Download complete project materials on Role Of Bank Of Agriculture In Financing Primary Cooperative In Kaduna North Local Government Area, Kaduna State from chapter one to five
CHAPTER ONE
INTRODUCTION
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Background of the Study
Bank of Agriculture Limited is the nation’s foremost Agricultural and Rural Development Institution – finance institution. It was incorporated in 1972 as Nigerian Agricultural Bank (NAB) in 1978, the name was changed to Nigerian Agricultural and Co-operative Bank Limited (NACB) to reflect the inclusion of cooperative financing into its broader mandate.
In October 2001, following the federal government’s effort to streamline the operations of its agencies, that were believed to be performing overlapping functions, three institutions, Nigerian Agricultural Co-operative Bank Limited (NACB), Peoples Bank of Nigeria(PBN) and the risk assets of the family Economic Advancement Programme (FEAP) were ,merged to form Nigerian Agricultural Co-operative and Rural Development Bank Limited (NACRDB).
In October 2010, following the rebranding of the bank to reflect its institutional transformation programme, the bank adopted the new name Bank of Agriculture (BOA)
The Bank is wholly owned by the Federal Government of Nigeria with its shares held by the Central Bank of Nigeria CBN (40%) and federal ministry of finance incorporated mofi (60%). It is supervised by the federal ministry of agriculture. It has an authorized share capital of ₦50 Billion (fifty billion naira).
Statement of the Problem
Bank of Agriculture are to finance or give loans to cooperative society for effective agricultural produce and allocation of high purchase traitors to farmers to facilitate the production. But reverse is the case, Bank of Agriculture are not financing cooperative society, for the selfish reasons and to side funds for advantages that are made to be benefited by the primary cooperatives societies.
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They have not been performing up to expectation that is expected to be carried out in production, distribution and processing of Agricultural product to bring development in primary cooperative society.
The research will examine the role of this factors enhancing and improving the living standard of the members and to find a lasting solution to problems hindering the financing of primary cooperative societies.
Objectives of the Study
1. To determine the role of bank of agriculture in financing primary cooperatives.
2. To find out the activities of Bank of Agriculture towards financing primary cooperatives.
3. To identify the problems faced by the Bank of Agriculture in financing primary cooperatives
Research Questions
1. What are the roles of bank of agriculture in financing primary cooperatives?
2. What are the activities of Bank of Agriculture in financing primary cooperatives?
3. What are the problems faced by the Bank of Agriculture in financing primary cooperatives?
Significance of the Study
This study will be of an immeasurable benefit both to the Bank of Agriculture and other organizations, which are also in collaboration with Cooperatives Department of Cooperative Economic and Management of Kaduna Polytechnic will also benefit from this research. Also the research findings will serve as reference to further research in the field.
Scope of the Study
The study examines the effectiveness of Bank of Agriculture towards primary cooperative society finance. An examination of how the activities of Bank of Agriculture affect the financing of primary cooperative. The study equally covers an in-depth examination of possible problems that could be militating against the effectiveness of Bank of Agriculture.
The research work is restricted to Bank of Agriculture located at Yakubu Gowon Kaduna North Local Government Area, Kaduna.
The study covers the role played by the Bank of Agriculture and the Economic Development such as financial facilities.
Definition of Terms
For the aim of the project the following terms are defined below:
1. Bank of Agriculture: This is an institution that leads money to primary cooperatives for longer period of time and charges them less interest than other types of bank.
2. Primary Cooperative: Is the smallest individual units in the set up of cooperative.
Cooperative Society: This is an autonomous association of persons united voluntarily to meet their common economics social and cultural needs and aspirations through a jointly owned and democratically control enterprise ICA (1995)
4. Cooperative: A jointly owned commercial enterprise (usually organized by farmers or consumers) that produce and distributes goods and services and it run for the benefit of its owners.
5. Formation of Capital: This is an act of providing financial backing to cooperative societies.
6. Agro-credit: This is an arrangement which enables cooperative societies to obtain and use money, seeds and farm input or services under certain condition without immediate Payment
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