Impact of Agricultural Credit Guarantee Scheme Fund on Agricultural Production in Nigeria, 1978-2011

Description

Download Impact of Agricultural Credit Guarantee Scheme Fund on Agricultural Production in Nigeria, 1978-2011. Banking and Finance students who are writing their projects can get this material to aid their research work.

Abstract

Supporting smallholder farmers to play a greater role in food production and natural resource stewardship has been identified as one of the quickest ways to lift Nigerians out of poverty.

Funding has been seen as a major problem militating against achieving this goal. It is argued that adequate credit facility could play an important role  in  enhancing  agricultural  productivity through the acquisition of latest technology, employment of skill manpower, promotion of agricultural research and commercial farming.

In an attempt to mitigate the funding problem of the agricultural sector, the Federal Government of Nigeria has instituted several agricultural financing schemes.

One of such schemes is the Agricultural Credit Guarantee Scheme Fund (ACGSF) which was established by the federal government in 1977 with the aim of enhancing commercial banks’ loans to the agricultural sector in Nigeria with focus on agro-allied and agricultural production in order to mitigate the risk associated with lending to the sector.

Introduction

Aggregate agricultural production, crop, livestock, forestry and  fishery  productions were adopted as the dependent variables, while the independent variable was  Agricultural Credit Guarantee Scheme Fund including some other relevant variables.

The study also controlled for government expenditure in agriculture, foreign exchange rate and inflation rate. Results indicate that the Agricultural Credit Guarantee Scheme Fund (ACGSF) has a non- significant positive effect on aggregate agricultural output but significant positive impact on both crop and fishery subsector outputs.

Nevertheless, the effects of the scheme on livestock output was non-significant and negative, while that of the forestry output was non-significant and positive. Thus, it is evident that the ACGSF plays a fundamental role in stimulating agricultural production in Nigeria.

As a strategy to realize the optimal potential of farmers in enhancing agricultural performance, it is recommended that the  Nigerian  government continues the use of the credit finance from the ACGSF as an inducement  to  encourage farmers to put in their best efforts in agricultural production.

The study has contributed to knowledge by using modified versions of earlier works to produce relevant results.

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