2 STATEMENT OF RESEARCH PROBLEM
According to Anyanwu etal (1997:14) “the agricultural sector has been
recognized for a long time as an important sector to Nigeria economy and
development is one of the crucial requirements for the overall economic
growth.
He noted further that the declined in agricultural activities might
appear natural in any development process, it is obvious that in Nigeria
agricultural activities would remain the most important single sector
for some time to come. He emphasized that in the past, development
planners have introduce programs such as national accelerated food
production project (NATPP), green revolution programs (GRP), In search
for all appropriate technique in order to increase farm output and
productivity and such program have at one time been implemented.
Based on these, a number of problems one facing the agricultural sector
and they are as following. Inadequate finance or credit facilities,
inadequate farms input, lack of storage facilities, lack of basic
amenities, Lack of technical know-how, lack of research and illiteracy
of the farmers.
The questions to which this research will provide answers to one, is the
credit advanced to farmers through microfinance adequate to have a
significant impact on agriculture? All these problems can be solved or
rather reduce when there is adequate financing.
1.3 RESEARCH QUESTIONS
This study revolved around the answering of the following research
question. What extent does microfinance loans influences the
agricultural output in Nigeria economy?
What policy actions can be implemented to boost the agricultural productivity in Nigeria through microfinance?
1.4 OBJECTIVES OF THE STUDY
In this study therefore, the researcher hope to accomplish the following
objectives: To determine how microfinance loans/credit granted to the
farmers can influences the agricultural output in Nigeria economy. To
determine policy actions in which agricultural output can be improved
through microfinance bank credit.
1.5 HYPOTHESIS OF THE STUDY
Microfinance banks loans have no significant impact on agricultural development in Nigeria.
1.6 SIGNIFICANCE OF STUDY
Microfinance services, particularly those sponsored by the government
have adopted a traditional supply led subsidized credit approach mainly
directed to the agricultural sector and other non-farming activities,
but the effect has short lived.
The Nigerian economy stands to derive lot of benefits if concrete steps
are taken to salvage the agricultural sector opinions are divided as the
actual benefit of microfinance policy, regulatory and supervisory
framework and how it can develop economy, most especially the
agricultural sector because it has grasps of the challenges facing
agriculture.
To the researcher, this work will serve as an avenue to broaden my
knowledge, as it places a challenge that will expand my intellectual
horizon by and applying various economic tools analysis draw conclusion
for future analysis. It is also expected to serve as an impetus for
further researchers in this area of study. It should not be considered
as an end to research and policy making but as a guide taking into
consideration of its limitation.
To the government and its agencies, it looks at earlier policies
designed and why they failed. Therefore it is hoped that it will provide
a useful guide to policy makers in agriculture for steady and
consistent policies and programmes in terms of funding.
To the society, this researcher’s work will create awareness of the
microfinance services that enables them engage in economic activities to
be self-reliant, increase employment opportunities, wealth creation,
growth and development. Finally, the salient findings of the study will
also make the farmers to be more oriented in agriculture.
1.7 SCOPE OF THE STUDY
The scope of this research covers the period from 1980 to 2013. The
period is significant because a lot of measures were adopted following
the advert of crude oil and its collapse. That is pre-sap and
implementation and role in financing the agricultural sector.
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