Download complete project materials on The Effectiveness Of Bank Of Agriculture In Providing Agricultural Input To Agricultural Cooperative from chapter one to five
CHAPTER ONE
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INTRODUCTION
1.1Background of the Study
The Bank of Agriculture (BOA) was established to finance comparative project especially in the area where a great majority of low income group are base. It was initially especially as a national agricultural credit institutions. Today, the role it plays in improving the quality of cooperative and agriculture programme towards facilitating cooperative development cannot be overemphasized.
It is known that bank of agriculture in providing agricultural input to agricultural cooperative societies is a system in which related workers or businessmen/women organize themselves to help members increase their productivity and profits for the business (Ogujiofor, 2001).
The Bank of Agriculture is wholly owned by the Federal government of Nigeria and funds are derived largely from their equity contribution, grants and loans gotten from the government.
The bank plays a prominent role in financing agricultural project in all 36 states of the Federal including Abuja the Federal capital (Abdullahi and Nasiru, 2006) the bank was established following the successful merger of the Former People Bank of Nigeria (FPN) and including saving, mobilization, and the timely delivery of affordable credit to meet the funding requirement of the Nigeria people engage in the agricultural sector of the economy.
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Based on this, bank of agricultural cooperative became one of the major focuses of the bank.
According to Okonkwo (2005) agricultural cooperative are cooperative society that engage in the production, processing, marketing, and distribution of agricultural; products.
Therefore all cooperative societies that operates in the sector and engages in these different operations belong to the group of agricultural cooperative in addition bank of agriculture, it is the system which bring business men and women together in order to providing agricultural input to agricultural cooperative societies where organized to increase the productivity and profit (surplus) from the business.
Significance Of Bank Credit To The Development Of Nigeria Economy
(Oguji for 2001). There are two types of credit delivery giving by bank of agriculture to agricultural societies, they are: formal and informal credit. The aims of providing the credit delivery to agricultural cooperative society is enabling them increasing their productivity and encouraging farming among the Nigerians.
All agricultural cooperative societies should make provision for credit delivery from bank of agricultural (BOA) in order to increase their productivity and profit. These clearly show the need for effective credit delivery to agricultural cooperative societies by bank of agriculture (BOA) in order to performed part of organizational structures of a true cooperative movement and development of Nigerian economy in the general.
This study aims at examine effect of bank of agricultural (BOA) in providing agricultural input to agricultural cooperative societies.
1.2 Historical Background of Abakpa Central
Farmers cooperative societies and Hayin in banki bank farmer’s cooperative society the Abakpa central farmers. Cooperative society Kaduna was formed in November 1997; it is stated with 86 members which h as now grown to 420 members.
The society was registered on March 1998 with the Kaduna state ministry of agriculture and natural resource (cooperative business) and Kaduna north local government (agricultural cooperative department).
The sole aims of this cooperative society are to assist members in securing loans and receiving assistance from the government, this includes farm subsidies (fertilizer, seeding, herbicide etc). The main sources of finance of Abakpa cooperative society are internal resources of finance and external sources of finance.
The internal sources include registration fees, monthly dues, saving and times charged to members who violate the rules and regulation of the cooperative where the external sources include loans from financial institution such as bank of agriculture, commercial banks, etc government assistances where Hayin bank farmer’s cooperative society was formed in 2014.
It stated with 36 members before it was registered. The society was registered under the Kaduna north local government (Agricultural cooperative department) presently the population of members has increase to 2266 the crops cultivated by this cooperative society are maize, corn and millet, most of the farmers who produce is small quality for the self consumption and take little to the market.
The objective of the Hayin bank cooperative society is to assist members in acquiring loans from the government and also to encourage members to go into large scale farming and boasting agricultural production in Kaduna state which will drastically improve their standing of living.
According to secretary general to this cooperative society in providing agricultural input to cooperative society, the main sources of income (finance) through monthly dues, members profit earned after harvesting and registration fees of members. Due to the processes and policies been played, it difficult to obtain loan or assistance from government, Bank of Agriculture (BOA) cooperative and other financial assistance the society hold their meeting twice in a month.
1.3 Statement of the Problem
The bank of agriculture (BOA) broad mandate includes savings, mobilization, and the timely delivery of affordable credit to meet the founding requirement of the Nigeria people in agricultural sector of the economy.
based on this the bank aims at adequate financing agricultural cooperative members will be help to achieve increase agricultural production so as to help develop themselves and economy. With the lofty objective of the bank, it was that before loan, the agricultural cooperative venture under the auspices of bank of agricultural will be taken to the peak of development.
However, it has been unfortunately discover achieved little or nothing even in the wake of the bank. It appears as if unattainable collateral cooperative society bank of agriculture tend to find it difficult sometimes in obtaining credit facilities from the bank of agriculture due to the fact that some of such cooperative don’t have the required security to serve as collaterals for obtaining credit loans.
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