THE ROLE OF NIGERIA AGRICULTURAL AND COOPERATIVE BANK (NACB) IN THE DEVELOPMENT OF AGRICULTURAL IN NIGERIA. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
The Nigeria agricultural and cooperative bank (NAXV) was established in 1973 to help in the development of the countries economy through providing agricultural aids as well as assisting the farmers and cooperative societies.
Initially, at inception of the bank, us resources consisted mainly of the federal government subscribed equity capital and statutory allocation from the federal government. But now, the resources are loans and advances from the government, loans from the international bank for reconstruction and development (IBRD), school falls from the agricultural credits guarantee scheme, loan from the domestic money market like the insurance company and other banking sector.
One of the major problem encountered by the Nigeria agricultural and cooperative bank is the lack of capital. Financing of cooperative societies through their internally generated funds have not been satisfactory because of the individual members of these societies (most of whom are living in rurual areas) are very few and poor. Hence, the society needs external sources of funds for financing their project.
The needs for financing some of these agricultural project brought about the establishment of the Nigeria agricultural bank (NAB) in 1973 which after inception marked a dynamic change in providing credit facilities to the farmers.
1.1 STATEMENT OF PROBLEM
The Nigeria agricultural and cooperative bank (NACB) was established in 1973 to help in the development of country’s economy through providing agricultural aids as well as provide finance and assisting the formers and cooperative societies.
The needs for financing some of these agricultural project brought about the establishment of the Nigeria agricultural and cooperatve bank (WAB) in 1973 which after inception marked a dynamic change in providing credit faculties to the farmers and finance for industrial processing and marketing of agricultural product. They also serves as a national bank in development of agricultural in Nigeria as a way of improving the Nigeria economy.