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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How to nail it on the head during your project / seminar defence
You are through with writing that project / seminar. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
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.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.
Structure of a Seminar Paper
I feel like there is a lot of stress out there among grad students about writing seminar papers, especially when we’re told that our goal should be to make an original contribution to the field. That idea can be quite intimidating when we’re just starting out. It feels like you’ve asked us to jump off the deep end of the pool and we don’t know how to swim.
I think part of the problem is that we’re still working out how to structure seminar papers.** Each paper we write is another step closer to a successful, effective, and effective paper; however, we’re still flailing our arms (and other miscellaneous body parts) around because we’re uncertain of exactly how to go about it. I realize, of course, that there is no one right answer. However, below is my suggestion at sticking your toes in the water.
Section #1 — Introduction
Provide a little bit (or a lot) of motivation for the reader to read your entire paper. Failing that, your reader should know what the paper is going to be about by reading your introduction.
Paragraph #1 — Get some attention.
- Provide a context by citing a recent text in the field — the point that is cited may or may not be the main point of the text — it is what jumped out at you.
- Set-up broader context of what you’re going to do
Paragraph #2-?? — Define issue and the gap.
- Define issue and any key terms
- Limit scope as necessary
- Establish significance of issue
- State problem by defining the gap
- Explain how present research attempts to fill the gap
- Outline contributions (readers will see lit review for more detail.)
- End with thesis and preview organization of the rest of the paper
Section #2 — Literature Review
Give some credit where credit is due.
- Indicate the current state of the issue/problem/topic
- Define or qualify terms
- Engage sources in conversation with each other (don’t just copy in annotated bib)
Section #3 — Argument / Discussion
As stated in the Allyn & Bacon Guide to Writing:wallow in those complexities!!
- Examine issue
- Argue how issue can be mitigated, mediated, or mashed
- Provide evidence and support
- Make some lively commentary along the way
Section #4 — Conclusion
We’re almost done. Don’t quit now.
- Summarize research question
- Qualify argument/discussion if you need to
- Explain where we go now
- End well
Section #5 — Works Cited
Is everything listed on the works cited?
Tips: it’s ok to use sub-headings to keep yourself organized.
Tips On How To Know What Your Supervisor Is Looking Out For In Your Project
Apparently all schools/colleges ask their undergraduates especially the final students to write their final year project before they are certified to be graduates. These projects are mostly discovery activities geared towards problems solving or basically to make new discoveries or better still have a better understanding of a problem with the aim of proffering better solutions.
With this assigned task an undergraduate will need an advisor, a counselor or a supervisor to guide and direct this activity for a desired result and a successful ending and of course, in return the supervisor have factors to look out for in a student project, so that the aim of the project writing will not be defeated.
As a final year student planning to write your final year project, there are some factors you need to consider when trying to have a good working relationship with your supervisor and you must have the below tips at your fingertips to know what your supervisor look at for in your project.
Selecting the right topic or title:
The supervisor would want to know how knowledgeable one is, in a chosen topic and how far one can go with the topic by asking one diverse questions which could be simple or a bit tough. So one thing is to choose a right topic and another thing is to be knowledgeable about the said topic.
The relevancy of the project topic to the degree course:
This is one of the important things a supervisor looks out for in a project. A final year project must have a purpose and objectives and most importantly be problem solving and must be related to the course of study. So a project topic should be relevant and interesting.
The realistic plan for the project:
A project supervisor will always look at how realistic a project topic is. Will the project aims be achieved and at the specified time. If it will outlived the specified time such topic might be dropped and a new topic adopted to run the set time and fulfill its purpose.
Quality of research materials available:
Another factor a supervisor will consider in project writing by a student is the quality of the materials available for research on the chosen project topic, can materials and information be readily available and are those materials of high standard and convincing not just bogus and fictitious analysis but materials that research has be carried out by scholars related to course of study. So a source of materials used for a project is very important and most supervisors look out for this.
The funding channels:
Almost all project writing needs a good amount of funding to achieved the desired aim, A supervisor would always want to find out how the project will be funded, so as not to have hitches when the project is on. So to have a smooth working relationship with ones project supervisor, the funding of the project must be considered and revisited from time to time. Because a supervisor will look out for this aspect too.