AN APPRAISAL OF THE FINANCIAL CONTRIBUTION OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE GROWTH OF AGRICULTURAL SECTOR OF NIGERIA.

Abstract

This study was on an appraisal of the Financial Contribution of the International Bank for Reconstruction and Development to the Growth of Agricultural Sector of Nigeria. Three objectives were raised which included:  To examine and evaluate the agricultural create it granted the farmers in recent years, the study seeks to analyze the measures and program set by the government in a bid to enhancing the agricultural sector, to determine the influence of these measures at accelerating the growth rate of the agricultural sector and to establish and verify ways by which the agricultural sector can be improved in the future. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from ministry in Lagos. Hypothesis was tested using Chi-Square statistical tool (SPSS).

Chapter one

Introduction

1. Background of the study

Nigeria is endowed with natural resources, large fertile farmland, wide range of crops, and river amongst others. Despite its abundant nature resources it is faced worth a poor food situation. The poor food situation is traceable to the decline in the agricultural sector. The problem of feeding and provision of natural resources is increasing by the day. However, several efforts are being made to improve the standard. Prior to the discovery of petroleum in Nigeria agriculture used to be the highest foreign exchange resources earner and its contribution to gross domestic product GDP has been estimated to about 62.63% in 1960, 48.08% in 1970, and 20.63% in 1980. Recently due to the growing awareness of the role of agriculture, the various governments have intensified efforts aimed at transforming from its present subsistence level to a market oriented production. One of those efforts was the ban made on importation of agricultural products like palm oil, maize and rice. This was done to encourage improvements on our production standard.

Due to the fall in the level of production from decade to decade, the country could no longer feed the large population, provide raw material for domestic industries, engage in export of agricultural produce and employ the labor force of the country despite the abundance of human and material resources. In spite of growing urbanization, Nigeria is known to be predominantly rural in nature and majority of the population is dependent directly or indirectly on agriculture for their livelihood. Though, the Nigerian agriculture is characterized by low farm income, low level capacity to satisfy the fond needs of the country, due to the outdated and primitive techniques of production, it is still the mainstay of the nation’s economy. Measures and program setup to upgrade the Agricultural sector involve the construction and reformation of the whole structure of the agricultural sector by the creation of appropriate institutions and public services. This would help strengthen the economic position of the dependent farmers. Examples of such measures are National Accelerated Food Production Project (NAFPP), Structural Adjustment Program (SAP), Nigeria Agricultural Cooperation and Rural Development Bank (NACRDB).

Statement of the problem

According to Anyanwu Etal (1997:14) ‘’the agricultural sector has been recognized for a long time as an important sector to Nigerian economy and development is one of the crucial requirements for the overall economic growth. He noted further that the decline in agricultural activities might appear natural in any development process; it is obvious that in Nigeria agricultural activities would remain the most important single sector for some time to come. He emphasized that in the past, development planners have introduce programs such as national accelerated food production project (NAFPP), green revolution programs (GRP), in search for all appropriate technique in order to increase farm output an d productivity and such program have at one time been implemented. In recognition of the aforementioned that attempt is made in this study to provide answers or solution to the research problems below.

1. What are the reasons for continuous fall or decline in the production level of the agricultural sectors of the Nigerian economy?

2. What actions can be taken to upgrade the current production level of the agricultural sector?

3. What effect does the decline in agricultural sector have on the human resources of the economy? What measures have been taken in the past to redress the perceived slow growth rate of the agricultural sector? How and to what extent does the performance and commitment exhibited by financial institution in general, Nigeria agricultural cooperation and rural development bank (NACRDB) in particular in terms of providing financial support influenced the activities of agricultural sector?

Objective of the study

The objectives of the study are;

1. To examine and evaluate the agricultural create it granted the farmers in recent years
2. The study seeks to analyze the measures and program set by the government in a bid to enhancing the agricultural sector.
3.  To determine the influence of these measures at accelerating the growth rate of the agricultural sector.
4.  To establish and verify ways by which the agricultural sector can be improved in the future.
5.  Research hypotheses

The following research hypotheses

H0: there is no influence of these measures at accelerating the growth rate of the agricultural sector

H1: there is influence of these measures at accelerating the growth rate of the agricultural sector

H0: there are no ways by which the agricultural sector can be improved in the future.

H2: there are ways by which the agricultural sector can be improved in the future.

Significance of the study

The study will give a clear insight on an appraisal of the financial contribution of the international bank for reconstruction and development to the growth of agricultural sector of Nigeria. The study will be beneficial to students and ministry of Agriculture. The study will also serve as a reference to other researcher that will embark on the related topic

Scope and limitation of the study

The scope of the study covers an Appraisal of the Financial Contribution of the International Bank for Reconstruction and Development to the Growth of Agricultural Sector of Nigeria.

Limitations/constraints are inevitable in carrying out a research work of this nature. However, in the course of this research, the following constraints were encountered thus:

1. Non-availability of enough resources (finance): A work of this nature is very tasking financially, money had to be spent at various stages of the research such resources which may aid proper carrying out of the study were not adequately available.

Time factor: The time used in carrying out the research work is relatively not enough to bring the best information out of it. However, I hope that the little that is contained in this study will go a long way in solving many greater problems.

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