AN EVALUATION OF THE IMPACT OF IFELODUN MICRO FINANCE BANK IKIRUN ON AGRICULTURAL DEVELOPMENT IN IFELODUN LOCAL GOVERNMENT AREA


AN EVALUATION OF THE IMPACT OF IFELODUN MICROFINANCE BANK IKIRUN ON AGRICULTURAL DEVELOPMENT IN IFELODUN LOCAL GOVERNMENT AREA

ABSTRACT

The project examines an evaluation of the impact of Ifelodun Microfinance bank Ikirun on agricultural development in the Ifelodun Local Government. Introduction, purpose, and limitation of the study, etc were examined. Ideals with development of Agricultural Financing in Nigeria objective, scope, literature review, the role of agriculture in economic development and solution to the problem facing them. That is research methodology and process of data collection were examined. Exposed the financing data analysis and data collecting and also analyzing of response from respondent from Microfinance bank which was critically review. Conclusion base on the summary of findings and recommendations to the general public at large.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Nigeria is a country that is enclosed by nature with all the resources that facilitate Agricultural Development. These include Vast Kinds of areas, rich soil, plenty of rainfall, and hardworking peoples. Nature has been generous to this country. So when Nigeria attained Independence in 1960, agriculture was the dominant sector of the economy. It constituted over 65% of the country’s gross domestic product (GP) and provided the bulk of foreign exchange earnings through the export of cash crops. It is therefore little or no wonder that pivot of discovery of oil. This country has been a great exporter of farm produce as groundnut, cocoa, palm cannel and oil, cotton, and rubbers.

The overall agriculture deteriorated creating a wide gap between supply and demand for food and revenue from agricultural export demanded. So the government was faced with mouthing food import bills at the same time, industries, increasingly restore to importing agricultural raw materials. In order to tackle some problems facing the agricultural sector, the federal government and central bank of Nigeria (CBN) put in place certain policies no respect agricultural financial through:

The establishment of a specialized financial institution like The Nigeria Agricultural and Micro Finance Bank (NAMB), Peoples bank among others, and control policy under the policy of commercial merchant Bank of Nigeria (CBN) through monetary policy circular to lend a certain percentage of their loan portfolio to farmers and agro-based industrialist.

Their establishment of a special scheme like the agricultural credit guarantees Scheme (ACGS), the Nigeria agricultural insurance, company (NAIC), Small and Medium Scale Enterprises (SME), were established to supplement the activities of specialized financial institutions in credit delivery. Since finance is a key element for the modernization of agricultural and agro-allied business, because necessary to study the contribution of microfinance banks on Agricultural Development with special reference to Ifelodun Microfinance Banks Ikirun Osun State.

STATEMENT OF THE PROBLEM

The contribution of microfinance banks to Agricultural Development can not be over-emphasized in the development of any state or country particularly at the local government level.

Agricultural contribute greatly to the revenue generation and the economic growth and development of the local government and individual.

In view of the laudable contribution of microfinance Bank to Agricultural development, it is necessary to examine these contributions in Osun State with particular reference to Ifelodun Local Government area Ikirun.

RESEARCH HYPOTHESIS

The statement of hypothesis includes null hypothesis (Ho) and alternative hypothesis (Hi). They are as follow:

Ho:      Ifelodun Microfinance Bank's contribution to Agricultural development is not significant.

Hi:       Ifelodun Microfinance Bank's contribution to Agricultural development is significant.

Ho:      There is no significant relationship between microfinance Bank and Agricultural development at Ifelodun Local government Area.

Hi:       There is no significant relationship between microfinance Bank and agricultural development in Ifelodun Local Government.

PURPOSE OF THE STUDY

Despite the federal government and central bank of Nigeria's (CBN) policies in respect of agricultural financing in Nigeria. The sector still remains in picturing of shoddy performance. Therefore, it is imperative to study the role of microfinance banks in financing through agricultural credit guarantee scheme (ACGS).

SCOPE OF THE STUDY

The study covered the contribution of microfinance banks to agricultural development in the Ifelodun local government area.

It will look at the general overview of microfinance banks' contribution to agricultural development in Ifelodun local government area Osun State.

LIMITATION OF THE STUDY

In considering the wideness of this topic or study the extent to which we intend to treat the topic is insufficient to supply of textbooks, the time factors, financial constraints, distance, and inadequate information given by the banks and farmers.

SIGNIFICANCE OF THE STUDY

The study has become relevant to the academic community and society in general. Microfinance contribution to agricultural development in Ifelodun local government area makes the society in general known the contribution of microfinance bank to agriculture in Nigeria.

Also, the academic community and society will benefit when there is an increase in the development of agriculture through financing by microfinance banks.

DEFINITION OF TERMS

i          Agricultural: Refers to the production of foods and cash crops.

Ii          Funds: This can be simply referred to as money or anything that can be used for the settlement of debts.

iii.        SME: Small scale medium

iv.        NAIC: Nigeria agricultural insurance company

v.         Lending: This is the act of given out money and collect it back on a specified date with interest.

vi.        Agroallied: This is the chemical used in agriculture in order to prevent any pesticides like rodents, birds e.t.c.

vii.       NACB: Nigeria Agricultural and Cooperative Bank.

viii.      Interest Rate: This is the amount charged on any given out at a specific period of time.

ix.        Financing Opportunity: This refers to finance available with the business, either injected by owners as equity and director loan.

x.         Formal Sectors: This consists of some components like the banking system, the capital market, non-bank financial institutions.

xi.        Informal Sector: This consists of money lenders, trade association, age grade association.

.


TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.COM

Researchwap.com is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.com guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.com is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.com" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.