AGRICULTURAL CREDIT POLICIES AND DEVELOPMENT IN NIGERIA

CHAPTER ONE

1.0               INTRODUCTION

Rapid economic development in the developing countries can be possible through developed barking system and its credit policies and development. The banks and other financial institutions  mobilize saving on a large scale and finance a wide range of  activities in the fields of agriculture industry, commerce, transport, exports and other priority sectors. Agricultural is the most important constituents of the priority sectors.

Agricultural development presupposes a greater flow of inputs as well as institutional and organizational reforms. Agricultural credit policy is one of the most crucial inputs in an agricultural development programmes. The need for credit increases with the modernization as it involves financial investments. The overall impact on the economy and the attendant welfares and improved standard of living of Nigerian citizens by the agricultural credit policies/ development programmes inspired me to embark me to work on this master’s research work.

1.1    Background to the study

          Since Nigeria attained independence in 1960, there has been a consistent drive towards the improvement of the agricultural sector of the economy. This can be seen in the various agricultural policies that have been embarked upon by different regimes of both military and civilian governments so as to attain food security through agricultural, a core and pivotal sector of the entire economy.

          FAO (1996) defined food security as that which exists when all people, at all times, have physical and economic access to sufficient, safe and nutritious food that meets their dietary needs and food preferences for an active and health life. This widely accepted definition points to the following dimensions of food security:

-        Food availability: The availability of sufficient quantities of food of appropriate quality supplied through domestic production or imports (including food aid).

-        Food access: Access by individuals to adequate resources (entitlements) for acquiring appropriate foods for a nutritious diet. Entitlements are defined as the set of all commodity bundies over which a person can establish command given the legal, political, economic and social arrangements of the community in which they live (including traditional rights such as access to common resources).

-        Utilization: Utilization of food through adequate diet, clean water, sanitation and healthcare to reach a state of nutritional well being where all physiological needs are met. This brings out the importance of non-food inputs in food security.

-       Stability: To be food secure, a population, householder individual must have access to adequate food at all time. They should not risk losing access to food as a consequence of sudden shocks (e.g. an economic or climate crisis) or cyclonical events (e.g; seasonal food insecurity). The concept of stability can therefore refer to both the availability and access dimensions of food security.

Agriculture is the cultivation of land, raising and, rearing of animals for the purpose of production of food for man, animals and industries. It involves and comprise of crop production, livestock and forestry, fishery, processing and marketing of those agricultural production (Mabuza et al, 2008).

          In the theories of economic development (agricultural and economic development) propounded by Lewis (1954), he saw agriculture as the basis for industrial growth and development. He saw agriculture as freeing disguised labour for industrial production and hence the engine of growth and development of any society must obviously start with agricultural production. In this sense, Irgco et al (2004) with heavy modernization and mechanization of agriculture, labour is free for industrial development.

Arnold (2001) referred Economic Growth either to absolute real economic growth or to per capita real economic growth. Absolute real economic is an increase in real GDP (Gross Domestic Product from one period to the next. But per capita real economic growth is an increase from one period to the next in per capita Real GDP, which is Real GDP divided by population. 

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