Cooperative And Agricultural Financing (A Case Study Of Abia State)
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This project is specially dedicated to the God Almighty who had showed me mercy through out my programme as a student. I also dedicate this project to my beloved parents, Mr. and Mrs. Placid Amajuoyi for their parental care and love showed to me through out my educational pursuit.
Equally I dedicate this work to my able Supervisor in the person of MR. CLEMENT UBA for his encouragement and guideline.
I wish to express my sincere gratitude to God Almighty, for his wisdom and understanding, care, love, favour and life which he has granted to me all through this period, I say may his name be glorified.
My deep appreciation goes to my ever green parents in the person of Mr. and Mrs. Placid Amajuoyi for their moral and financial support towards making my educational pursuit a success, my prayer is that God should grant them long life for them to reap what they have laboured for.
I also acknowledge the efforts of my humble Supervisor, MR. CLEMENT UBA for time and energy he has devoted in making this project a success I say may the good Lord bless him.
My special thanks go to my Head of Department in the person of MS LILIAN UGWUANYI and to my humble lecturers as well.
Finally, I acknowledge this project to my uncles and in laws who have contributed in one way or the other, may God richly reward them all, also to my friends who have contributed to the success of my programme, I say I love you all, some body like, Mr. Chigozie, Mr. and Mrs. John Amajuoyi, Mr. and Mrs. Patrick Ezeala, Mr. and Mrs. Titus Ogbo, Mr. & Mrs. Jude Ekezie, Miss Chioma Okoye, Ulochi Nwokeire, Asoluka Chizo and the rest of them all.
I also acknowledge my humble self and I pray that the good Lord who has been with me through out this period will continue to be with me even in the camp and after the camp in Jesus name Amen.
This study is an analysis of cooperative and agricultural financing in Ikwuano local government area of Abia State. The objectives were to ascertain the capital reserve of cooperative societies and to determine the sources of finance for cooperative society in the area. To determine the extent to which cooperative societies have improved farmers access to financial capital in the study area.
Three communities were randomly selected and five (5) cooperative society were equally selected and data were solicited with the use of structured questionnaires. Also data were collected on such variables as socio-economic characteristics and management practices. Data were analysed using simple descriptive statistics such as chi-square and survey method were adopted, all geared towards gathering information as regards to how cooperative and agricultural financing are being done in those areas.
Also, in every organization be it profit oriented or non- profit oriented organization, finance is the life wire of such organization. Likewise, in every sector of the economy like agriculture and cooperative society as for the purpose of this research work, finance is very essential. In the course of this research work, we will identify and highlight various ways and methods in which this society is being financed.
The system of going for long and short term borrowing has gone a long way in helping the cooperative and agricultural movement in that area, often times, the government through the ministry of Agriculture and ministry of cooperative in collaboration with chambers of commerce and industry do give their maximum assistance for the development and growth of the society.
In the same vain, lack of adequate financial assistance can lead to big problems and constraints and as a matter of which poor service to its society and the public at large.
Table Of Contents
- Cover page
- Title page i
- Certification ii
- Dedication iii
- Acknowledgements iv
- Abstract v
- Table of contents vi
- 1.0 Introduction
- 1.1 General Overview of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Scope of the study
- 1.5 Test of Hypothesis /Questions
- 1.6 Significance of the study
- 1.7 Limitations of the study
- 1.8 Definition of terms
- 2.0 Literature Review
- 2.1 History of cooperatives
- 2.2 Formation of Cooperatives
- 2.3 Goals of cooperatives
- 2.4 Types of cooperatives
- 2.5 Importance of cooperative financing
- 2.6 Benefits of cooperative and agricultural financing
- 2.7 Sources of funds in cooperatives
- 3.0 Research Methodology
- 3.1 Introduction
- 3.2 Research design
- 3.3 Sampling design
- 3.4 Method of data collection
- 3.5 Procedure for processing data
- 4.0 Presentation and analysis of data
- 4.1 Presentation of data
- 4.2 Analysis of data
- 4.3 Test of hypothesis
- 5.0 Summary, Conclusion and Recommendations
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendations
1.1 General Overview Of The Study
Agriculture is the oldest industry known to mankind and it is the source of our food and raw material for many industry (Lot, 1985), infact, it can be justifiably referred to as the worlds primary industry (Lot, 1985). At more than 25 years after the country’s political independence, it is a paradox that Nigeria agriculture still manifests the typical symptoms of a peasant agriculture, the farms are small averaging less than five (5) hectares of land and accounting for over 90 percent of the total production, the farming population is itself rapidly going down, with attendant deterioration in the vigour and stability of the human labour, the primary production suffers from irreversible rural and urban migration which contributed to the depopulation of the country side thereby making labour more scare and thus more expensive, the livestock industry is dominated by nomadic herdsmen while the fishing sectors is essentially artisans, the forestry resources which are the bounties of nature suffer from massive exploitations without regeneration (Ijere et al., 1988).
The result of that is low productivity and slow rate of growth which is between (1980-1985) has been put at one percent per annum. For an economy which is heavily skewed inferior of primary production, this growth rate will hardly be seen as impressive. The cause of this is stagnation in the agricultural sectors which is so numerous and varied as they are complex. It has been argued that the oil “syndrome” has undermined the performance of the agricultural sector by accelerating the shift of labour, capital managerial talent to other industries (Ijere et al., 1998). Also the past urban basis for public policies enhanced the productivity of investment in non-agricultural commodities to the detriment of investment in the agricultural sector (Ijere et al., 1998).
1.2 Statement Of The Problem
The problem associated to cooperative and agricultural financing has caused a lot of harm than good in the industry and commercial sector. The major ones are the inadequate funds to execute a project in the rural areas. As a matter a fact farmers who live virtually below the subsistence level and have no real connections with the people that matter in the community or society have no tangible assets to bank or government grants. Presently the locations of commercial banks are almost confirmed to the urban areas. Being profit oriented, those commercial banks tend to favour their concentration on their branches alone which is the urban areas where business is booming (Ijere, 1985).
A pertinent question to ask then is at a micro level, are the rural areas’ industrialists and farmers doomed to external acute shortage of funds.
1.3 Objectives Of The Study
The overall objective of this study is to analyse the role of a cooperative and agricultural financing in Abia State. The specific objectives include:
- To identify the socio-economic characteristics of cooperatives in the studies.
- To determine the sources of financing of cooperative societies in the study area.
- To identify factors that influence the capital reserves of cooperative societies.
- To determine the extent to which cooperative societies have improved their farmer’s access to financial capital.
- To make policy recommendations based on the findings of the study.
1.4 Scope Of The Study
Nigerian agriculture is a developing agriculture characterized by low level of private investment and changing technology. Agricultural development is a process involving the adoption by farmers of new and better agricultural practices leading to increased productivity and overall welfare of the economy.
Credit mobilization in Nigeria, as in many developing countries is predicated on many interrelated factors, chief of which are the economic situation of the country, the organizational structure of public and private credit institutions and availability of investment opportunities (Ijere, 1985).
The study will serve as an eye opener to the farmers about the important roles of cooperative societies and to encourage them to participate in cooperative activities.
1.5 Test Of Hypothesis / Questions
The followings are hypothesis to be tested:
- Ho: Cooperative and agricultural financing have not contributed to the growth of the economy.
- Hi: Cooperative and agricultural financing have contributed to the growth of the economy.
- Ho: the amount of fund available to cooperative is negatively related to their membership strength.
- Ho: the amount of fund available to cooperative is positively related to their membership strength.
1.6 Significance Of The Study
Nigerian agriculture is a developing agriculture characterized by low level of private investment and changing technology. Agricultural development is a process involving the adoption by farmers of new and better agricultural practices leading to the increase in productivity and overall welfare of the economy (Agu, 1998).
Credit mobilization in Nigeria as in many developing countries is predicated on many interrelated factors chief of which are the economic situation of the country the organizational structure of public and private credit institutions and availability of investment opportunities (Ijere, 1985). The study will serve as an eye opener to the farmers about the important roles of cooperative societies and thus encourage them to participate in cooperative affairs.
1.7 Limitations Of The Study
This has given rise to a strong industry and commercial sector which is in highly hooked to the whimsy caprices of international economic manipulation, and offering such high wages which can not be offered in any farm enterprise (Ijere et al 1998). Added to this is the high-income expectation in the urban areas which has greatly enhanced the rural and urban migration especially among the young and able bodied, leaving only the aged men and women to adone the rural village. A further cause of stagnation in the cooperative and agriculture is the low level of mechanization of farming practices with the prevalent use of hoes and cutlasses and the limited use of facilitating inputs (fertilizers) as well as low level of post harvest technology (Ijere and Ajakaiye et al 1998).
These together with a failure to ensure stable remuneration prices and marketing channels result in chronic low income and small holding operated largely for family sustenance with very little market participation (Ajakaiye 1998). Therefore, caught up in this various circle of low productivity, small holdings and low income, farmers have very limited capacity for capital accumulation on which the development of their low resources based on the need to create a credit system capable of financing of cooperative and agricultural becomes germane to a discussion on agricultural development programme.
1.8 Definitions Of The Terms
At this point an attempt will be made to give the definitions of cooperative and agricultural financing.
Cooperative according to international labour organization they defined cooperative as an association of people who have voluntarily joined together their resources to achieve a common end through the formation of a democratically controlled business organization, making equitable contributions to the capital required and accepting a fair share of the risk and benefit of the undertaking in which the members actively participated. (ILO, 1966).
Also, according to International Cooperative Alliance 1995, they defined cooperative as an autonomous association of persons united voluntarily to meet their common economic, social, cultural needs and aspirations through a jointly owned and democratically controlled enterprised.
Agriculture can be define as that branch of rural economy that is engaged in the production of farm products through the use of, water, land, forest and other related farm resources.
Finance can be defined as the management of the flows of money through an organization.
Also finance can be defined as a way by which an organization raises money for the day-to-day running of a business.
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The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
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