THE ROLE OF COMMERCIAL BANKS IN AGRICULTURAL FINANCING IN ENUGU STATE
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The object of this study is to determine the vital role played by commercial banks in Agricultural financing in Enugu State which has been a major handicap to agricultural development today.
The study arose from the fact the guest to achieve self sufficiency in food production which is the greatest and highest priority area facing most of the world’s people today. Apart from the role of oil economy today, agriculture still remains the major stay of the Nigeria Economy as it provides majority of the populace with employment, income and food.
As a business venture, it cannot be executed extensively unless funds is available for replacement and capital equipment procurement to enhance a quicker, clearer and more comprehensive of the important of this study. This work is divided into three chapters. Chapter one deals with statement of problem, brief history of Afribank PLC purpose and significant of the study scope and limitation of the study and definition of terms
Chapter two deals with review of related literature which includes policy and means to boost agricultural scheme, types of loan factors and risk in agricultural financing and costly constraints to agricultural financing
Chapter three deals with findings recommendation and conclusion.
- Statement of the problems
- Brief history of Afribank plc
- Purpose of the study
- Significance/importance of the study
- Scope and limitation of the study
- Definition of terms
- LITERATURE REVIEW
- Policy and means to boost agricultural finance
- Agricultural credit guarantee scheme
- Types of loan available in Afribank plc
- Agric insurance scheme
- Factors and risk in agric/ financing
Agriculture can be define as the science or practice of farming i.e. cultivation and integration of live-stocks and production of raw materials for industries. It is well known that farming is the oldest occupation in the world and indeed it remains till date, one in which the largest number of people are engage. The vast majority of the population of the world, depends on its more complex since, agriculture is basically concerned with the production of food which is basic necessity of life.
The problems of capital scarcity in agricultural production in most developing nations are generally giving cause for involvement. As of the huge capital elopement, subsistent agriculture now cultivate crops only for their selves and their immediate families, hence the need for commercial bank to participate actively in agricultural financing materials for key industries and a major foreign exchanged earners has further added to its prominence among all human occupation. As a business, it cannot be carried out intensively unless funds are available for maintenance, replacement and capital equipment procurement and other expenses.
THREE TYPES OF CREDIT ARE USUALLY REQUIRED.
- Short Term Credit to financial yearly planting operations, seeds, fertilizers and farm expenses until the crop is sold. The amounts involved here might not be large, but inadequate of this type of credit is most predominantly felt by small farmers who have little or no savings upon in which to hang on.
- Medium Term Loan (longer than one planting year but less than three year). This is need for acquisition a breeding stock and cheap with relatively short little.
- Long Term Credit necessary to acquire major machines and equipment repairs and maintenance of farm lands building, storage facilities etc. the role of credit finance in promoting development in the country is well known in recent times, government has devoted lot of financial resources to the agricultural sector in order to boost food production through it’s lending policies to commercial banks as well as the establishment of certain agricultural schemes.
1.2 STATEMENT OF THE PROBLEMS
In this age of expanded business activities around the world especially in Nigeria Agriculture is more than ever needs financial assistance in form of bank loans to meet the increasing need for food production. Obtaining such loans however has not be easy for farmers. Largely as a result of collaterals security, lack of proper accounting records and management among other limiting factors.
Inspite of the importance of oil in the economy today, agriculture still remains the main stay of the Nigeria Economy as it provides the greatest avenue for employment, income of food for the Nigerian populace. It’s internatic position as a source of raw materials for agricultural credit.
Agricultural credit therefore is a necessary ingredient in agricultural practices and in farm productivity especially if supplied on sufficient quantity and efficiently used. However, credit is only one of the “essentials for expansion and modernization, for credit parse, is not entirely inevitable, but a necessary key to a more prosperous future.
The commercial banks on their part has been placed what might be an optimal level in banking lending. The customers who has over