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Agricultural Financing And Economic Growth In Nigeria
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The role of financial
capital as a factor of production to facilitate economic growth and
development as well as the need to appropriately channel credit to rural
areas for economic development of the poor rural farmers cannot be over
emphasized. Credit is viewed as more than just another resource such as
labour, land, equipment and raw materials (Rhaji, 2008). According to
Shepherd (2002), credit determines access to all the resources on which
farmers depend. Since banking cannot be separated from economic
development, the banks (especially Deposit Money Banks) in the banking
industry have been instrumental to various development schemes of
Nigeria over the years. However, their performance in the facilitation
of agricultural finance has not been adequately felt in the Nigerian
economy; especially in the rural areas (farmers).
Also, in line with
Nigeria’s quest for development; the erratic nature of events within the
banking industry vis-Ã -vis agricultural financing is a cause for
concern. This uncertain nature of access to credit by farmers in the
agricultural sector could result to total loss of confidence in banks by
citizens in the sector, as well as growth impediment in the overall
economy of Nigeria. Questions are been asked concerning the role of
agricultural financing, its contribution to the attainment of
agricultural growth and development. It is therefore pertinent to
empirically analyze agricultural financing and its economic implication
(impact) on Nigeria with the aim of identifying measures to tackle the
existing challenges and rebuild the lost glory of the agricultural
sector.
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ABSRACT - [ Total Page(s): 1 ]The objective of this study is to find out the impact of agricultural financing on economic growth in Nigeria for the period 1981 to 2014. The study used endogenous components of Agricultural Credit Guarantee Scheme (ACGS) loans to Individual Farmers (LIF), loans to Informal Group (LIG), loans to Co-operative (LCO), and loans to Company (LCY) as explanatory variables to capture agricultural financing. Gross Domestic Product (GDP) at constant prices was used to proxy economic growth. Data for the ... Continue reading---
