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CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND OF THE STUDY

Banking in Nigeria has gone through very dramatic changes within this decade the industry has grown beyond optimistic expectations. Over the period, the number of banks expanded, the variety of banks increased, banking operation were substantially deregulated, competition increased and banks were forced to be more innovative and service oriented. Nigerian Agricultural, co-operative and Rural development bank (NACRDB) COME IN AS A Financial Institution which provides medium and long term credit for the creation or expansion of agricultural, commercial and industrial enterprises of the Economy. It is mostly established by the government.

In Nigerian Economy, agricultural sector is among other sector which is very central to it’s economic growth and development. It play very vital role in the economy by providing food, increasing domestic savings, providing foreign exchange earnings, employment, providing raw- materials for the industrial sector, as well as improving the gross domestic product of the country. Before NACRDB was established, several other measures had been taken by the government to encourage agriculture in the country, but they all failed the economy. It is in search for an efficient agricultural financing institution that these Nigerian Agricultural, co-operative and Rural development bank came in

1.2    STATEMENT OF THE PROBLEM

Nigeria Agricultural, co-operative and Rural development bank have been identified as a catalyst for a meaningful economic transformation. Herein are among other things, the problems of the bank.

1.Inadequate finding: development financing demands a huge capital out lay but the finance available to the bank is relatively small when compared to the competing needs.

2.Misconception of bank loans: most beneficiaries of development finance feel and wrongly too that the funds borrowed are part of their Nonrefundable share of the national cake.

3.Too extensive duty: The combination of the duties performed by three different institutions by one bank seems too difficult a task for the bank.

4.Inadequate data: NACRDB lacks statistics and information for effective planning of the programmers of the bank.

1.3    PURPOSE / OBJECTIVE OF THE STUDY

The objectives of this research work, is among other things the following.

1.To examine critically the contributions of the bank towards the economic development of the country.

2.To ascertain, it any, the problems hindering the bank from performing it’s duties.

3.To assess the level of contribution which the banks receives from the government.

4.To determine if any, the consequences of the bank’s failure on the Economy.

1.4    SIGNIFICANCE OF THE STUDY

This research work on the role of Nigerian Agricultural, co-operative and rural development bank on Nigerian Economy will be of immense value to the government. The result will enable the government see reasons why it should allocate more fund to the bank. Investors, farmers and other development finance beneficiaries has a lot to gain from this research, the result of the research is very imperative to them. It will enable them to formulate more realistic and infallible honest policies /attitudes by repaying the money borrowed from the bank, to enable the institution recycle the funds. Lastly, this research, will serve as a material for future research.

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