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COMMERCIAL BANKS AND RURAL
AGRICULTURAL FINANCING (A CASE STUDY OF FIRST BANK, UYO)
CHAPTER ONE
INTRODUCTION
1,1 BACKGROUD
OF THE STUDY
Financing at
any level involves the process of making funds available for the running of
business, an activity, or a project either by individual, group of people or
government. For any project to be successfully carryout, its require a lot of
funds. Sometime, an individual, firm or Government may wish to execute project
but may not have enough funds, in order to accomplish this project, they go on
borrowing. Funding is the panacea for the success of any business or project.
In developed
world, various institutions and organizations took active part in financing
projects such as agriculture and health care services etc. Through funding,
farmers are able to procure all necessary farm inputs such as seedlings, stems,
fertilizers, pesticide and machinery etc. which enable them to produce in
a large quantity both for local and
foreign consumption.
In
developing countries like Nigeria, little or no attention was given to
Agriculture in term of financing in the past decade. That was why farmers were
unable to procure essential Agricultural inputs for the production of enough
food for both domestic and foreign consumption. Farmers were using crude farm
tools and practiced primitive method of farming. This was attributed to the
neglect of Agriculture by Government and other institutions.
Nowadays,
the importance of Agriculture has been conceived all over the world and to
bridge the gap of the neglect of Agriculture in of the passed, central Bank of
Nigeria through various commercial banks committed to Agriculture financing.
Financing Agriculture cover a wide array of agricultural activities arranging
from production to processing and marketing (Bank Annual Report 1999).
1.2 STATEMENT OF THE PROBLEM
This study
is on commercial Banks and rural Agriculture financing in Nigeria. Financing of
Agriculture nowadays becomes imperative because of vital roles Agriculture play
in the development of a Nation.
Therefore,
this study is undertaken to ascertain whether financial assistance to rural
Agriculture were sufficient to boost Agricultural production.
Specifically
the study was also carried-out to ascertain whether financial assistance to
rural farmers increase income generating capacity of farmers and whether rural
farmers actually repay the principal and interest charge by the commercial
Banks.
1.3 OBJECTIVES OF THE STUDY
Looking
critically on the institutions responsible in financing Agriculture and the
role of credit facilities in Agricultural development n Nigeria, this project
seeks to achieve the following objectives:
(i) To find-out whether commercial banks
financial assistance to
rural
farmers were sufficient to boost Agricultural production.
(ii) To find-out whether financial assistance
given to rural farmers
by
commercial banks increases income generating capacity of farmers.
(iii) To
find-out whether rural farmers were able to repay the
Principal
and interest charge by the commercial banks.
1.4 RESEARCH QUESTIONS
The
following research questions were formulated to guide the research on the
study:
Are commercial Banks financial assistance
to rural agriculture sufficient to boost agricultural production?
Do Incomes of rural farmers’ increases as a
result of financial assistance given to them by commercial banks?
Do rural farmers actually repay the
principal and the interest charged by the commercial banks?
1.5 RESEARCH HYPOTHESES
The
following research hypotheses where developed based on the Nature of research
questions used for this research study:
Financial assistance to rural Agriculture
by commercial banks are not sufficient to boost Agriculture production.
Financing rural agriculture by commercial
banks do not increase income generating capacity of farmers.
Rural farmers do not repay principal and
the interest charge by the commercial banks.
1.6 SIGNIFICANCE OF THE STUDY
It is
believed that this study will create awareness in the mind of the farmers both
men and women, agriculture extension officers, commercial banks and government
that financing of agriculture aimed at boosting agricultural production. This
study will also give a comprehensive framework and educates various
institutions responsible for financing agriculture
The findings
will also revealed not only to the farmers but the entire public that Agriculture require assistance
(financing) at all ramifications not only by commercial banks but by
government, individuals and multi-National companies for food security and
National development
1.7 SCOPE OF THE STUDY
Having seen
that financing of rural agriculture by commercial banks enable farmers to
carry-out farm operations necessary for
production of enough food for domestic and foreign consumption.
Therefore the researcher chose to investigate whether financial assistance
given to rural farmers are sufficient to boost agricultural production, increase income generating
capacity of farmers and to find out whether farmers repay principal and
interest to the commercial banks.
Specifically,
the study was limited to the rural agriculture financing by First Bank
Operating in Uyo Local Government Area of Akwa Ibom State. The study covered
only commercial agriculture in Nigeria.
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