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The Challenges of Agricultural Finance in Nigeria: Constraints to Sustainable Agricultural and Economic Revival

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  • FAMOGBIELE, Akinola

    (DEPARTMENT OF ACCOUNTING AND FINANCE,FACULTY OF SOCIAL AND MANAGEMENT SCIENCES,AJAYI CROWTHER UNIVERSITY, OYO,OYO STATE, NIGERIA)

Abstract

Prior to the discovery of oil in commercial quantity, agriculture was the mainstay of the country’s economy. The CBN, in its June 2012 report put the contributions of the agricultural sector to the GDP at 42%[a far cry from the immediate pre and post independence position of 65%], having recovered from its abysmal low contributions of 30% in the last decade of the last century, despite almost N300 billion that had been sunk into the sector through the ACGSF, BOA Ltd, CACS, among others.This paper is therefore set out to analyse the performances and achievements of the ACGSF; BOA Ltd and the most recent CACS since their respective establishments about 40years ago. These are some of the Federal Government initiated policies, schemes and institutions established to ensure adequate funding of agricultural sub-sector of the economy with a view to sustaining agricultural and economic revival and growth. Its revival and development has been affirmed as one of the factors that could enhance the economic growth and resuscitation of the nation’s wellbeing which is still far from being achieved despite her oil wealth.Using mainly, the secondary data sourced from the reports of these institutions, the CBN, journals, interviews and presentations of various stakeholders, the study concluded that though important as a factor of production, finance per se, cannot work in isolation of other factors to successfully achieve the much expected result in agricultural sector. These identified factors include among others, policy inconsistency and somersaults, absence of commodities marketing and pricing institutions, lack of effective and adequate storage, inadequate insurance coverage and more importantly, corruption.

Suggested Citation

  • FAMOGBIELE, Akinola, 2013. "The Challenges of Agricultural Finance in Nigeria: Constraints to Sustainable Agricultural and Economic Revival," International Journal of Business and Social Research, LAR Center Press, vol. 3(5), pages 234-244, May.
  • Handle: RePEc:lrc:larijb:v:3:y:2013:i:5:p:234-244
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    Cited by:

    1. Ndem, Bassey Enya & Walter, Mboto Helen & Ovat, Okey Oyama & Henry, James Tumba & Peter, Lebo Monica, 2023. "Agricultural financing and economic performance in the Obudu local government area of cross River State, Nigeria," Asian Journal of Agriculture and Rural Development, Asian Economic and Social Society (AESS), vol. 13(01), January.
    2. repec:arp:sjefsm:2021:p:25-34 is not listed on IDEAS
    3. Anthony Orji & Jonathan E. Ogbuabor & Onyinye I. Anthony-Orji & Jennifer Nkechi Alisigwe, 2020. "Agricultural Financing and Agricultural Output Growth in Developing Economies: Any Causal Linkage in Nigeria?," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 10(2), pages 34-43.

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