Agricultural Development In Nigeria: A Study Case Of Bank Of Agriculture
Okafor Onwuagana Chukwuma (PhD
Baze University, Nigeria
Isibor Areghan Akhanolu (PhD)
Covenant University, Nigeria
Keywords: Bank of Agriculture, total crop financing, total fishery financing, total livestock financing, AGDP
Abstract
The study examined the impact of Bank of Agriculture on financing Agricultural Development in Nigeria. The study employs annual time series data covering the period 1993-2019 obtained from Central Bank of Nigeria (CBN) Statistical Bulletin, CBN Annual Report and Nigerian Bureau of Statistics (NBS). In carrying out the study, total crop financing, total fishery financing and total livestock financing are the proxies for the independent variable (Bank of Agriculture) while Agricultural Gross Domestic Product (AGDP) serve as the dependent variable. The data collected were analyzed using ordinary least square (OLS) technique. Other test conducted was stationarity/unit root test. E-view 9.0 were used to analyze the data and results obtain indicated that, Total Crop Financing (TCF) has positive but insignificant effect on Agricultural Gross Domestic Product (AGDP).Total fishery Financing (TFF) has positive but insignificant impact on Agricultural Gross Domestic Product (AGDP) Total livestock Financing (TLF) has positive but non-significant effect on Agricultural Gross Domestic Product (AGDP) The study recommended among others the sustenance of government policy that encourages consistent injection of funds into agriculture. Farmers should be encouraged to apply for loans from the participating banks to enhance their agricultural activities and productivity; and also, to repay the loans as and at when due.