Published in Scientific Papers. Series "Management, Economic Engineering in Agriculture and rural development", Vol. 18 ISSUE 1
Written by Sylvanus Ibeabuchi OGBONNA, Charles Kelechi OSONDU
This study analyzed supply structure and trends of formal funding of agriculture in Nigeria. Time series data, covering the period 1992 to 2012 collected from Statistical Bulletin of Central Bank of Nigeria was used in the analyses. The data collected was analyzed using descriptive statistics and trend analysis. Issues addressed included formal credit supply structure and trends of supply of loans to agriculture in Nigeria. Results showed that structure of formal loan Supplies to agricultural production in Nigeria was one of dominance in number and values of guaranteed loans to individual farmers than to corporate farms. The trend in value of loans allocated to food crop within the period under review was increasing, consistent and positive. The trend in value of loans allocated to cash crops however fluctuated. More funds should be allocated to agriculture through the Agricultural Credit Guarantee Scheme Funds by Central Bank of Nigeria to enable the scheme expand its services to other farm enterprises (such as apiculture, heliculture, grass cutter rearing and mixed farming) and increase volume of loans to medium and large scale farmers.
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