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Appraisal Of Obtaining Agricultural Credits/loans
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1.6 SCOPE OF THE STUDY
This
study is aimed at providing details knowledge and understanding of the
operation, function and to determine the problems of obtaining loans for
financing agricultural production in Edo state through the federal
government agricultural credit guarantee scheme (F.G.A.C.G.S) found
since 1977. With the view of providing useful suggestion to ease the
problem of agriculture development in Nigeria; It is directly towards
the application of problems obtained for financing agriculture view of
this more emphasis will be placed on the success of credit facilities
lending procedure as a criteria of measurement. The performance of the
commercial banks in this regard will be assessed by using the present
farmers areas to the agricultural credit facilities as well as the
hindrance which the small scale farmers faces in obtaining loans from
financial institution.
1.8 DEFINITION OF TERMS
LOAN OR CREDIT FOR AGRICULTURE OF AGRICULTURAL CREDITS
Refers
to the process of obtaining control over the use of money, goods and
services in the present for a promise to repay at a future date.
AGRICULTURAL
FINANCE: This means ways and means by which a farmers obtain the entire
necessary fund required in order to carryout agricultural production.
INTEREST: This means the price paid for the use of borrowed money and is usually expressed as a percent on an annual basis.
COLLATERAL: This means anything offered as a promise of loan repayment to be given to a lender in cast of non-payment.
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ABSRACT - [ Total Page(s): 1 ]The ever determining food production in Nigeria has prompted development or administration (military and civilian) both present and past to formulate programmed to ameliorate or arrest this situation. One of such programmed is the agricultural credit facilities scheme, which is being implemented through commercial banks. Sequel to this the researcher examined the problems of obtaining loan for financing agricultural production in Edo State ... Continue reading---
