LIVESTOCK FINANCING IN ABUJA METROPOLIS OPPORTUNITIES AND THREAT

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LIVESTOCK FINANCING IN ABUJA METROPOLIS OPPORTUNITIES AND THREAT

(A case study of Nigerian Agricultural Corporation Bank, Abuja)

ABSTRACT

This research work, tries to show the role of Nigerian Agricultural Cooperative Bank and Nigeria Insurance Cooperation and people that engaged in livestock in Abuja metropolis. An efficient and prosperous animal agriculture historically has been the mark of a strong, well-developed nation. Such agriculture permits a nation to store large quantities of grains and other foodstuffs in concentrated form to be utilized to raise animals for human consumption during such emergencies as war or natural calamity. Furthermore, meat has long been known for its high nutritive value, producing stronger, healthier people. The researcher also looks at the strategy as a tool to be reckoned with as an essential foundation for the success and growth of livestock business, it also defined the major problem of the company. The work contains the general overview of Nigeria Agricultural Cooperative Bank, Nigerian Agricultural Insurance Scheme, and Farmers themselves. It also talks about the method of financing, the type of financing given to the farmers, the loan procedures and application. The researcher used both primary and secondary methods of data collection for this work. It also used many view to analyze the data in tabular form and test the hypothesis. In carrying out the research, the researcher made a lot of findings and based on the findings, recommendation on the best way to solve the outstanding problems of the company was suggested.

CHAPTER ONE

INTRODUCTION

1. BACKGROUND OF THE STUDY

The study is to carry out the problems and the solving problems of livestock farming and financial in Abuja metropolis, in reveling the opportunities and the threat associated with the farmers in Abuja metropolis.

For many years back there was no serious financing of livestock in Abuja metropolis, not until Babangida  move all governmental offices to Abuja in 1996 it was then Nigeria Agricultural Cooperative and Rural Development Bank started to give loans to livestock farmers in Abuja in 1996 at which 499 was recorded from 1996 to date, with short and medium term loan was given to some  living in Abuja metropolis, at which some paid back their loan why some did not paid and they were handed over to the law enforcement agency, about three farmers were recorded.

Those who lost their animals or birds through fire out break were also compensated through the Nigerian agriculture insurance cooperation Abuja.

These are the livestock that have being financed in Abuja -: cow, goats, sheep, pigs, poultry, fishing, rabbits and guine pig rearing. The above is to examined the back ground of the financing of livestock in Abuja metropolis and why the livestock in Abuja metropolis before 1996. From that date they recorded minimum of threats and recorded high opportunities in Abuja metropolis either FCDA or by the Nigeria Agricultural Cooperative And Rural Development Bank, NAIC and the on livestock.

This project work is also tried to examined the establishment of some financial institution such as Nigeria Agricultural Cooperative And Rural Development Bank, NADB, NAIC and some commercial banks such as cooperative bank, unity bank, to minimize the threat associated with loans and increase the opportunities of livestock and the farmers in Abuja.

Giving the cost endowment, existing in this country in terms of both human and capital resources it is a logical to expect that the solution to the problems of livestock in Abuja metropolis, that is the main objective of my research work to review the opportunities and the threat for negative runs of borrowers of loans, government (FCDA) and financial institution like Nigeria Agricultural Cooperative And Rural Development Bank within the economy.

1. STATEMENT OF PROBLEM

Livestock financing in Abuja metropolis is slow in essence it cause by some problems which can be grouped into four categories.

1. The problem associated with agricultural itself.
2. The problem created by the farmers.
3. The problem by the government (Nigeria Agricultural Cooperative And Rural Development Bank, NAIC, FCDA) Federal Capital Development Authority.
4. Other problems associated with livestock financing.

The problem inherent in agriculture include; natural hazard like fare, flood etc., high mortality rate, poor and inadequate infrastructural facilities, slaw rate of return either by kind or by cash, the absolute electricity of land, timing of the project and the presence of numerous greedy by some livestock farmers. The problems created by some farmers include; diversion and misappropriation of loan disbursed to them for livestock projects deliberately misconstruction of the objectives of government in the instituting credit need plus reverence to accept time assessment.

Other problems is from the Nigerian agricultural cooperative bank about too long processing  of paper before farmers could get a loan and interest being changed on percentage of loans are too high and also to get their claim back from Nigerian agricultural insurance company takes a longer time too also, insufficient appraisal of livestock project before approval of government policy, shortage of labour and days to return the loan are to short also insufficient of securities and high level of illiteracy among the livestock farmers are common.

1.3     OBJECTIVES OF THE STUDY

This research work is aimed at

1. Portraying the major opportunities and the threats of livestock, financing of livestock and livestock farmers, with emphasis on how to discover opportunities and how to minimize the threats associated with the livestock.
2. To aim at the possible solution to the problem of livestock financing.
3. To know what and what are needed before a livestock farmer can get loan.
4. How to use the loan effectively and wisely.
5. How to insure the livestock and how to make their claims through the insurance company.
6. To know specified area for each livestock in Abuja stipulated by the FCDA law of livestock farming in Abuja metropolis, Act of 1990.

1.4     SIGNIFICANCE OF THE STUDY

Economic development is an instrument of survival of any nation in the world that makes every nation strikes towards various economic development programmes so as to improve the general conditions of living of their citizens, through the provision of social infrastructure, good education, health care delivery system, good roads, and increasing in productivity and availability of essential product in the country.

The significant of this study in Abuja metropolis cannot be obviously overlooked. The imminent contribution of various financial institutions, such as Nigeria Agricultural Cooperative and Rural Development Bank, Nigerian Agricultural Loan Scheme and Nigerian Agricultural Insurance Company warders the justification of this study.

This study is expected to raise the awareness of the livestock farmers in Abuja metropolis to the existence of abundant all availability services and assistance from the financial institutions in Abuja.

The methods of assessing the qualification of person(s) that would need their services as well as the problems faced by those institutions would be examined critically and possible solution towards them.

Also to reveal the opportunities and the threats of livestock either by farmers themselves, Agriculture itself, by the financial institute, by government (FCDA) and to know the threats caused by them together with natural hazard and other problems associated with livestock, and the law governing Abuja as a whole.

1.5     RESEARCH QUESTIONS

i.   What are the threats associated with livestock financing and life stock farming?

ii.  What are the possible solutions to the problems of livestock financing?

iii. What are the requirements for a livestock farmer to get loan?

iv. What are the possible areas for livestock farming in Nigeria?

1.6     RESEARCH HYPOTHESIS

          The hypothesis for this study is stated below:

Null hypothesis is one you are testing (H_o), while (H_i) the alternative hypothesis is one you are willing to accept if (H_o) is not correct.

1. (H_o):  There are greater opportunities on livestock than the threat on livestock in Abuja metropolis.

(H_i):  There are no greater opportunities on livestock than the threat on livestock in Abuja metropolis.

1. (H_o):  Financing of livestock in Abuja metropolis can lead to increment in productivities in Abuja metropolis.

 (H_i): Financing of livestock in Abuja metropolis has no effect on productivity.

1.7     SCOPE OF THE STUDY

The scope of this study is intended to cover the opportunities and the threats of livestock financing in Abuja metropolis.

1.8     LIMITATIONS OF THE STUDY

Few problems were encountered in this research work, which made the researcher to limit the study of the level this research covers. This problem includes finance, time, materials as well as convenience.

Due to financial constraint the researcher could not cover a large area of study.

On the area of time, due to heard pressing academic load and the semester is too short in which the researcher had very limited time and convenience to cover area larger than this.

On the area of materials, there was no enough text on agriculture in my school library; this brought a limitation to my work.

1.9     DEFINITION OF RELEVANT TERMS

Livestock:  Animals kept for sale or raised for food or other products, or kept for use, especially farm animals such as meat and dairy cattle, pigs, and poultry.

Loan: An amount of money given to somebody on the condition that it will be paid back later.

Finance: The money necessary to do something, especially to fund a project

Metropolis: A very large city, often the capital or chief urban center of a country, state or region.

Opportunities: a chance, especially one that offers some kind of advantage.

Threat: the expression of an intention to cause harm or pain.

Agriculture: the occupation, business, or science of cultivating the land, producing crops, and raising livestock.

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