THE EFFECT OF CREDIT RECOVERY ON THE PERFORMANCE OF NIGERIAN AGRICULTURAL COOPERATIVE AND RURAL DEVELOPMENT BANK (NACRDB)
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THE EFFECT OF CREDIT RECOVERY ON THE
PERFORMANCE OF NIGERIAN AGRICULTURAL COOPERATIVE AND RURAL DEVELOPMENT BANK
(NACRDB)
ABSTRACT
In this abstract
the effect of loan recovery on the performance of Nigeria agricultural
cooperative and rural development bank (NARCRDB) is the topic and also the
objective of the study includes how the scale farmers dwelled with Nigerian
agricultural and rural development bank and also to know how the farmers
finance their farming. More also, the objective of the study touches the loan
given to the farmers is adequate or not. In conclusion, non recovery of
agriculture loan are caused mainly by two broadly rated problems. They are the
farmers problems and bank government rated problems. In recommendations in
order to reduce the problems, sale farmers, it is however, worth to make some
specific recommendations aimed at reducing the effect of this problems on the
bank’s operations. More also education of farmers borrowers, need for intensive
pre-loan analysis etc.
TABLE
OF CONTENT
Title page- - - - - - - - - - i
Declaration - - - - - - - - ii
Approval- - - - - - - - - - iii
Dedication - - - - - - - - iv
Acknowledgment - - - - - - - v
Abstract - - - - - - - - vi
Table of content- - - - - - - - vii
CHAPTER ONE:
Introduction
1.0 Background of the essay - - - - - 1
Objectives of the
essay - - - - - 4
Significance of
the essay - - - - - 5
Scope of the
essay - - - - - - 7
Limitation of the
essay - - - - - 8
Definition of
terms - - - - - - 9
CHAPTER TWO
Literature review
2.0 Introduction - - - - - - 13
2.1 Meaning of NACRDB - - - - - - 23
2.2 The aspect of NACRDB - - - - - 24
2.3 Summary of literature review - - - - 28
CHAPTER THREE
Summary,
conclusion and Recommendations
Summary - - - - - - - - 29
Conclusion - - - - - - - 31
Recommendations- - - - - - - 35
Reference - - - - - - - - 37
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE
EXTENDED ESSAY
The
administration of credit can be regarded as important to financial institutions
in any economy. Consequently the formulation and implementation of bound credit
policies among the most crucial responsibilities of management in any financial
institution. Thus this formulation of a sound credit policy is a necessary
condition if financial institutions are to attain their objectives to serve the
public in an efficient manner and more importantly, ensure the safety of their
funds. An articulate credit management policy not only seeks to balance profit
ability with liquidity but in doing so, it is expected to determine to whom
credit must be granted, how to ensure successful recovery. (I Yowu 1985).
The achievement
of an efficient credit management entails an element of subject judgment.
Abdullahi (1993)
posited that “in order” to arrive at a good judgment there is a need to
evaluate the cannons of lending or the five’s of credit namely condition,
character, capacity, capital and collateral.
Nigeria
Agricultural cooperative and rural development bank (NACRDB) was established on
the 24th November 1972 and went into operation on 6th March 1973 its
establishment was hinged on the now enhanced vindicated conviction that the
bank will enhance the income level of farmers and this make farming more
attractive.
Today (NACRDAB)
started as the Nigeria Agricultural bank ltd (NAB) and actually took it’s new
name in 1978 at the instance of the Nigerian government. this in the government
view was to reflect more vividly, the bank commitment to Agricultural
development through the promotion and financing of co-operates the general
consensus however, was that these credit financing institutions, failed die to
some factors. Agricultural experts say these factors ranged political
interference, inefficient project, appraised monitoring and supervision, the
low coverage of the farming population, trade quite funding adoption of the
excessively rigid and time consuming procedures for processing loans
application, low loan recovery and untimely loan disbursement, the loans
institutional lending consisting of such informal sources as money lenders,
friends relations and thrift societies, took advantage of the weakness of these
institutional lenders to change exorbitant rate themselves which the government
commissioned a number of studies which finally culminated in the world bank
stonenam report of 1969.
The report
recommended among other things the establishment of a National Agricultural
credit institution, whose major function would be the provision of credit to
farmer so as to exterminate the major impediment to agricultural development in
Nigeria.
And after 22
years of existence (NACRDB) can unequivocally be said to have lived up to these
objectives it has provided diverse credits to improve the whole ambit of the
country’s agricultural and agro business. Thus, the (NACRDB) of today is a
welcome relief to Nigerian farmers, the banks inauguration market an important
land mark in the history of the nation’s agricultural development and it is has
continued to serve as a national financing institution devoted industry to
investing in all aspect of the agricultural industry. And more importantly, it
has continued to serve as a source of fund to Nigeria farmers.
1.1 OBJECTIVE OF THE EXTENDED ESSAY
The following are the objectives of
the extended essay;
TO find out the
beneficiaries of NACRDB loan.
To find out the
rate of loan repayment and its consistency
To find out how
NACRDB loan is disbursed to its beneficiaries.
To make the essay
work the basis upon which other essay writers can improve upon.
SIGNIFICANCE OF
THE EXTENDED ESSAY
The relevance of
any essay work to the society being studied and the economic work of the nation
lies or the qualify of the work carried out.
Nevertheless,
Nigeria Agricultural cooperative and rural development bank (NACRDB) Kaduna was
assessed by the then Head of State, General Yakubu Gowon (Rtd) at its launching
in 1973 as also concerned on the validity of the conception it has become a
household name, in agricultural financing might be a risky venture, but that it
will be the magnitude of agricultural development of the national economy in the long run.
The essay will
serve as means of appraising the agricultural sector as to determine if the
aims and objectives are being met to other financial institutions it will serve
as a means of estimating their contribution to the overall economic development
of the small scale farmers in particular and the larger scale farmer
(exporters) in general through the different loan schemes. To this end, we will
be also to see if their different schemes are meeting the expectations required
to them and to suggest remedies where they are found wanting.
To farmers, the
paper will serve as a means of creating much needed awareness as regards the
different ways that they can meet up with their commitments to the bank and in
making the bank continue to assist irrespective of the various schemes it is
involved in this work will also serve as a reminder to other financial
institution other than NACRDB of the need to extend their activities to the
venture of agricultural financing sector of the economy that concentrating only
on the banking aspect.
Finally, this
paper will serve as a guide of enlightening the general populace of the
importance of agricultural financing and suggesting ways and strategies of
reducing the risk involved in loan.
SCOPE OF THE
EXTENDED ESSAY
The essay is
limited to NACRDB Head office that is to took into the operations, problems and
prospect of loan recovery techniques in NACRDB.
Nigeria
Agricultural cooperative and rural development bank (NACRDB) is chosen for study
being the single most important financial institution in the country lending
support and effect governments policies on agriculture. Based on this premise,
any conclusion, inferences and recommendation arising from this study are
likely to apply to other financial institutions that give loan for agriculture
the study will also focus on how the different loan scheme of the social and
economy will being of the beneficiaries.
LIMITATION OF THE
EXTENDED ESSAY
The study
requires some quality and full concentration which it has not been able to get
due to the following factors:
Time
constraint: The time to carry out this
study is too short because there are other school activities that prevent me
form devoting my whole time unto the research. Activities such as lectures,
assignments and tests etc.
Financial
constraint: The researcher had to go for
various research to get materials needed for this work but due to financial
constraints, the researcher was unable to go too far to get the materials.
Also, the researcher needed to buy some vital printed materials, transport
herself to various libraries in Kaduna town but due tot financial constraint,
the researcher was unable. This factor limited me for giving my best. But
despite those short coming the research was able to overcome the limitations by
getting some materials necessary to accomplish the objectives and make the
research work a reality.
DEFINITION OF
TERMS
In this essay it
is only NACRDB which the full meaning in the Nigerian agricultural cooperative
and rural development bank
Credit: The
provision of money, goods or services with the expectation of future payment
i.e. long-term also money, goods or services provided.
Administration:
The execution of public affairs as distinguished from policy making.
Debt: Is the
credit received by a borrower from a prime lender who may be a formed or
informal financial institutions.
Asset: The entire
properly of a person, association, corporation, or estate applicable or subject
to the payment of debts.
Collateral: Parallel,
coordinate, or corresponding in position order, time or significance.
Liability:
Something for which one is liable especially pecuniary obligation.
Economic
development: The process whereby simple, low income national economies are
transformed into modern industrial economies.
Bad debt: Are
debt that are doubtful of recovery
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