Analysis of Loan Accessed by Cooperative Society Farmers from Bank of Agriculture (Boa), in Imo State, Nigeria

High interest rate, delay in fund release and poor attitude of bank staff were the major constraints faced by the farmers. [...]it is recommended that loan for cooperative farmers should be disbursed timely for effective use. According to them, it enables farmers to solve agricultural problems such...

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Bibliographic Details
Published in:Albanian journal of agricultural sciences 2017-01, Vol.16 (4), p.179-186
Main Authors: Ndubueze-Ogaraku, Mercy Ebere, Andamadi, Eunice Munachimso
Format: Article
Language:English
Subjects:
Agricultural economics
Agricultural industry
Agricultural lending
Agricultural production
Agriculture
Agronomy
Capital stock
Cooperatives
Economics
Farmers
Farms
Food
Interest rates
Loans
Local government
Null hypothesis
Payback periods
Population
Rural areas
Rural development
Rural sociology
Social sciences
Socioeconomics
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Summary:High interest rate, delay in fund release and poor attitude of bank staff were the major constraints faced by the farmers. [...]it is recommended that loan for cooperative farmers should be disbursed timely for effective use. According to them, it enables farmers to solve agricultural problems such as inadequate capital, inadequate access to loan and high level of illiteracy which still remain major problems in agricultural sector. [...]the study was designed to analyze the volume of agricultural loans accessed by cooperative farmers from BOA in Imo State, Nigeria. [...]the null hypothesis that socio-economic characteristics of farmers do not affect the volume of agricultural loan accessed was rejected. [...]the alternative hypothesis which stating that socio-economic characteristics of farmers had influenced on the volume of agricultural loan accessed was accepted. Recommendations The following recommendations were made from the study; LBankofAgriculture and other financial institutions should improve upon their loan procedures, so as to facilitate more farmers' access to their loan facilities. 2.The regulatory bodies of financial institutions in Nigeria should ensure that Bank of Agriculture (BOA) adhere to its core mandate by giving loans to farmers for farm activities. 3.Loans for agricultural production should be released to farmers at right time for proper utilization of funds. * Corresponding author:
ISSN:2218-2020