THE ISOLATION AND IDENTIFICATION OF NEMATODE AFFECTING TOMATOES GROWN

THE ISOLATION AND IDENTIFICATION OF NEMATODE AFFECTING TOMATOES GROWN IN SOME SELECTED AREA OF RIVER KADUNA IN KADUNA STATE

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›Project format: MS word

›No of pages: 58

 

ABSTRACT

 

Four (4) sites or area were sampled, using the”simple random sampling technique” to make up the study group namely; Malali, Ungwan Rimi, Stadium round about, Kawo for soil or root-not nematodes from tomatoes plant. Ten (10) plants uprooted randomly at each site(s) visited making a total of forty (40) plants were isolation and identification of nematodes was done at the Department of Crop Protection, Institute of Agricultural Research (I.A.R.) Ahmadu Bello University Zaria  base on movement action, tail, shape and a tutorial book. Result obtained shared occurrence of nematodes as follows; Malali, 342; Ungwan Rimi 40; Stadium Round About, 66; Kawo, 261; making a total of 708 nematodes. Of this number, Crieonemoides accounted for 7(0.990Co); Helicotylenchus 544 (76.840Co); Meloidogyne larva 62 (8.760Co); Pratylenchus 19 (2-680Co); Rotylenchus 64 (9.040Co) and Tylenchus 12 (1.690Co). the researcher; considering the negative effect of these on the yield/production of tomatoes, suggests/profers/and also, when transplanting, intercropping.

 

 

NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA

NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA

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ABSTRACT

The research work critically examined the extent to which naira exchange rate depreciation had affected domestic inflationary rate in Nigeria between 1985 – 2000. Therefore, in this study, the researcher examined the trend of inflation and exchange and the relationship between the two variables.   A model was specified to show the relationship between both variables.  Also interest rate was included in the model as one of the variables that affect inflation.The model was then estimated using multiple regression method and variable statistical tests where carried out on the regression equation. The result was analyzed accordingly. Moreover, the result of the statistical test shows that exchange rate depreciation of Naira is significant in explaining variation in the rate of inflation.

Finally, the data for the project work was collected from most recent years in order to make finding, adequate in explaining the cause of inflation in recent times.

 

 

TABLE OF CONTENTS

Title page                                                                                          ii

Approval page                                                                                  iii

Dedication                                                                                         iv

Certification                                                                                                v

Acknowledgement                                                                                      vi

Abstract                                                                                            vii

Table of contents                                                                              viii

CHAPTER ONE

Introduction                                                                                                1

1.1            Background to the study                                                                   1

1.2            Statement of problem                                                              3

1.3            Significance of study                                                               5

1.4            Objective of the study                                                             5

1.5            Research hypothesis                                                                6

1.6            Scope of study                                                                        7

1.7            Definition of terms                                                                            7

Reference                                                                                 8

CHAPTER TWO                                     

Literature review                                                                               9

2.1            The concept of exchange rate                                                  9

2.2            Exchange rate management in Nigeria                                     19

2.3            Inflation – a concept                                                                28

2.4            Theories of inflation                                                                32

2.5            Inflation in Nigeria                                                                  37

2.6            Exchange rate depreciation and inflation in Nigeria                          41

2.7            Empirical evidence                                                                  43

Reference                                                                                 46

CHAPTER THREE

Research methodology                                                                      48

3.1            Method of data collection and analysis                                   48

3.2            Theoretical framework and model specification                      48

Reference                                                                                 53

CHAPTER FOUR      

Analysis of result                                                                    54

4.1            Presentation of result                                                              54

4.2            Analysis of result                                                                    55

CHAPTER FIVE

Summary, conclusion and recommendation                                               57

5.1            Summary                                                                                 57

5.2            Conclusion                                                                              58

5.3            Recommendation                                                                     58

 

 

 

CHAPTER ONE

 

INTRODUCTION

1.1            BACKGROUND TO THE STUDY

The naira exchange rate depreciation coupled with persist increase in the inflationary rate has been a major bane on economy of Nigeria.  To a layman inflation is a phenomena to embrace as his income increases daily without knowing the harmful side of such an increase.  Whether there is anything like depreciation or an improvement in the exchange or whether is income is nominal or real the layman do not know.

But this complementary problems so to say of naira exchange rate depreciation and inflation has been a thought of obesity in the hearts of Nigerians past and present governments and many patriotic Nigerians.

The pegging of, inflation in Nigeria can be said to be a direct result of the policies of the country’s governments to stimulate a fast rate of economic growth and development, since 1951 when the ministerial government was introduced between 1984 and 1986, the naira was quoted against dollar and pounds as the only intervening currencies which was in line with the International Monetary Fund (I.M.F) demand.  I.M.F had earlier complained that naira exchange rate was rising above the stipulated 2% limit.  The naira was then devalued at 1.000 4 US dollar.  The inflation rate in Nigeria was not serious problem before her independence.  But immediately after the civil war i.e. from 1970’s, the inflation rate in Nigeria took another dimension.  The value of naira as against dollar and pounds sterling started to deteriorate, in 1970, it was a naira to 1.400 dollar and 0.584 pounds sterling.  In 1971, it was 1.44 dollar and 0.582 pounds sterling to a naira.  In 1973, it was 1.519 dollar and 0.614 pounds sterling to a naira.  In 1974 it was 1.589 and 0.675 pounds sterling to naira which increased to 1.623 dollars and 0.734 pounds sterling in 1975 as a result of Udoji salary award of 1974 increased wage extensively.  Higher wages increased the purchasing power of consumers thus, leading to increase in their prices.

The introduction of Structural Adjustment Programme (SAP), and second-Tier Foreign Exchange (SFEM) in 1986 on one of government’s major policy packages, was aimed at making the over, valued naira exchange rate more realistic and responsive to market forces.  Regrettably, C. Anyanwu (1989) observed, the SAP/SEFEM was a disaster that was fast destroying the foundation of Nigeria economy.  There was consequent persistence of exchange rate depreciation of the naira (from 1.5691 naira to 1.0 dollar at the end of September 1986, 7.8950 naira to 1.0 dollar by mid February 1990).  Also by August 1998, the dollar was sold for 21.9960 naira at the Foreign Exchange Market (FEM) while at parallel market it was sold for 45 naira.  The value of naira continued to depreciate to the extent that the exchange rate was less than one dollar to a naira before 1990.  It was 0.119 US dollar to a naira in 1990.  This depreciated to 115.7 to a dollar by the 12 April, 2001 (CBN) 1994.  By 2003, it has risen N130 to the US dollar.

 

1.2            STATEMENT OF PROBLEM

The depreciation of naira persistently, has various inflationary effects on the economy of Nigeria.  The effects of this macro-economic problem can be highlighted in different stages.  In the first place, when a currency is depreciated, it is designed to reduced or discourage the excessive dependence on a particular foreign or some foreign commodities.

This will make domestic prices of such imports may be intermediate goods and as a result tends to push the cost of production of final goods up.

In another way, deteriorating exchange rate of naira could bring about inflation of increase in wage rate or demand, when the naira is devalued, the price of important raw materials increases domestic firms may be willing to increase production reduction on their competition as a result of like in prices of raw materials.

Consequently, the output of the firms will attract high prices, therefore for consumers to meet their provisions level of consumption or maintain their real income, calls for wages increase which according to Sotersten (1994) will worsen the whole situation.

Nigerians as one of the developing nations that heavily depend on imported inputs, implements and machinery, the cost of these are usually very high due to poor exchange rate of naira.

This will discourage potential investors, how investment will lead to reduced national product, which is an indicator of stagnancy or retrogression of the economy.

For this reason, Obasanjo (1999) noted that any thing could happen of regulatory authorities did not take steps to tidy up the situation, so the researcher wants to find out the problems and suggest ways of remedying the situation.

 

1.3            SIGNIFICANT OF THE STUDY

For the purpose of this study, the researcher took a step further to determine the possible significances.

(i)                To give other researchers who which to write on this topic the process to follow

(ii)             To check the inflationary of deflationary gap

(iii)           To determine the cumulative impact of broad money growth and the sizeable devaluation of the naira

(iv)           To determine the fate of naira with other internal currencies.

(v)             To determine government policies.

1.4            OBJECTIVE OF THE STUDY

The objectives of this study include the following

(i)                To identify the causes of inflation and exchange rate depreciation.

(ii)             Examine the extent to which naira exchange rate depreciation heed affected domestic inflationary rate in Nation.

(iii)           Assess the effectiveness of government earlier introduced policies.

(iv)           Give suggestion and recommendation on appropriate policies for the future.

 

1.5            RESEARCH HYPOTHESIS

Since the research data was mainly from secondary sources, the hypothesis used will be in two forms to determine result.

The null hypothesis and the alternative hypothesis.  The null hypothesis (Ho) will be tested against the alternative hypothesis (Hi)

(a)     Ho:    There is no positive or significant relationship

between exchange rate depreciation and domestic inflation in Nigeria.

(b)     Hi:     There is significant or positive relationship between

exchange rate depreciation and domestic inflation in Nigeria.

1.6            SCOPE AND LIMITATION OF THE STUDY

The study covers the period from 1985 to 2000.  It concentrates on the trend of exchange rate depreciation and inflation in Nigeria.  The study is limited to the period because of the problems associated with the availability and collection of secondary data needed for the research work due partly to the level of development of the Nigeria economy.

 

 

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FINANCIAL INTERMEDIATION AND RESOURCE MOBILIZATION

FINANCIAL INTERMEDIATION AND RESOURCE MOBILIZATION

(IMPLICATION FOR ECONOMIC DEVELOPMENT IN NIGERIA)

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ABSTRACT
Financial intermediation is the process by which financial institution accept saving from house hold and lend this saving to business organizations.
Since high level of financial intermediation has been associated with high degree of economic development e.g Nigeria has allegedly been said to experience low level of financial intermediation.
The objective of this study
1. To establish the extent of financial intermediation in Nigeria and the likely effect on economic development.
2. To reveal the economic development position (as measures by Gross National/Domestic Income) of countries that have comparatively the same level of financial intermediation are relatively high.
This proper will also look into the following problem. In Nigeria there has been a comparatively low level of financial intermediation demonstrated by the grossly inadequate habits to all nooks and corners of the country. Lack of actual practical indegenisation of bank industry.
The ultimate effect is that the existing financial intermediation find it impossible to effectively mobilize available resources and allocate them enhance the rate of economic development
After examining these problems, recommendation will be made. It will be aimed at increasing the level of financial intermediation in Nigeria. Then conclusion will be drawn.

 

PROPOSAL
Financial intermediation is the process by which financial institution accept saving from house hold and lend this saving to business organizations.
Since high level of financial intermediation has been associated with high degree of economic development e.g Nigeria has allegedly been said to experience low level of financial intermediation.
The objective of this study
3. To establish the extent of financial intermediation in Nigeria and the likely effect on economic development.
4. To reveal the economic development position (as measures by Gross National/Domestic Income) of countries that have comparatively the same level of financial intermediation are relatively high.
This proper will also look into the following problem. In Nigeria there has been a comparatively low level of financial intermediation demonstrated by the grossly inadequate habits to all nooks and corners of the country. Lack of actual practical indegenisation of bank industry.
The ultimate effect is that the existing financial intermediation find it impossible to effectively mobilize available resources and allocate them enhance the rate of economic development
After examining these problems, recommendation will be made. It will be aimed at increasing the level of financial intermediation in Nigeria. Then conclusion will be drawn.

 

 

TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION 1
1.1 Background of the study 1
1.2 Statement of problem 3
1.3 Objectives of study 3
1.4 Significance of the study 4
1.5 Scope and Limitation of the study 5
1.6 Definition of terms 6
Reference: 12

CHAPTER TWO
REVIEW OF LITERATURE 13
2.1 Bank and Non-Bank financial Intermediaries 13
2.2 Financial Institutions and Economic Development. 14
2.3 Financial Intermediation and Economic
Development in developed countries. 21
2.4 Financial intermediation and Economic Development
in less Developed countries. 23
2.5 Financial Intermediaries and monetary control 26
2.6 Review in increasing the level of financial
Intermediation in Nigeria and the LDC’S 28
2.7 The problems of financial Intermediation 29
Reference. 30

CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY 32
3.1 Research methods used 32
3.2 Description of Respondents 32
3.3 Sources of Data 33
3.4 Method of Investigation 34
References 36

CHAPTER FOUR
Presentation and analysis of data introduction. 37
Testing of Hypothesis. 42

CHAPTER FIVE
FINDINGS, RECOMMENDATION AND CONCLUSION 43
5.1 Findings 43
5.2 Recommendation 48
5.3 Conclusion 53
References. 56
Bibliography 57
Questionnaires 59

CHAPTER ONE
INTRODUCTION.
1.1 BACKGROUND OF STUDY
The concept of financial intermediation and resources mobilization are not new in financial literature, their relationship with economic development has also been widely discussed. Relevant literatures on financial intermediations and resources mobilization have attempted to distinguish the concept of self-finance, direct finance and indirect finance.
Direct finance involves the use of marketing techniques in which primary securities (or the liabilities of ultimate borrowers). In such forms as bonds corporate securities mortgage etc. are distributed among those financial assets. This mode of finance through encourages high savings rate and alertness to new profitable investment opportunities, total reliance on self finance is not probably a desirable long run strategy.
The other form of finance the indirect finance on he other hand involves the existence of financial intermediaries with place themselves between ultimate lenders and ultimate borrowers by purchasing the primary securities of the latter and issuing claims against themselves. Indirect securities for the portfolio of ultimate lenders while self finance makes for a balanced budget the direct and indirect finance which are forms of external fiancé make for deficit financing in which intermediaries solicit for loan able funds from the simple limits and allocate these to the deficit units whose direct debt. They absorb
From the three methods of financing highlighted above writes on this issue identified the indirect finance as the only are that calls for the intermediation by the financial institution following the above conception, gurley and show (1960) attempted the definition of the concept of financial intermediation as intermediating or go between function of financial institutions in purchasing primary securities from ultimate borrowers and issuing indirect debt (secondary securities) of the portfolio of the ultimate lenders by so doing the financial intermediaries establish a link between the borrowers. The deficit units and the lenders the simple units with this linkage they transfer resources from the surplus to the deficit unit.

1.2 STATE OF THE STUDY
It is general acknowledged fact by economist that high level of financial intermediation is associated with high rate of economic development. This has been experience by the grossly inadequate number of financial intermediaries, inadequate spread of banking habits to all the nooks and corners of the country, lack of actual practical indegenisation of the banking industry. The ultimate effect is that the existing financial intermediaries find it impossible to effectively mobilizes available resources and allocate them to enhance the rate of economic development.
In the final analysis there is low level of financial intermediation in Nigeria which culminate in a disappointedly low level of economic growth and development. These are the problem this study is set to look into which a view to finding possible solutions and recommendations.

 

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THE ROLE OF COMMERCIAL BANK IN FINANCING SMALL SCALE INDUSTRIES

THE ROLE OF COMMERCIAL BANK IN FINANCING SMALL SCALE INDUSTRIES

(CASE STUDY OF UNION BANK PLC)

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ABSTRCT
It is to review what essentially constitutes small scale industries for an adequate discussion of the issue involved:- financing of small scale industries by the commercial banks. Often, there is no single criticism for classification of business unit as small scale. The central Bank of Nigeria for example defines small scale enterprises as any enterprise whose annual turnover is less than (N 500,000) five hundred thousand Naira as small scale.
Furthermore the National Directorate of employment (NDE)defines it to include projects with capital investment of below five thousand Naira (N500) and a staff strength of three (3) persons. While the centre for management Development (CMD) gave the definition of small scale industry in the policy proposal it submitted to the federal Government in June 1982 as follow; “A small scale industry in a factory or production type of operations, employing up to fifty (50) full time workers. Investment in plant and machinery but excluding land and building shall not exceed five hundred thousand (N500,000) Naira power, plant and machinery are utilized its operations.
In a nutshell, a small- scale industries are classified in the following criterion; initial capital outlay, ownership structure, initial capital outlay, ownership structure, management style, profit level market share, number of employees and total assert size etc.
The objective of this project work will include the extent to which small scale industries in Nigeria have been able to obtain loans and advances from Nigeria commercial banks as a major source of finance to the economy and many others.
The project was carried out by using Union Bank PLC, Okpara Avenue, Enugu as a case study.

 

 

CHAPTER ONE
1.1 Background of study
1.2 Statement of Study
1.3 Objective of the study
1.4 Scope and limitation
1.5 Research questions
1.6 Hypothesis
1.7 Significances
1.8 Definition of terms
CHAPTER TWO
2.1 Introduction
2.2 Meaning of small scale industries
2.3 Government policy
2.3.1 Projection and promotion
2.3.2 Monetary and Fiscal policies adopted by government
2.3.3 Effects of Government Polices on small scale industries
2.4 Financing
2.5 Problems facing the small scale industrialists
2.6 Improving funding to small scale industries
CHAPTER THREE
3.0 Methodology
3.1 Research design
3.2 Area of the study
3.3 Population of the study
3.4 Sample and sampling procedure
3.5 Instrument for data collection
3.6 Validity of the research instrument
3.7 Reliability of the research
3.8 Method of administration of research instrument
3.9 Method of data analysis
CHAPTER FOUR
4.1 Data presentation and results
4.2 Testing Hypothesis
CHAPTER FIVE
5.1 Summary of Finding
5.2 Recommendation
5.3 Conclusion
5.4 Bibliography

 

CHAPTER ONE

INTRODUCTION
1.1 BACKGROUND OF STUDY
The concept of self-reliance has occupied a place in the literature of economic development over the years, basically as a manifestation of the various attempts by the developing world to state new economic strategies, which world relieve them form economic dependence of their fromer colonial masters in Europe. Today, some years after, the concepts of self reliance continues to be misunderstood in its fundamental ramifications and has remained elusive in large sections of the developing world.
In Nigeria in particularly, neither the mixed economy approach to development nor the capitalist approach appears to have respond to the dictates of economic self reliance.
Consequently, in pursuit of self reliance in the developing world particularly in Nigeria, the central government, enacted a decree called ‘Enterprises promotion Decree, when there was need for small scale enterprises owned ad managed by Nigerians to be promoted.
The importance of small-scale enterprises in the promotion of economic development has always been at the forefront of development strategies.
However, many developing countries have failed to adopt this strategy owing to their belief that it is a relatively slow process of industrialization. But in the recent times, due to the scarcity of foreign exchange that attention began to be focused once again on development of indigenous that will be local resource based.
Without the development of small-scale industries in Nigeria, that nation’s quest for industrialization will certainly remain forever at a stake. It is the humble opinion of the researcher that future developments in our industrialization must address the basic issue of creating linkages within the economy to begin to produce real inputs to our manufacturing activities.
Priority attention must therefore be given to these industries for which domestic inputs could easily be produced. This automatically brings to mind the Agro-Allied industries like food processing and other by products objective should be to maximize the value added in their processing and manufacturing as final goods or immediate inputs.
Empirical evidence indicates that strong incentives should be given to small scale industrialist to enable them meet the food requirement and also to promote for sustained industrial growth. For instance, the market determined exchange rate through SFEM with its resultant high cost of imported inputs might serve as an impetus fro industrialist to intensify their search for local substitutes.
In 1971, the government of the then East central state statutory enacted an edict establishing on office which was hither to a sub-system of the ministry of commerce ad industry to be known as fund for small scale industry credit scheme (FUSI) to give credits for prospective investors to enable them establish their business in a bid to moving the country towards industrialization.
As at march 9th 1992, loans approved for small scale projects in Enugu State by Nigerian Bank for commerce and industry (NBCI) amounted to N13,345.40.
Similarly, in the circular on small scale and medium enterprises loan scheme released by central Bank of Nigeria in February, 1989, it was reveal that world bank has granted a loan of U.S. $270 million to the federal government for the development of small scale and medium scale enterprises in the private sector.
However, the very slow rate of growth of the industrial sector, the inability of the sector to adequately provide and satisfy the need of the economy, the over dependence of the industrial sector as well as the nation at large on foreign goods, praised a necessary cause for concern.
The means of helping small-scale industries to acquire the much-needed finance for growth and development especially form the banking industry from the background of this research study.

 

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THE ROLE OF CENTRAL BANK OF NIGERIA PLC IN AGRICULTURAL FINANCE DEVELOPMENT PROBLEMS AND PROSPECTS

 THE ROLE OF CENTRAL BANK OF NIGERIA PLC IN AGRICULTURAL FINANCE DEVELOPMENT PROBLEMS AND PROSPECTS .

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PROPOSAL

The role of Central Bank of Nigeria in Agricultural Finance Development, problems and Prospects.

This topic provides for conceptual frame work of the role played by CBN in the development of Agricultural sector of the Nigeria economy as the primary purpose. The secondary purpose is to assess the performance of the policies and programs of the CBN to the development of Agricultural financing in particular and Agricultural development in general.

Data will be collected both primary and secondary sources. Primary data are to be collected by face to face interview with farmers, officials staff of commercial bank, and other financial institution while the secondary data is to be collected from annual time series of different duration depending on the program and policies of the institution.

The research will show the roles played by CBN in financing Agriculture in Nigeria by making funds available to the Agricultural sectors of the economy especially at the rural areas and granting of credit scheme funds o the farmers.

It is the intention of the writer to restrict this work to the role of CBN in Agric Finance which exclude the role of CBN in stabilization measures in the economy and the role of CBN in industrial finance and development

To achieve this objectives the project work will be divided into five chapters, each will be dealing with an aspect of the work and help to highlight the rudiments which when collected get to the root of this investigation.

 

ABSTRACT

The Role of Central Bank of Nigeria in Agricultural Finance Development, Problems and Prospects

The topic provide for conceptual frame work of the role played by the CBN in the development of Agricultural sector of the Nigeria economy as its primary purpose. Its secondary purpose is to assess the policies and program of CBN to the development of Agricultural Finance.

Data was collected from both primary and secondary sources. In the primary source I interviewed some farmers, officials of CBN while in the secondary data it was from annual time series of different duration on the program and policies of the institution.

The research showed the role played by the CBN in financing Agriculture in Nigeria by making funds available to farmers especially at the rural areas and granting of credit scheme funds to the farmers

Also the problem of ultracy by the farmers has posed a problem and government should make sure that extension workers are sent into the rural areas to educate the farmers.

TABLE OF CONTENT.

CHAPTER ONE

Introduction                                                                                                1

  • Background of the study 1
  • State of problems 7
  • Objectives of the study 9
  • Significance of the study 10
  • Hypothesis 11
  • Scope and limitation of the study 11
  • Definition of terms. 12

CHAPTER TWO

Review of Related Literature                                                             16

2.1 Historical overview of Agriculture financing in Nigeria              17

2.2 The importance of Agriculture                                                    19

2.3 Problems of Agriculture financing in Nigeria                              20

2.4 The establishment of Central bank in Nigeria                                       22

2.5 The Major development programs and policies of

C.B.N in relation to Agricultural financing                             26

2.6 The C.B.N and its objectives and functions.                               39

2.7 The organizational structure of C.B.N

and its Agricultural finance development.                               44

CHAPTER THREE

Research Design and Methodology                                                   48

3.1 Research methodology                                                                48

3.2 Research Design                                                                          48

3.3 Area of study                                                                              48

3.4 Sources of data                                                                                     49

3.5 Method of investigation                                                              50

3.6 Method of data analysis                                                              51

CHAPTER FOUR

Data Presentation and Analysis                                                                 52

4.1 Introduction                                                                                52

4.2 Analysis of responses to questionnaires                                               52

4.3 Testing of Hypothesis                                                                 58

CHAPTER FIVE

Summary of Findings, Recommendation and Conclusion                          64

5.1 Summary of findings                                                                            64

5.2 Recommendation                                                                        66

5.3 Conclusions                                                                                67

         Bibliography                                                                           68

 

 

 

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Agriculture is defined as “the cultivation of land for the purpose of producing food for man, feed for animal and fibre or raw material for industrial companies. It also includes the processing marketing of crops. In other words, it embraces all activities involved in the primary and controlled production of plant and animals, such as fishing, forestry, farming, livestock, poultry and small scale industries connected with processing of agricultural products.

The agricultural sector forms the background of Nigeria economy dispite concerted effort in industrisation. Agriculture occupies the pride place as the source of livelihood for over 70 percent of the population. It is recognized as a pre-requisite to economic development. With large scale dependence on agriculture for food, raw-material for industries etc, one would expect production to increase, rather it is disheartening to note that this is not the case. Agriculture has suffered some neglects due to lack of investment since the inception of oil boom in 1970. in fact, Nigeria is experiencing a dcline in the space of agricultural production in general, this situation is causing a great concern to the government. Throughout the 1960s, Agriculture contributed 61.5%. in the 1970s, it declined miserably be 2.3%. this decline may be attributed to the domination of the nations export by oil since 1970 which accounted for 57.6% of total export income and rose steadily, attaining an overwhelming proportion of 98% in 1981. as a result there was an absolute neglect in agriculture to both God (Gross Domestic Product) and export earnings which has been the major factor dictating the need to reactivate our agricultural products. The need for this re-activaty and in effort to revamp this sector has been the reason for raising budgetary allocation in recent years to it. It rose from 6% in 1970s to 22% in 1984. this increase acts as incentive and motivation to farmers, but these farmers while engaging in these agricultural ventures are exposed to a lot of problem like diseases and pest attacks, fire destructions, industrial pollution, machinery breakdown and other problems. To these problems, the farmers need some aids in solving or minimizing them.

Finance has been one of the most significant problems in the expansion of agricultural production. This was as a result of the neglect of the agricultural sector following the oil boom of 1970s, when the oil sector become a major aspect of the Nigerian’s foreign exchange earning. This contributed to the inadequate funding of the agricultural sector unlike before the boom. Also the establishment of industries in the urban areas during the 1990 – 1994 National Development plan to boast industrialization drew the rural populace with constitute the farming population to urban cities for search of white color jobs. A stage has reached, that average Nigerians are now underfed. In the words of or P.N.C. Okigbo in 1990 “The average Nigerian consumed on the average, some 20.23 calories per day and 56.46 grammes of protein per day compared to the food and agricultural organization (FAO)minimum of 21.91 calaries and 53.8 grammmes of protein. This the average Nigerian was and still, is among the worst fed in the world.

As a result of these situations; the successive Nigerian Governments showed concern over the decling situation of Agricultural production through policies and programmes aimed at revamping the agricultural production in attempt to encourage increase food production “The federal Government in 1993 tried the National Accelerated food production in programme (NAFPP) during the General Yakulu Gowon’s regime; Under the leadership of couneral Obasanjo, the Operation feed the Nation programme “(OFN) in 1976; Green Revolution came up under President Shehu Shagari and Rirectorate of food Road and Rural infrastructure under the regime of General Basangida regime.

 

Neither of these measures halted the Agricultural decline or any lasting effect on food production. This is because “little or no meaningful attempt has been made to change the under developed status of the rural dwellers notwithstanding that these people constitute about 95 percent of the total population engaged in Agricultural in Nigeria.

It has been attributed that inadequate funding of agricultural project and programme has contributed in large measures to the government low production of Agriculture in Nigeria, and the government and other financial institutions forms the major sources of finance for Agriculture though policies and programmes.

Then what role and impact has the central Bank of Nigeria (CBN) as the bank at the apex of Nigeria Banking system, (Bank of last resort, bank to the government and Banker to other banks)” played to reinforce the government policies or revamp the agricultural sector of the economy. The under – developed characteristic of the Nigerian economy has made the central Bank of Nigeria to be activity involved in the promotion of rapid economic development of other sector especially agriculture through its development roles unlike in developed economics where the role of central Bank is restricted to development of the financial system.

According to Dr Belshaw in his book entitled “Agricultural credit in economically under-developed countries he wrote that “in respect of agricultural credit, a central Bank has an important part to play by helping to establish, strengthen and promote the extension of commercial banking facilities and agricultural credit institutions.

Professor G. Nwankwo also wrote “it for instance mistaken to think and believe that only the function of a central Bank is to control or regulate the financial system; it was not conoinced nor thought to be an appropriate function that a central Bank also has to the task of developing the financial system if non existed and of organizing and mobilization of resources for development.

To this end, the central Bank of Nigeria embarked on some programmes and policies to curb the under economic development and low trend in agricultural production. These policies include the following :

  1. The provision of credit to marketing board for the purchase of some agricultural produce for export. This has become the sole responsibility of the central Bank of Nigeria since may 1968, when the commercial financial still was abolished by the federal Government.
  2. The establishment of the Nigeria Agricultural Bank (NAB) in 1976, this Nigerian Agricultural co-operative societies, improve agricultural production and storage facilities and promote marketing of agricultural products throy liberal credits to farmers at softer terms. The bank started with a capital of #6 million which has increased to #250 million in 1991 with the CBN contributing 40 percent while the Federal Government has 60 percent share. The functions of the banks includes: grant in of loans to small and medium scale farmers.
  • The CBM also used another instrument in financing of agriculture, this is through its credit guidelines contained in its monetary and fiscal policies circulars which required the commercial banks to give preferential treatment to Agriculture.
  1. The establishment of Agricultural credit Guarantee sheme fund (ACGSF) in 1977 by both the federal Government and the central Bank of Nigeria. The Act provided #100 million subscribed by the federal government, and the CBN at the ration of 60 percent or #60 million to the federal Government, 40 percent or #40 million to CBN. This is to grantee for loan default made by commercial banks to farmers for Agricultural purposes to the time of 75% of the default. The CBN was also appointed the managing agent of the fund.

 

  • STATEMENT OF PROBLEMS

Despite the various policies and programmes mapped out annually for the economic development of Nigeria with emphasis on Agriculture, the agricultural production level remained very low and recently on the decline.

 

Finance has been traced to be the major handicap to the typical Nigeria farmer, inadequacy of modern farming equipment, inputs, basic infrastructure and storage facilities, marketing and distribution system. Then the central Bank of Nigeria – the apex bank has been mandated by the federal Government of Nigeria to find a solution to these problems.

Consequently, the central bank of Nigeria through its agencies grant credit for the purpose of agriculture. But was faced with the following problems.

  • Inadequate public enlightenment
  • Mismanagement
  • Technological constraints
  • Poor land tenure system
  • Environmental constraints
  • Above all financial constraints.

Identifying financial constraints as the major handicap to increase agricultural production. The federal government increded its spending on agriculture by 12.7 percent in 1981 as against 6.5 percent in 1970’s. a total of #8 million was allocated to agriculture during the five years National Development plan 1981 – 85. still not much has been achieved in food production. To this end, the federal Government through the CBN policies and programmes aimed aimed at adequate financing to increase agricultural productivity, for a nation that can not feed herself is said to be economically undeveloped.

 

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