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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Nigerian government prescribed allocations to agriculture: a case study of the performance of the trading banks
Author:Okorie, Aja
Year:1987
Periodical:African Review of Money, Finance and Banking - Supplement to 'Savings and Development'
Issue:1
Pages:55-67
Language:English
Geographic term:Nigeria
Subject:agricultural credit
External link:https://www.jstor.org/stable/23027194
Abstract:In order to compel commercial and merchant banks to lend more to the agricultural sector, the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN), prescribes annually the proportions of total bank credit that must be allocated to the agricultural sector, among others. On the basis of data obtained from various issues (1976-1983) of the CBN Annual Reports and Statement of Accounts, the author examines how adequate the prescribed allocations for the agricultural sector have been, and to what extent the commercial and merchant banks have implemented the prescribed allocations over the years. Between 1975 and 1983, neither the commercial nor the merchant banks were able to achieve the prescribed allocation of loans to the agricultural sector. Reasons for such non-optimal performance include high level inertia, sectoral interest rate structure, high cost of credit administration, difficulties encountered by smallholder farmers in satisfying bank requirements, inadequate manpower and rural spread of bank branches, and lack of enforcement of prescribed penalties against defaulting banks. Bibliogr., sum. in French.
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