TABLE OF CONTENT
Title Page
Declaration
Certification
Dedication
Acknowledgement
Table of Contents
Abstract
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
1.2 Statement of Problems
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Operationalization of Variables
1.7 Significance of the Study
1.8 Scope of Study
1.9 Operational Definition of Terms
CHAPTER TWO: REVIEW OF LITERATURE
2.1 Introduction
2.2 Conceptual Framework
2.2.1 Historical Perspective of Agricultural Financing in Nigeria
2.2.2 The Establishment of Central Bank of Nigeria (CBN)
2.2.3 The Central Bank of Nigeria and Its Functions
· Issuance of Currency
· Banker and Financial Adviser to the Government
Banker to and Supervisor of Banks and other Financial Institutions
2.2.4 The Major Development Programmes and Policies of the Central Bank of Nigeria In Relation to Agriculture Financing
2.2.4.1 Agricultural Credit Guarantee Scheme Fund Establishment
2.2.4.2 Agricultural Credit Support Scheme (ACSS)
2.2.4.3 Commercial Agriculture Credit Scheme (CACS)
2.2.4.4 Incentives/Waiver to Commercial Banks
2.2.4.5 Export Promotion and Financing of Commodity Market
· Financing of export produce
· Credit guidelines
· Export credit guarantee scheme
2.2.4.6 Credit Guidelines
2.2.4.7 Central Bank of Nigeria and Agricultural Finance through Special Development Institution (Bank of Agriculture)
2.2.4.8 The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
2.3 Theoretical Framework
· The Diffusion Theory
· The High Pay Off Input Theory
· The Induced Development Theory
· Smallholder Theory of Change
2.4 Empirical Review
2.5 Summary of Literature
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research design
3.3 Population and Samples
3.4 Sample Size and Sampling Technique
3.5 Method of Data Collection
3.6 Instruments of Data Collection
3.7 Validity Testing
3.8 Reliability Testing
3.9 Method of Data Analysis
CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION
4.1 Sample Characteristics
4.2 Test for autocorrelation
4.3 Correlation Analysis
4.4 Regression Analysis
CHAPTER FIVE: CONCLUSIONS AND RECOMMENDATIONS
5.1 Conclusions
5.2 Recommendations
Bibliography
Appendices
Abstract
This study seeks to examine the role of the Central Bank of Nigeria in agricultural development in Nigeria. Specifically, the paper examines the monetary policy impact as well as the finance option effect on the country's agricultural development. The study covers the periods between 1999 and 2015. The underlying theory is the Smallholder theory of change. In the formulated model, the bank credit was used as the proxy for money supply and invariably as indicator for CBN's monetary policy, loans guaranteed under the Agricultural Credit Guarantee Scheme Fund operation was used as an indicator for the finance options of the CBN while agricultural output in terms of GDP was used to measure agricultural performance and development. The study employs the analytic methodology with secondary data used primarily as the instrument. The study also made use of the multiple linear regression technique with the bank credit and loans guaranteed under ACGSF operations as the explanatory variables while agricultural output served as the dependent variable. The study tested two primary hypothesis. One stated that there is no significant relationship between the Central Bank of Nigeria policies and agricultural development in Nigeria while the other stated that there is no significant relationship between the Central Bank of Nigeria finance options and agricultural development in Nigeria. From the study, It was discovered that a positive correlation exists between bank credit and agricultural development as well as between ACGSF guaranteed loans and agricultural development. However, at the critical significance level of 0.05, the study shows that bank credit does not have a statistically significant effect on agricultural development with 0.108 > 0.05. unlike the loans guaranteed under the ACGSF operations which shows a statistically significant effect on agricultural development with .000 < 0.05. This study will prove helpful for policy makers as well as financial and credit institutions that wish to study diverse issues in agricultural development in general and agricultural financing in particular. Specifically, going by the results of the study, it was recommended that the CBN should encourage Commercial banks to give more credits to the agricultural sector either through inducement or guidelines as well as in collaboration with the states and federal government provide more technical assistance such as experts training and improved access to input and output market in order to unlock the vicious cycle of productivity in the agricultural sector.
Keywords: Agricultural development; Central Bank of Nigeria Policy; Finance Options