Category Archives: Economic project material with abstracts

IMPACT OF NON-OIL EXPORT ON NIGERIAN ECONOMY (1986-2010)

IMPACT OF NON-OIL EXPORT ON NIGERIAN ECONOMY (1986-2010)

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 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT
The study investigated the impact of non-oil exports on Nigerian economy during the period of 1986-2010. This study was carried out against the background of the crucial role non-oil export can play as an alternative source of revenue apart from crude oil exports. To achieve this objective, multiple regressions were used in analyzing the data. The empirical result shows that non-oil export is statistically significant to Nigeria economic growth. On the other hand, Government Expenditure (GEX) was not significant to Nigerian economy. Due to this, some recommendations were made which include encouraging financial institutions, improving in data collection and banking, efficient allocation and use of resources, and creating economic environment that will help boost the activity of non-oil export sector.
7
TABLE OF CONTENTS
Title Page…………………………………………………………….…. i
Approval Page ………………………………………………………… ii
Dedication…………………..………………………………………….. iii
Acknowledgement…………………………………………………….. iv
Abstract…………………………………………………………………. v
Table of Contents……………………………………………………… vi
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study………………………………………… 1
1.2 Statement of the Problem………………………………………… 8
1.3 Objective of the Question………………………………………… 11
1.4 Statement of Hypothesis…………………………………………. 11
1.5 Significance of the Study………………………………………… 12
1.6 Scope and Limitations of the Study…………………………… 12
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 Theoretical Literature……………………………………………. 14
2.1.1 The Agricultural Commodities and Products Exports…. 15
2.1.2 The Manufacturing and Craft Export Product…………… 16
2.1.3 The Solid Mineral Export Product………….……………….. 17
2.2 Empirical Literature……………………………………………… 18
2.3 Limitations of the Previous Studies…………….……………. 26
8
CHAPTER THREE
3. O RESEARCH METHODOLOGY
3.1 Model Specification……………………………………………….. 27
3.2 Methods of Evaluation…………………………………………… 29
3.3 Model Justification……………………………………………….. 30
3.4 Sources of Data and Software Packages……………………. 31
CHAPTER FOUR
4.0 PRESENTATION AND ANALYSIS OF RESULTS
4.1 Presentation of Result…………………………………………… 32
4.2 Result Interpretation……………………………………………. 32
4.2.1 Analysis of the Regression Coefficients…………………. 32
4.2.2 Evaluation Based on Economic Criteria……….……….. 33
4.2.3 Evaluation Based on Statistical Criteria……..………… 33
4.2.4 Evaluation Based on Econometric Criteria……………… 34
4.3 Evaluation of the Research Hypothesis……………………. 38
4.4 Policy Implication………………………………………………. 39
CHAPTER FIVE
5.0 SUMMARY, RECOMMENDATIONS AND CONCLUSION
5.1 Summary of Findings…………………………………………… 40
5.2 Policy Recommendations….…………………………………… 40
5.3 Conclusion….…………………………………………………….. 43
Bibliography……………………………………………………………. 44
9
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
There are a number of reasons for a country to be concerned about its rate of economic growth. Economic growth is designed by both affluent and non-affluent economies. Economic growth is the desire for higher levels or real per capital income, real output which must grow faster than the production of the economy in question. Economists, policymakers, public and private sectors work ceaselessly forwards attaining economic growth by the use of development and growth models and policies. Among the policies used are trade policy (import and export policies, monetary policy, exchange rate policy, fiscal policy, market, etc). In this study, the non-oil exports and economic development in Nigeria will be examined.
Non-oil exports are the products which are produced within the country in the agricultural, mining, and querying and industrial sectors that are sent outside the country in order to generate revenue for the growth of the economy excluding oil product. These non-oil export products are coal, cotton, timber, groundnut, coca, beans, etc.
10
Today, as in the past, the growth of Nigeria economy remains partly dependent upon increasing productivity of the agricultural sector.
Helleiner, 2002 state that no matter how much development and structural transformation achieved, it will remain its relative dominance in the economy to many decades to come. Precisely, it is from agricultural exploits that the economy has received its principal stimulus to economic growth.
Agricultural sector can assist through the exportation of principal primary commodities which will increase the nation’s foreign earnings and which can be used to finance a variety of development projects. The growth of the agricultural sector can make a substantial contribution to the total revenue, as well as having some implications for intersectional terms of trade. Also in the area of capital formation, the savings generated in this sector can be mobilized in development purposes, while increase in rural income as a result of increasing agricultural activities can further stimulates the product of the modern sector.
11
The needs of the agricultural sector could indirectly influence the creating of additional infrastructures which are in dispensable to rapid economic development (Olaloku, 2001).
Another non-oil export to be developed on is industrial sector. It is the fastest growing sector in Nigerian economy. It comprises of many manufacturing and mining. Nigeria has manufacturing base prior to 1960 and shortly after.
The problem was due to lack of modern technological skills, managerial experience of complex organizations and financial back-up. The problem was further aggravated by the colonialists merchants convincing arguments on the goodness of comparative cost- advantage.
Nigerians were coaxed into concentrating their efforts in the production of primary agricultural products and exporting them to the metrological industries in Europe.
Our industrial sector took off after independent relied on satellite firms representing British interest. The bank sector, which is constellation of colonial bank braches and some companies that were able to invest in manufacturing were the multi-national that have access to funds, technology, and managerial expertise. This greatly hindered the progress of indigenous entrepreneurs. The
12
Nigerian manufacturing sector has been described by Ikediala (1983) as consisting of more assembling plants. He says that the implication of this is that the industries have very little background linage in the economy, since the bulk of the inputs is imported, thus the manufacturing sector depends or imported raw-materials of 42%. The capacity utilization of manufacturing industries has always been low in this country. The reasons as put by CBN (1998) are not unconnected with raw materials scarcity, consumers’ resistance due to high prices, and increase in cost of manpower. Others mentioned are equipment breakdown due to poor technology, lack of spare parts. Time lies between when inputs are ordered for and when they arrive, cash flow problem in industries becomes a permanent features.
The Nigeria civil war brought about the deterioration of the oil palm grooves and plantations were abandoned and little if any new planting was undertaken. As a result of that, the output of palm oil and palm kernel declined drastically. But according to Onwuka (1985), the problems of palm products are due to the stagnation in the production of this wild palm tress, which are of low-yield quality, and the difficulties experience in harvesting them. In addition, the old system of pricing which guarantees low
13
production prices for palm produce discourage substantial investment from being made for further production of this product. Also, the problem of marketing boards cannot be over-looked.
Marketing board is an institution set up by the government with the exclusive right to buy and sell certain agricultural products. They purchase some products locally export sales are made through the Nigerian.
Marketing company, which is jointly owned by the state, one of the marketing functions of the marketing board is to stabilize the prices or our cash crops and hence creates stability of income for formers and to accumulate funds for development purposes. But the operation has failed to provide incentives to farmers to increase their input. Also, the producers aid unnecessary tax and they took from the producers some money, which should have gone to them as income they this reduced the amount of capital available to the producers.
This criticism, according to Adenira (1991) made the federal Government to reform the marketing board some with a view to increase producers’ prices and income. He said that the essential
14
features of the new authority while producer taxation (export duty and produce sale tax) has been abolished. Another major boards with the responsibility of market specific products wherever they are produced in the country. These boards are likely to reduce administrative problem and be more economical compared with all oil – produce state market boards previously in existence.
The major fault of the successive government that are supposed to sustain this sector through the building of macro-economic structures and incentives diverted their attention away from agriculture. The result was sharp in

 

THE IMPACT OF MONETARY POLICY MEASURES AS AN INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA (1980 – 2010)

THE IMPACT OF MONETARY POLICY MEASURES AS AN INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA (1980 – 2010)

 

Click here to download our android mobile app to your phone  for more materials and others

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

 

 

ABSTRACT
The study examined the impact of monetary policy in stabilizing the Nigeria economy. In the model specified inflation is the regress while cash research requirement, liquidity ratio, money supply, minimum rediscount rate, interest rate are the regressors. The government employs a deliberate manipulation of cost and availability of credit and money to achieve this economic objective. The CBN being the sole regulatory body combines measures designed to regulate the value, supply and cost of money into economic activities. This is what we call monetary policy (CBN Brief 1996/03). It is against this background that the research is carried out to ascertain the effect in the use of monetary policies such as money supply, interest rate, liquidity ratio, minimum rediscount rate, inflation rate and cash reserve requirement to stabilize the Nigeria economy. Also to determine the relationship that exists between the independent variables and dependent variable from the secondary data for the period under study (1980 – 2010). The statistical technique that will be used for this analysis is the ordinary least square technique, with the aid of PC five 8.00 software package. It has been identified that the major problem militating against the poor performance of monetary policy instruments in stabilizing the economic in Nigeria is time – lags which involves policy employed to take many months to achieve its full effects. This research recommends that there should be a reduction in the cost of production and increase the exportation in order to achieve the objectives of naira devaluation in Nigeria and also, central banks should be independent and should be able to achieve its inflation targets and the stabilization of growth rate in money supply.

TABLE OF CONTENTS
Title page – – – – – – – – – – i
Certification page – – – – – – – – ii
Dedication – – – – – – – – – – iii
Acknowledgement – – – – – – – – iv
Abstract – – – – – – – – – – v
Table of contents – – – – – – – – – vi
CHAPTER ONE
1.1 Background of the study – – – – – – 1
1.2 Statement of problem – – – – – – 3
1.3 Statement of objectives – – – – – – 3
1.4 Statement of hypothesis – – – – – – 4
1.5 Significance of the study – – – – – – 5
1.6 Scope and limitation of the study – – – – – 5
1.7 Definition of terms – – – – – – – 6
7
CHAPTER TWO
2.0 Literature Review – – – – – – – 7
2.1.0 Theoretical literature – – – – – – – 7
2.1.1 The Keynesian view on monetary policy – – – – 9
2.1.2 The classical view on monetary – – – – – 14
2.1.3 The monetarist view of monetary policy – – – – 16
2.2.0 Meaning, instruments and objectives of monetary policy – – 21
2.2.1 Instruments of monetary policy – – – – – 25
2.2.2 Open market operation (OMO) – – – – – 25
2.2.3 Reserve requirement ration – – – – – – 26
2.2.4 Discount rate – – – – – – – – 27
2.2.5 Selective credit controls – – – – – – 28
2.2.6 Moral suasion – – – – – – – – 28
2.3.0 Objectives of monetary policy – – – – – – 29
2.4.0 Monetary policy indicators – – – – – – 30
2.5.0 Monetary policy targets and implication to the Nigerian Economy- 31
2.6.0 Factors that have militated against the impact of monetary policy
in Nigeria – – – – – – – – -32
8
2.6.1 Instability of the financial sector – – – – – 32
2.6.2 Poor state of Economic infrastructure – – – – 33
2.6.3 Non-Harmonization of monetary and fiscal policy – – – 33
2.6.4 Increase in government expenditure – – – – 33
2.6.5 Equate rate bank – – – – – – – 34
2.7.0 The impact of monetary policy during the depression Era
of structural adjustment programme (SAP) – – – 34
2.8.0 Debt management as an integrated part of monetary policy – 36
2.9.0 The impact of monetary policy on the economy – – – 38
2.10.0 Economic stabilization – – – – – – 38
2.11.0 Empirical literature review – – – – – – 40
CHAPTER THREE
3.0 Methodology – – – – – – – – 46
3.1 Theoretical framework – – – – – – – 47
3.2 Estimation procedure – – – – – – – 48
3.3 Model specification – – – – – – – 49
3.4 Method of evaluation – – – – – – – 51
9
3.5 Data required and sources – – – – – – 53
3.6 Decision rule – – – – – – – – 53
CHAPTER FOUR
4.0 Presentation of analysis of result – – – – – 55
4.1 Presentation of regression result – – – – – 55
4.2 Result interpretation – – – – – – – 56
4.2.1 Evaluation based on Economic criteria – – – – 56
4.2.2 Statistical test (first order test) – – – – – 57
4.2.3 Econometrics test (second order test) – – – – – 61
CHAPTER FIVE
5.0 Summary, Recommendations and Conclusion – – – 68
5.1 Summary of findings – – – – – – – 68
5.2 Recommendations – – – – – – – 69
5.3 Conclusion – – – – – – – – 70
BILBIOGRAPHY – – – – – – – – 72
APPENDIX
10
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Monetary policy is the process by which monetary authority of a country controls the supply of the money that is monetary stock often targeting a rate of interest for the purpose of promoting economic growth and stability.
Monetary policy measures are monetary management put in place by the government through the central bank. These measures rely on the control of monetary stocks, that is supply of money in order to influence board macro- economic objectives which includes price stability, high level of em*loyment sustainable economic growth and balance of payment equilibrium. These board objectives are achieved through the use of appropriate instrument depending on which objective the policy formulated want to achieved and also on the level of development on the economy.
11
In the application of monetary policy measures as instrument of stabilization, instrument of monetary policy are determined by the nature of the problems to be solved and by this environment in which these problems exist. They are broadly two categories of these instruments VIZ- indirect and direct instruments. INDIRECT INSTRUMENT are usually used in the market based on economic where the quality of money stock can affected through the relationship between supply and resume money as well as the ability of the monetary authority to influence the creation of reserved.
The reserved and hence money supply can be affected through the following ways.
1. Deposit ratio/change in reserve.
2. Change in discount rate.
3. Interest rate change.
4. Engaging in an open market operation.
In an underdeveloped financial institution the instrument of monetary management is largely limited to direct measure which set monetary and credit target at desired levels. The major DIRECT control measure is direct investment
12
regulation however quantitative ceiling on overall credit operation is also used. These instruments of monetary policy are applied in the achievement of varied objectives.
1.2 STATEMENT OF THE PROBLEMS
The Nigeria economy has encountered the problem of disequilibrium, inability to mobilize domestic savings and unsatisfactory expansion of domestic output. These problems have consistently and presently done severe damage to Nigeria economy; but most strikingly these problems have continued to play the economy unabated that is, the economy is becoming less strong. It is against the background that the problem of this study has been identified and they are as follows.
1. Are monetary policy measures effective as instrument of economic stabilization?

IMPACT OF COMMERCIAL BANK IN NIGERIA ECONOMY

IMPACT OF COMMERCIAL BANK IN NIGERIA ECONOMY A CASE STUDY OF UNITED BANK OF AFRICAN (UBA)

Click here to download our android mobile app to your phone  for more materials and others

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

 

 

CHAPTER ONE 1.1 INTRODUCTION BACKGROUND OF THE STUDY The economy of any country consist of sectors these sectors include industrial transport, agricultural, mineral production, manufacturing sector etc. All sectors of the economy work in an inter-related and inter-dependent whole, therefore any malfunction of one or more sectors of the economy automatically affect the economy as a whole. However, different sectors have different roles in the same economy. This truth also applied to banking sector in the Nigeria economy. Banking sector are more regulated in the Nigeria economy than other institution because of the rate at financial intermediaries. It is vary difficult to see any economy move forward without a sound financial sector capable of playing its significant role in resources mobilization and allocation. As financial intermediaries, banks sectors mobilize funds, from the surplus spending unit at a cost for an- leading such funds to the direct spending unit at a price. Commercial banks are financial institutions that deal with money and credit and also receive deposits from public and organisations. Some of which are repayable on demand by cheque. Commercial banks are public limited companies owned by shareholders. They operate in commercial basis, that is, they are out to maximize profit by trading in money. They differ from other banking financial institution because they honour cheques drawn by their customers on their demand deposit. The role of commercial bank in transforming the economic framework of Nigeria cannot be over-emphasized. In effect, they give out loans advances, thereby providing shorter and medium term capital for investors. The loan and advances may be in the form of direct loans, overdrafts by the discounting at bills. With the amount borrowed, investors could finance various project in the areas of industry, agriculture and commerce. This therefore, helps to speed up economic development. Finally, commercial banks constitute the heart of any barking system. They are involved in general banking services to their customers and also play various roles in ensuring economic development in Nigeria economy. Consequently, in-depth investigations were conducted in the following: a. Volume of loans given by commercial banks to economic sector in Nigeria b. In-depth analysis of the problem of economic development in Nigeria economy. c. Suggestions on how to alleviate some of the problems in order to achieve the derived objectives. Before and immediately after Nigerian independence in 1960, agriculture played a crucial rate in Nigeria economic development as a nation. It provided employment to millions of Nigerians and over 75 percent of the labour force mostly from rural areas, were into the sector. During this period, these sectors accounted for about 70% of Gross domestic product (GDP) this was a period when we were not virtually self sufficient in the production raw materials for industrial and major cash crops for experts. Indeed, agriculture provided the main stimulus to our national economy growth these contributions of agriculture to the over shadowed all other economic sector in the early 1960s. However, the reverse was the ease of agriculture in the societies when it place to the GDP element to only 304 by 1974 due to partly to the persistent neglect of the agricultural sector it self. In terms of the sector. It can therefore be said that the Nigeria economy has undergone structural changes in the three and half decades from predominantly agricultural economy in the 1960s to an economy mainly reliant on oil from the mind 1970s. The increased earning that is associated with the demand of Nigeria oil was not fully internalized into the economics system. The result was that, the consumption pattern because largely impart – oriented inability to rationalize imports when the ail boom gave way to oil glut which led to the emergence of trade areas. A growing debt burden also surfaced in he early 1980s as a result of jumbo loan contracted from the international capital market. More so, the pursuit of an own valued exchange rate policy, the subsequent relegation of agricultural sector to the back ground heavy public sector spending and the huge debt over-hang all combined to create distortions consumption and payment pattern. The sleep declined in oil earning in the 1980s necessitated a policy redirection aimed at realignment the domestic production with the local resources base. To this end, central bank of Nigeria consequently called for bidden for purpose of selling their banks, this was done after the option of merging their banks through intensive management board had failed to yield positive results. It should be noted that the potential investor must posses adequate financial and managerial knowledge to allow reoccurrence of part mistakes. However, the financial position of these banks deteriorated to the extent that the expected ….. were s.. of putting their hard earned resources into these banks. This prompted the withdrawal of licenses of 26 (13 commercial banks and merchant banks) by the CBN on January 16th 1998. With the collapse of such number of banks and the security and depositors, the central banks of Nigeria made it mandatory for banks of Nigeria made it mandatory for banks to raise their capital base to N25 billion on a before the end of December 2005. This created room fro mergers and acquisition amongst as this was a good option to sanitize the banking industries and restore confidential and depositor. Banks that failed to recapitalize were stated for liquidation. The choice of united bank for Africa (UBA) plc was not an accident; the bank is one of the Nigeria top three commercial banks Ltd. Established in 1961 by the constitution of five international banks to take over the banking business carried on in Nigeria since 1949 by British and French banks ltd. United Bank for African (UBA) Ltd. United bank for Africa (UBA) merged with standard trust Nigeria to meet the 25 billion and 429 branches, strategically spread all over Nigeria. The bank has recorded an impressure growth rate. UBA plc is active in all aspects of commercial banking and provides international banking, trusteeship, share registration, corporate financing and computer services through specialized division and subsidiaries. And aggressive business promotion strategy couple with a willingness to innovate has earned the bank an enviable position in the banking industry. UBA is strongly committed to its social responsibilities and identifies with the commerce in which is represented. 1.2 STATEMENT OF THE PROBLEMS Commercial banks in Nigeria undergo some problems which serve as hindrance to their rates in ensuring economic development to the economy of Nigeria. Some of these problems were indentified in the course of study. 1. The tedious procedures usually associated with opening of bank account and granting of bank facilities 2. The problems of low capital base on Nigerian commercial banks 3. The problem of easy access to bank loans. If the above stated problems are properly tackled, commercial banks would be able to play major roles in ensuring economic development in Nigeria. Beside, several studies have been undertaken to investigate the role of impact of commercial banks to economic development in Nigeria, but only few have studied commercial bank loans, interest rate and gross fixed capital formation as micro economic development in Nigeria.

COMMERCIAL BANK CREDIT AND AGRICULTURAL OUTPUT IN NIGERIA: (1982-2007)

 COMMERCIAL BANK CREDIT AND AGRICULTURAL

 OUTPUT IN NIGERIA: (1982-2007)

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Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

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ABSTRACT

This research work examined the impact of commercial Bank credit on Agricultural output in Nigeria using Macroeconomic variables (commercial bank credit and agricultural output). The broad objective of the study is to investigate the extent to which commercial bank credit had supported agricultural output Nigeria. The specific objectives are: (i) to determine the impact of commercial banks credit on agricultural output in Nigeria, and (i) to determine the impact of agricultural output on economic growth in Nigeria. The methodology adopted  for the study was ordinary least square (OLs) involving the student’s T-test, to test  the significance  of the individual parameter estimate, the F-test, to test the significance of the entire regression plane, the R2 and Adjusted R2, to test the joint influence of the explanatory variables on the dependent variable. Finally, Durbin-Watson’s statistics (DW) was used to check the presence or absence of serial correlation on the data.  After the regression, the result shows that: firstly, agricultural output as well as commercial bank credit to agriculture and real interest rate contributed a lot to economic growth in Nigeria. Secondly there is a general agreement that Nigeria agricultural sector is grossly underfunded.  Finally, the share of actual expenditure that went to the agricultural sector compared unfavorable with the shares that went to other sectors. Based on the findings above, the researcher made the flowing suggestions:

There is the need for improvement of public expenditure tracking system in agricultural sector.

There is also the need for clarification of the roles of the three tiers of government in agricultural services delivery.

There is the need for applied research targeted at priority issues

 CHAPTER ONE

INTRODUCTION

  • BACKGROUND TO THE STUDY……………………………………….1
  • STATEMENT OF PROBLEM…………………..………………………..6
  • OBJECTIVE OF THE STUDY…………………………….…………..…9
  • HYPOTHESIS OF THE STUDY…………………………………………9
  • SIGNIFICANCE OF THE STUDY…………………….………………..10
  • SCOPE AND LIMITATION OF HE STUDY…………………………..10

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1    THEORITICAL L ITERATURE……………………………….……….12

2.1.1 THE PRE-REQUISITE THESIS VERSUS

THE CONCURRENCE THESIS……………………………………….14

2.2    FINANCING AGRICULTURE IN NIGERIA …………………………18

2.1.1           SOURCES OF AGRICULTURAL FINANCING …………………….20

2.3    COMMERCIAL BANK CREDIT AND AGRICULTURAL OUTPUT………………………………………………………………… 23

2.4    EMPIRICAL LITERATURE……………………………………………..28

CHAPTER THREE

RESEARCH METHODOLOGY

3.1    MODEL SPECIFICATION …………………………………….……….34

3.2    ESTIMATION PROCEDURE………………..…………………………36

3.3    EVALUATION TECHNIQUES………..………………………………..37

3.4    DATA REQUIRED AND SOURCES…………………………………..41

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1    UNIT ROOT TEST………………………………………………………43

4.2    CO INTEGRATION TEST………………………………………………44

4.3    PRESENTATION AND INTERPRESTATION OF RESULT………..46

4.3:1 INTERPRESTATION OF REGRSSION RESULT…………..………..47

4.4    EVALUATION OF EMPIRICAL RESULT……………………………..48

4.4:1 ECONOMIC CRITERIA (A PRIORI EXPECTATION)……………….48

4.4:2 STATISTICAL CRITERIA……………………………………………..50

4.4:3 COEFFICIENT OF DETERMINATION (R2)………………………….51

4.4.4 THE T-STAISTICS……………………………………………………..51

4.4.5 THE F-TEST…………………………………………………………….52

4.5. ECONOMIC CRITERIA (SECOND ORDER TEST)…………………53

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1    SUMMARY……………………………………………..……………..… 59

5.2    CONCLUSION …………………………………………………………..62

5.3    RECOMMENDATION………………………………………..………….63

BIBLIOGRAPHY……………………………………………….…………67

APPENDIX

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

1.1    BACKGROUND TO THE STUDY

          As confirmed by Ugochukwu (1999:02), agriculture is the first and most thriven occupation of mankind. From its early form of wild fruits, leaf, root, snail and insect gathering, fishing and hunting, to its present mechanized and almost automated form, it has undergone a lot of development

Okah (2007:04) conceived agriculture as the cultivation of land, raising animals for the purpose of production of food for man, feed for animals, and raw materials for our industries. It also consist of croup production, forestry, livestock and fishing. It is also essential for expansion of employment opportunity, reduction of poverty and improvement of income distribution, speeding up industrialization and easing the pressure of balance of payments disequilibrium.

The role of agriculture in transforming both the social and economic frame work of an economy cannot be over emphasized. Anyanwu (1997:213) posits that “agriculture has been the main source of gainful employment from which Nigeria nation can feed its feeding population, providing the nations industries with local raw materials and as a reliable source of government revenue. Corroborating the above is Reynolds(1975.35) who asserts that agricultural development can promote the economic development by increasing the supply of food available for domestic consumption and releasing the labour needed for industrial employment.

The major agricultural export commodities in Nigeria include cocoa, coffee, cotton, groundnut, groundnut oil, palm kernel, soya beans, ginger rubber, benign –seed and chili pepper (CBN,2003).there are other commodities that are being demanded in the world market such as cassava and cassava products, banana, plantain and so on. The Nigerian economy until today is still dependent on primary products both as foreign exchange earner and contribute to gross domestic product.(GAP). Olurosunsola (1996:131) attributes this to the fact that the main interest of the colonial masters was and still is the exportation of products needed for their home industries.

The continuous production and exports of the agricultural product played a dominant role in attracting foreign exchange to boost economic activities from independence to the early 1970s. Obadan (2000:68), observes that the production and palm oil accounted for 96.4% of total exports earnings while non- oil export product accounted for 97.3% for total export then. He observed further that from the 1970s, the Nigerian economy became mono-cultural, having been transformed from one dependent on fairly diversified portfolio of agricultural products to an economy heavily dependent on crude oil for growth and sustenance. Oyo (1994:23) observed that the advent of crude petroleum production and related activities especially in the early 1970’s changed radically the structure of Nigeria economy. The huge foreign exchange earnings from crude oil export encouraged importation of finished foods to the detriment of domestic manufactured ones, while the agricultural sector was rendered less competitive over time through over-valued currency, inappropriate pricing policies and scarcity of farm labour caused mainly by the migration of youth to urban areas in search of wage employment.

Nigeria agriculture is divided into two types, the subsistence agriculture and commercial agriculture-: the subsistence agriculture is the type of farming which involves only the farmer and his family i.e the farmer produces for himself and his family with little or none to sell in the market it is practiced in small scale system. It involves only a little amount of money to practice unlike commercial farming that involves huge amount of money to practice. It does not involve the machine to carry out, since the land is very small and fragmented (Amechi 2004).

The second type is commercial agriculture, and this is where a farmer produces his crops and sells them in the market. It is carried out in large scale with enough land and machines. These machines are used in cultivating crops. It involves a lot of capital and time, and also increase the farmers income. Commercial farming helps farmers to engage in the cultivation of different varieties of crops, since the money, land and equipment could easily be used.

In agriculture, fund is needed to enable the farmer purchase more land, buy his inputs at the appropriate time and to pay for hired labour or farm machinery. Unfortunately, credits are not easily available for most of the farmers because of collateral and other things that are usually required by the commercial banks and other credit institutions. This makes it possible for most of the farmers in Nigeria to lack the required capital for investment in large scale agriculture, hence the reason for the recent low agricultural productivity.

With the recent move by the leading economies of the world to diversify their economy Nigeria in a bid to join the rest of the developed economies is conscious of the danger signals observed both within and outside the country that underscores the need to move away from total reliance on petroleum related revenues. These signals according to soludo (2009:28) include the on-going global economic crisis that is threatening the growth and development agenda of the present administration, the crisis in the Niger delta which has interrupted petroleum operations in the past few year’s, and the frightening revelation that the united states of America, the highest buyer of Nigeria crude oil, Brazil and several other countries are seriously engaged in research for an alternative source of energy.

Hence, the need to diversify Nigerian economy, especially Agricultural sector that has for long, been neglected.

1.2    STATEMENT OF  THE PROBLEM

          Several research have shown that Nigeria Is endowed with Huge expance of fertile Agriculture land rivers, streams, lakes, forest and grassland, as well as a large active population that can sustain a high productive and profitable agricultural sector. Adubi(2000:103) admits that this enormous resource baser if well managed could support a vibrant agricultural sector capable of ensuring self- sufficiency in food and raw materials for the industrial sector as well as, providing gainful employment for the teeming population and generating foreign exchange through exports.

A CRITICAL EVALUATION OF MONETARY POLICY ON THE NIGERIAN ECONOMY

A CRITICAL EVALUATION OF MONETARY POLICY ON THE NIGERIAN ECONOMY

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT

 

 

This study aimed at analyzing through econometric methodology the effects of monetary policy in Nigeria economy. To meet the above objective, output growth was chosen as the dependent variable while real exchange rate, real interest rate and inflation was chosen as the independent variable. The ordinary least square was used in the regression estimation. From the empirical result, we realized that the entire explanatory variables are insignificant in the t-test, but in f-test we rejected the null hypothesis and conclude that the slope coefficient are not simultaneously equal to zero. We realizes from the battery test that there is a co integration between the explanatory band the dependent variables since its level of stationarity are the same.

The policy implication of the result is that if monetary and banking policies are effectively applied, it will be consistent with determining the level of output growth in the economy

CHAPTER ONE

 

1.0       INTRODUCTION

One of the ways taken by all economy to make the banking sector effective is the use of the monetary policy introduced by the federal government and carried out by the apex bank of the country. Apparently, the existence of  an effective banking industry is vital to every economy and it encourages economic growth and development via its role in financial interdiction of funds supplies to deficit economic units .This stimulates international trade, investment economic growth as well employment growth as well as employment.

Monetary policy is one of the steps taken by every economy to make the banking sector effective. Monetary and banking policies are the sole responsibilities of monetary authority, which comprises of The CBN for the initiation, implementation and articulation of monetary system. The CBN carried out these duties on behalf of the federal government according to CBN decree 21 of 1991 and the banks and other financial institution BOFIA A4, of 1991 as amended. The banks proposal on monetary policy is subjective to the federal government.

The policies to be pursued is usually out in form of ‘’Audience’’ to all banks and other financial institutions. The guideline are general in operation within a fiscal year but could be amended on the course of the year. The CBN is equally empowered to direct the activities of the financial institutions in other to carry out certain duties in pursuit of approved monetary policy of which penalties are prescribed for non-compliance with specific provision of the guidelines.

1.1       BACKGROUND OF THE STUDY

Monetary policy affects financial and economic activities over the year. In other to appreciate the effects of monetary policy on the banking industry, it would be wise to move a review of changing views of monetary influence. Usually when the quantity of money changes in relation to financial activities as viewed by FISHER (1932). Fisher, take other neoclassical writer who held the view that in short run, money influences real cash balances. According to him, when the money stock increases, example;

An increase commodity prices since output and velocity were fixes initially. He assumed that a rise in commodity prices would exceed the increase in interest rate which was regarded as a component of a firms operating cost. In the whole analysis, rise in commodity prices will lead to an increase in a firms profit, demand, money stock and deposit which will eventually lead to a further rise in investment and commodity price. The excess reserved for lending will decline with interest rate, which was stocky earlier.

In the analysis of long-term transmission of monetary influence, Fisher replaced ‘’Interest-Investment’’ channel with ‘’Real Cash Balance’’. He noted that when wealth rises due to rise in money stock, people tend to reduce their cash balances by purchasing goods and service. Since the velocity (v) and output (y) in Fishers equation of exchange (MVPT) is fixed, the risen money stock (M) cannot lead to increased holding of goods and services but will lead to decline in prices level (P). Keynes (1936) accepted the change in money supply relative has both substitution and effect and considered investment to be quite responsive to interest rates.

Keynes recommended price induce wealth effects, (i.e. change in wealth due to change in yields). There are ranging accounts by his interpreters about the extent he integrate them in his general theory. Hence subsequent write to Keynes (i.e. Keynesian or post Keynesian regards the cost of capital (interest rate) as the main process by which changes in money stock influence the economy. Thus the change in volume of money alters the rate of interest. Usually approximated by the long-term government bound rate, which affects investment and consumption. Thus the link between wealth of private sector and real sectors and consumption was analyzed by Piguo (1974) and Patikin (1951) in form of ‘’real cash balance effect’’ According to them changes in quantities of money would affect aggregate demand even if they did not alter interest rate. On the other hand, credit rationing channel of monetary influence explained  how financial interdiction, would be controlled by the market forces so as to ration the supply of credit by non-price mechanism.

Thus an expansionary monetary policy would raise the force of equity (i.e. reduce the yield on equities). The margin between the market evaluation and cost of reproducing the existing capital goods will stimulate new investment over those goods.  The non-monetarist argued that monetary policy is as effective as fiscal policy as to determine total spending in the economy in spite of their differences. It holds the following views:

  1. Movement in quantity of money is the most reliable measure of monetary value.
  2. Monetary authority can detect the movement in the stock of money over time and business cycle.
  3. Changes in stock of money are the primary determination of total spending as emphasized on owen’s economic stabilization program.
  4. Monetary impulse are transmitted to real economy through an active price process or profit adjustment process which affect many financial and real antes.

 

1.2       STATEMENT OF PROBLEM 

             Despite the establishment of Central Bank of Nigeria (CBN) in 1958, banking industry remained both poor, inadequate in terms of number, quality and variety of service rendered. The establishment of CBN paved way for adoption of monetary management by the banking industry. Just incase any analyst is waiting in the wings to strike CBN for its poor monetary policy performance. Ogwuma (1994:362) offers a defense which says “A less than objective appraisal of the CBN role in the Nigerian economy could interpret the adverse macro-economic

THE IMPACT OF AGRICULTURAL DEVELOPMENT ON NIGERIA ECONOMIC GROWTH (1980-2010)

THE IMPACT OF AGRICULTURAL DEVELOPMENT ON NIGERIA ECONOMIC GROWTH (1980-2010)

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Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

 

 

ABSTRACT In recent decades, the main and potential contribution of agriculture to economic growth has been a subject of much controversy among development economists. As some contend that agricultural development is a pre-condition for industrialization, others strongly object it and argue for a different path. Taking advantage of ordinary least square method (OLS), the research carried out by means of secondary data and using the independent variables. Agricultural Development (AGD), Capital Formation (CFN) Inflation Rate (INF), and Interest Rate (INT) to re-examine the question of whether agriculture could serve as an engine of Economic growth in Nigeria. The result gotten from the empirical analysis shows that the productivity in agricultural sector has appreciably impacted positively on the economic growth in Nigeria.
7
TABLE OF CONTENTS PAGE Title Page ………………………………………….. i Certification ……………………………………….. ii Dedication……………………………………………. iii Acknowledgements…………………………………… iv Abstract………………………………………………… vi Table of Contents…………………………………….. vii CHAPTER ONE: INTRODUCTION 1 1.1 Background of the Study…………………….. 1 1.2 Statement of the Problem……………………… 6 1.3 Objectives of the Study………………………… 11 1.4 Statement of Hypothesis………………………. 11 1.5 Significance of the Study………………… ….. 11 1.6 Scope and Limitation………………………….. 13 CHAPTER TWO: LITERATURE REVIEW 2.1 Theoretical Literature………………………….. 14 2.1.1 Agricultural Linkages and Economic Growth and Development…………………….. 18 2.1.2 Problems Associated with Agricultural Development……………………… 19 2.1.3 Impact of Food Importation………………….. 22 2.2. Empirical Literature……………………………. 24 2.2.1 Agriculture and Poverty Reduction……… 25
8
2.2.2 Agriculture and Nutrition…………………… 26 2.2.3 Limitation of Previous Studies…………….. 31 CHAPTER THREE: RESEARCH AND METHODOLOGY 3.1 Area of Study and Coverage……………….. 33 3.2 Model Specification ………………………….. 34 3.3 Data Sources …………………………………. 36 3.4 Method of Evaluation ………………………… 36 CHAPTER FOUR: PRESENTATION AND ANALYSIS OF RESULTS 4.1 Presentation of Result ……………………… 40 4.1.1 Analysis of Results Based on Economic criteria …………………………… 41 4.1.2 Summary of the Aprior Signs…………….. 42 4.2 Analysis Based on Statistical Criteria (1st Order Test) ……………………… 42 4.2.1 Coefficient of multiple determinations (R2) 42 4.2.2 Test of Significance of the Parameter (t-test) 43 4.2.3 The f-statistics test…………………………….. 45 4.3 Econometrics Test or (2nd Order Test)…….. 46 4.3.1 Test for Autocorrelation ……………..……… 46
4.3.2 Heteroskedasticity Test…………………… 47
9
4.3.3 Normality Test……………………………… 48 4.3.4 Multi-Collinearity Test …………………… 49 CHAPTER FIVE: SUMMARY RECOMMENDATION AND CONCLUSION 5.1 Summary …………………………………. 50 5.2 Policy Recommendation………………… 50 5.3 Conclusion ……………………………… 53 Bibliography……………………………… 54 Appendix

 

CHAPTER ONE INTRODUCTION 1.1 Background of the Study Agriculture is the foundation and bedrock upon which the development of stable human community has depended on throughout the whole universe such as rural and urban communities. It is concerned with the husbandry of crops and animals for food and other purpose. The study of the history of economics provides us with ample evidence that can agricultural revolution is a fundamental pre-condition for economic development. The agricultural sector has the potentials to be the industrial and economic springboard from which a country’s development can take off. Indeed, more often than not, agricultural activities are usually concentrated in the less developed rural areas where there is a need for rural transformation, redistribution, poverty alleviation and socio-economic development.
12
The agricultural sector has the potentials to shape the landscape, provide environmental benefits such as conservation, guarantee sustainable management of renewable natural resources, preserve biodiversity and contribute to the viability of rural areas development. Through its spheres of activities at both the macro and micro levels, the agricultural sector is strategically positioned to have a high multiplies and linkage effect on any nation’s quest for socio-economic and industrial development. The growth of the agricultural sector in Nigeria was not smooth. Anyanwu (1967) held that during the colonial period between 1861 to 1960, attention was given to agricultural research and extension services. Among the activities that were done was the establishment of a research station in Lagos by Sir Claude Mc.Donald in 1893: Landmark of 10.4 km was acquired by the British Cotton Growing Association (BCGA) in 1899 for experimental purpose strictly for cotton and was named “Moor Plantation” in Ibadan. In 1912, the Department of
13
Agriculture was established in each of the then southern and Northern Nigeria, but the activities of the department were virtually suspended between 1912 and 1921 as a result of the First World War and its aftermath. The period between 1929 and 1945 was a difficult one for the agricultural sector of Nigeria. This was the period of great depression when the world princes on commodities fluctuated. This affected the agricultural sector negatively because the volume of agricultural product increased but the value did not increase proportionally.
The period 1945 to 1945 marked the period of expert boom, because counties were just recovering from the Second World War and these countries needed to develop. They depended on primary production for the beginning stage of industrialization. They needed to revitalize their industrial sector by demanding primary goods. Prices of primary products rose higher again because there were speculations that there would be a third world war due to the outbreak of the Korean War. However, after this
14
period, there came another period of price instability. This made the reliance on agriculture and its products to fall, leading to the establishment of a market board. This board bought these products from the local farmers and sold them overseas.
In spite of all the period, Nigeria made great revenue from agriculture. In the pre-independence era, the agricultural sector contributed most to the GDP of Nigeria. Helleiner (1966) said that in 1929, export production amounted to 57% of Nigeria’s revenue of which agriculture contributed about 80% of the export. On attainment of political independence in 1960, the trend was still very much the same, the Nigeria economy could reasonably be described as an agricultural economy, because agriculture served as the engine of growth of the overall economy (Ogen 2003). According to Alkali (1997) Nigeria was the world’s second largest producer of cocoa, largest exporter of palm oil during the period. And was also a leading exporter of other major commodities such as cotton,
15
groundnut, rubber and hides and skins. Between 1964 and 1965, agricultural output accounted for 55% of GDP and employed 70% of the adult workforce (Matton, 1981). In 1970, agricultural export crops like cocoa, groundnut, cotton, rubber, palm oil, palm kernel, etc. accounted for an average of between 65% and 75% of Nigerian foreign exchange earnings and provided the most important source of revenue for the federal as well as state government through expert products and sale taxes (Ekund are 1973). Despite the reliance of Nigerian peasant farmers on traditional tools and indigenous farming methods, these farmers produced 705 of Nigerian’s exports and 95% of its food needs (Lawal, 1997).
However, the 1967 to 1970 civil war in Nigeria coincided with the oil boom era, which resulted in extensive exploration and exportation of petroleum and its strong agriculture in favour of an unhealthy dependence on oil (United States Department of state, 2005). Ever since then, Nigeria has been witnessing extreme poverty
16
and insufficiency of basic food items. The agricultural sector contributions now accounts for less then 5% of Nigeria’s GDP (Olagbaju and Fashola, 1996). It is against this backdrop that we set out to research on the impact of agricultural development on Nigeria economic growth. As noted earlier, the neglect of the agricultural sector and the dependence of Nigeria on a mono-cultural crude oil based economy had not augured well for the well-being of the Nigerian economy. It becomes therefore imperative to study the impact of agricultural development on the Nigeria economic growth. 1.2 Statement of Problem The agricultural sector has suffered from years of poor management, inconsistent and poorly implemented government policies, government neglect and lack of basic infrastructure. Agriculture accounted for 30% of the GDP in 2010 (World Factbook, January 9, 2012).
Nigeria is no longer a major exporter of cocoa, groundnut, rubber and palm products. Coca production

FARMERS’ PERCEPTION OF PUBLIC AND PRIVATE EXTENSION SERVICES IN SOUTH WESTERN NIGERIA

FARMERS’ PERCEPTION OF PUBLIC AND PRIVATE EXTENSION SERVICES IN SOUTH WESTERN NIGERIA

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ABSTRACT

 

The delivery of Agricultural Extension Services vis-à-vis their effectiveness has been of great concern in Nigeria. This study was therefore designed to analyze and compare both the public and private extension organizations with a view to highlighting their performances. The study identified the relationships between personal and demographic characteristics of beneficiaries of both the public and selected private extension organizations on their perception of extension as well as benefits derived from these organizations.

 

A three stage sampling technique was used for the study. The first stage was the random selection of three states namely: Ogun, Osun and Oyo

 

States from the six states in South Western Nigeria. The second stage was a random sampling of three extension organizations comprising of two private extension outfits namely Justice Development and Peace Movement Rural

 

Development Programme (JDPM –RUDEP) and Farmers’ Development

Union (FADU) out of the four existing private extension outfits in the region and public extension outfit in each of the sampled state. The third stage was a random selection of 30 respondents in each of the three selected organizations in the three states. A total of 270 respondents were sampled for the study. Data collected were analyzed with Spearman’s rank correlation analysis to establish the relationships between farmers’ selected personal characteristics and their attitude as well as benefits derived from the organizations. Kruskal Wallis test of difference was used to examine the degree of difference in benefit and attitude of respondents to extension programmes of public and private extension organizations.

Results indicated that in public extension, age was related to benefit (r=0.254, p<0.05) and attitude (r=0.180, p<0.10) of the beneficiaries. Significant relationship (r=0.279, p<0.10) was indicated between attitude and benefits derived by respondents. In JDPM-RUDEP, result showed that age

 

(r=0.254, p<0.05) was significantly related to attitude of beneficiaries towards the extension programmes of the organization. Also, in FADU organization, age (r=0.254, P<0.05) was significantly related to attitude while there is significant relationship (r=0.290, p<0.10) between attitude and benefit in the organization. Results of Kruskal Wallis test of difference ( 2 =0.709) indicates no significant different between farmers’ attitude towards the extension programmes of public and private extension organizations. However, there was a significant difference ( 2=12.074) in the benefit

 

derived by the respondents which include increased quantity of crops produced, farm income, skill acquisition and improved education in public and private extension organizations. Based on these results, it could be

 

 

 

 

3

 

inferred that age of respondents relate to benefits derived and attitude to extension programmes in public extension organization. In (JDPM-RUDEP), age and marital status were related to beneficiaries’ attitude to the extension programme. Strong relationship also exists between attitude and benefit in

 

FADU organization. Beneficiaries of private extension organizations (JDPM-RUDEP and FADU) achieved more levels of benefit from their extension programmes than in public extension organization.

 

The study had clearly shown that public extension services were deficient in their performances which have therefore led to private extension organizations’ involvement in extension services in order to disseminate their research findings and benefits to the rural people. Synthesis of public and private sectors efforts is therefore recommended in Nigeria. This is because government cannot completely hand-off her responsibilities in extension provision due to limited scope of coverage by private organizations especially in South Western Nigeria.

CHAPTER ONE: INTRODUCTION
1.1 Background to the Study 1-3
1.2 Statement of the Problem 3-7
1.3 Objectives of the Study 8-9
1.4 Hypotheses of the Study 9-10
1.5 Significance of the Study 10-11
1.6 Limitation of the Study 11
1.7 Definition of Terms 11-15
CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction 16
2.1 Concept of Agricultural Extension 16-22
2.2 Evolution of Extension Provision 22

 

 

 

10

 

2.3  History and Development of extension in Nigeria 22-35

 

  • The Unified Agricultural Extension services (UAES)

 

in Nigeria 35-36
2.5 Public sector Extension Delivery 36
2.6.1 Criticism of the Public Extension 37-8
2.5.2 Private Organization in Extension Provision 38-42

 

  • Extension Roles Agricultural Development

 

and Farm Business Management 42-53
2.7 The concept of participation 54-55
2.8 The Concept of Attitude 55-58
2.9 The concept of Achievement 58-61
2.10 Hybrid Sector – Alliance between Public and
Private Sector 61-71
THEORETICAL AND CONCEPTUAL FRAMEWORK
2.11 Theory of Community Development 72
2.12 Theory of Farmers’ Participation 72-74
2.13 System Theory 75
2.14 Diffusion of Innovation 76-77
2.15 Synthesis of Theory 78
2.16 Conceptual Explanation of Extension Delivery 78-84
2.17 Conceptual framework for the study 85
CHAPTER THREE: METHODOLOGY
3.1 Area of Study 86
3.1.1 Geographical Location 86

 

 

 

11

 

3.1.2 Climate and Vegetation 87
3.1.3 People and Occupation 87
3.2 Population of the Study 88
3.3 Sampling Procedure 89
3.4 Development of Instrument 90
3.5 Validity and Reliability of Research Instrument 91
3.5.1 Validity Test 91
3.5.2 Reliability Test 92
3.6 Measurement of Variables 93
3.6.1 Independent variables 93
3.6.2 Dependent Variable 97
3.7 Data Analysis 98

 

 

CHAPTER FOUR: DATA ANALYSIS AND DISCUSSION

 

4.1  Introduction 102

 

  • Personal and Demographic Characteristics of

 

Farmers 102
4.2.1 Age of Respondents 103
4.2.2 Gender of Respondents 104
4.2.3 Marital Status of Respondents 105
4.2.4 Religion of Respondents 106
4.2.5 Level of Education 107
4.2.6 Cosmo politeness of the respondents 108
4.2.7 Sources of Agricultural Information 109

 

 

 

12

 

4.2.8 Farming Experience of the farmer 110
4.2.9 Size of Farm Holdings 113
4.2.10 Land Ownership Pattern 113
4.2.11 Farming System 114
4.3 Beneficiaries Participation in Extension Works 115
4.4 Reason for choice of organization s’ programme 117
4.5 Frequency of Extension Agent/Farmers Contacts 119
4.6 Performance Rating of Extension Personnel 120
4.7 Beneficiaries Attitude to the Extension Strategies 122
4.8 Achievement of Beneficiaries 125
4.9 Testing of Hypotheses 130
4.9.1 Hypothesis One 130
4.9.2 Hypothesis Two 135
4.9.3 Hypothesis Three 138
4.9.4 Hypothesis Four 141
4.9.5 Hypothesis Five 143
4.9.6 Hypothesis Six 144
4.9.7 Hypothesis Seven 145
CHAPTER   FIVE: SUMMARY,   CONCLUSION   AND
RECOMMENDATIONS
5.1 Summary 148
5.2 Summary of Major Findings 151

 

  • Personal/Demographic Characteristics 151

 

5.2.2             Socio-economics characteristics                 152

 

 

 

13

 

5.2.3 Tested Hypotheses 155
5.3 Conclusions 156
5.4 Recommendations 158
5.5 Suggestions for further studies 159

 

 

 

 

 

 

 

 

 

 

REFERENCES

 

APPENDICES

 

  • Questionnaire

 

  • Emergence of Hybrid Sector

 

  • Authors Conceptual Framework

 

  • Organizations Frame of Operation

 

  • Correlation matrices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

LIST OF TABLES

 

Pages

 

Table 1                    Distribution J.D.P.M. – RUDEP

 

Beneficiaries

 

84

 

Table 2                    FADU Beneficiaries

 

85

 

Table 3                    Public Extension Benefit

 

85

 

Table 4                    Total sample size of Beneficiaries

 

According to the Organizations

 

in the three states of study

 

97

 

Table 5                    Distribution of beneficiaries

 

responded (Questionnaire returned)

 

98

 

Table 6                    Personal Characteristics (age, marital

 

status, Religion and family size and

 

Gender)

 

102

 

Table 6b                  Distribution of respondents by level

 

of Education, and Cosmopoliteness

 

Table 7                    Distribution of respondents by sources

 

of Agricultural Information, Years of

 

 

 

15

 

Family Experience and size of Farm

 

Holding

 

107

 

Table 8                    Distribution of respondents by pattern of

 

land acquisition and types of farming

 

system

 

109

 

Table 9                    Distribution of respondents’

 

participation Level

 

111

 

Table 10                  Distribution of respondents by reason

 

for choice of extension organization

 

113

 

Table 11                  Distribution of respondents by frequency

 

of extension agents/farmers contacts

 

116

 

Table 12                  Performance rating of Extension agents

 

117

 

Table 13                  Summary of Performance rating of

 

Extension Agents

 

117

 

Table 14                  Distribution of Respondents Based on

 

attitude to extension programmes

 

119

 

 

 

16

 

Table 15                  Distribution of respondents based

 

on achievement from organizations’

 

extension programme

 

122

 

Table 16                  Distribution of respondents

 

based on benefit/achievement category

 

123

 

Table 17                  Correlation matrix of relationship

 

between benefit and selected

 

personal  characteristic  in  public  extension

 

126

 

Table 18                  Correlation matrix of relationship

 

between benefit and selected

 

personal characteristic in JDPM-RUDEP

 

127

 

Table 19                  Correlation matrix of relationship

 

Between Personal characteristics and

 

benefit in FADU

 

128

 

Table 20                  Correlation matrix of relationship

 

between attitude and selected

 

personal characteristics in Public

 

130

 

Table 21                  Correlation matrix of relationship

 

 

 

17

 

between attitude and selected

 

personal                                                          characteristics   in   JDPM-RUDEP

 

 

131

 

Table 22                  Correlation matrix of relationship

 

between attitude and selected

 

personal characteristics in FADU

 

133

 

Table 23                  Krustal Wallis Ranking of beneficiaries

 

Attitude under public and private

 

extension organization

 

134

 

Table 24                  Krustal Wallis Ranking of beneficiaries

 

benefit under public and private

 

extension organizations

 

136

 

Table 25                  Summary of correlation between

 

attitude and benefit in public

 

and private organizations

 

138

 

Table 26                  Summary of correlation between attitude

 

and patronage of extension activities

 

in public and private organizations

 

141

 

 

 

 

 

 

18

 

LIST OF FIGURES
FIGURES PAGE
1. Farinde’s Nodal Extension Delivery Model 74
2. Conseptual Framework for the study 80
  1. Map showing study location in South Western

 

Nigeria 81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

CHAPTER ONE

 

 

 

INTRODUCTION

 

 

 

  • BACKGROUND TO THE STUDY

 

The role of the public in agricultural extension is currently undergoing a process of change, renewal, and experimentation. It poses not capable to attend the entire demand for extension services by the world’s farmers. In the past, public sector extension was severely attacked for not being relevant, insufficient impact, ineffective, and sometimes, not pursuing programmes that foster equity (Williams and Qamar, 2003). A critical turning point occurred that affected the way information transfers, considered the purview of public sector Agricultural Extension, was conceived and practiced. Not only did the Public Extension System came under public scrutiny and political attack, but was confronted by heightened competitive interests from the private sectors. Public extension is described as the extension activities provided by government under the authority of Agricultural Development Programme (ADP) in all states of Nigeria to cater for the needs of farmers. Agricultural Extension is expected to foster a sustainable and dynamic approach to agricultural development and which has remained of great

 

 

 

 

 

20

 

concern to the government and priority for discourse in policy arena (Agwu, et al, 2008).

 

It is the realization of this fact that has made successive Nigerian governments, to make efforts towards raising the productivity level of rural people. The country has therefore, over the years, tried many Agricultural Extension Systems which include Agricultural Development Project (ADP).

 

Agricultural Development Project was initiated in 1975 at the pilot project level, the success of which resulted into many designs which prominently include the statewide project. The statewide ADPs are extension of the enclave projects to other Local Government Areas (LGA) covered by the initial ADPs. Presently, all the States in the country are implementing the statewide ADP.

 

Agricultural Development Programme (ADP) focuses on rural integrated development strategy for agricultural and rural development. The establishment of these statewide ADPs raised the hope of farmers in government genuine commitment to the eliminations of the social political and economic problems that kept them in cycle of poverty (Akinbode, 1989). The ADPs across the country adopted the Training and Visit System (T&V) in order to boost production, solve the prevailing extension problem, foster self-reliance, and sustain the agricultural sector. It is observed

 

 

 

 

 

21

 

that Training and Visit System used by many extension organizations (including ADP) has many weaknesses.

 

These include excessive cost of input delivery, bureaucratic inefficiencies that have aided the poor formulation and implementation of extension programmes, and the failure to address the peculiar needs of farmers.

 

Other problems are poor staff training, inadequate coordination with University and Research Centre, inadequate content of extension message, inconsistent government regulations, inadequate farmers’ involvement, national policy and sustainability.

 

All these have caused much bureaucratic inefficiencies in public extension. It is against this background that the study attempts to compare the agricultural extension delivery and benefits accrued to the participants in the public and selected private agricultural extension outfits in Nigeria.

 

 

  • STATEMENT OF THE PROBLEM

 

There is growing concern for provision of effective and sustainable agricultural extension services to majority of the resource poor farmers in whose hands the bulk of agricultural production is left. Resource poor farmers belong to a complex, diverse and risk prone (CDR) agriculture, which supports several million of people in Africa (Rivera et al, 2003)

 

 

22

 

The importance of agricultural extension system therefore, remains that of a service to enhance the ability of farm families to respond to old problems and meet new opportunities. Agricultural extension system is characterized by shape and character of the institution to which they belong. Rivera and Wheeler (1989) posited that extension is a component of the system operating with other agro-support system in the context of agricultural and technology development. They classified determinants that influence agricultural extension system and characteristic. These are sector difference, institutional structure, socio economic and political goals, and extension approach.

 

Agricultural Development Programmes (ADP) in Nigeria, especially in South West Nigeria, is an agricultural extension outfit designed to achieve, among others

 

  • Establishment of well organized extension programme through Training and Visit (T & V) System.

 

  • Strengthening the co-ordination, supervision and implementation capacity of the ADP.

 

  • Unification, Expansion and Improvement of the quality of services.

 

  • Introduction of effective media support to assist extension agents through the use of diary, radio, television, leaflet and wall blackboard.

 

 

 

23

 

  • Intensification of work with women and

 

  • Intensification of essential farmer/extension/research linkages.

 

Agricultural extension programmes are therefore under pressure to change, because of growing fiscal pressures and questions about effectiveness and efficiency of their service (Rivera et al, 2000). To remedy this problem of bureaucratic management, the public sector has been shifting its services to private sector, sometimes totally as in Nether