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Agricultural Financing – The Role of the Nigerian Agriculture and Co-Operative Bank
By articles | Published: August 16, 2013
Agricultural Financing – The Role of the Nigerian Agriculture and Co-Operative Bank
The Concept of Agricultural Financing – Agriculture in Nigeria has over the years been largely a private indigenous activity inspite of the relatively recent intensification of interest by government in the sector and official efforts to infuse foreign private participation.
According to Ugwuanyi (1999), Agricultural financing is the sourcing of fund and making it available for agricultural production and uses. Agricultural financing Simply means the acquisition and utilization of funds for agricultural purposes. It involves the efficient sourcing of funds on both money and capital market and the judicious and efficient disbursement of funds so sourced for agricultural and agro-allied productions so that the investor will be able to pay both the interest and the principle as at when due and enough return for his capital.
In the words of Anyanwu (1993), Government at Federal, State and even Local level has made both direct and indirect effort to finance agriculture through moral suasion and other monetary policies. Infact, commercial banks, merchant banks and other non-banking financial institutions through one incentive or the other are being urged to finance Agriculture.
However, when it seemed that the effort of these financial institutions are not encouraging, government went a step further in establishing specialist financial institutions, specifically charged with the financing of agricultural activities alone. Among these specialized banks in the Nigeria Agricultural and cooperative bank, which is now known as Nigeria Agricultural, co-operative and Rural Development Bank [NACRDB].
EVOLUTION OF THE NIGERIA AGRICULTURAL AND COOPERATIVE BANK [NACB]
The Nigeria Agricultural and cooperative Bank was established on 6 march 1973, and was informed by
By articles | Published: August 16, 2013
Agricultural Financing – The Role of the Nigerian Agriculture and Co-Operative Bank
The Concept of Agricultural Financing – Agriculture in Nigeria has over the years been largely a private indigenous activity inspite of the relatively recent intensification of interest by government in the sector and official efforts to infuse foreign private participation.
According to Ugwuanyi (1999), Agricultural financing is the sourcing of fund and making it available for agricultural production and uses. Agricultural financing Simply means the acquisition and utilization of funds for agricultural purposes. It involves the efficient sourcing of funds on both money and capital market and the judicious and efficient disbursement of funds so sourced for agricultural and agro-allied productions so that the investor will be able to pay both the interest and the principle as at when due and enough return for his capital.
In the words of Anyanwu (1993), Government at Federal, State and even Local level has made both direct and indirect effort to finance agriculture through moral suasion and other monetary policies. Infact, commercial banks, merchant banks and other non-banking financial institutions through one incentive or the other are being urged to finance Agriculture.
However, when it seemed that the effort of these financial institutions are not encouraging, government went a step further in establishing specialist financial institutions, specifically charged with the financing of agricultural activities alone. Among these specialized banks in the Nigeria Agricultural and cooperative bank, which is now known as Nigeria Agricultural, co-operative and Rural Development Bank [NACRDB].
EVOLUTION OF THE NIGERIA AGRICULTURAL AND COOPERATIVE BANK [NACB]
The Nigeria Agricultural and cooperative Bank was established on 6 march 1973, and was informed by