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Micro Credit Finance and the Growth of Agriculture in Ogun State Nigeria

  • Year: 2009
  • Author: Owojori, A A; Oyewole, O I
  • Journal Name: Continental Journal of Social Sciences
  • Journal Number: 2
  • Publisher: Wilolud Journals
  • Published Location: Akure, Nigeria
  • Country: Nigeria

This paper highlighted the contribution of micro credit finance to the growth of agricultural production in Nigeria and critically evaluated the need for financial institution in the Nigeria's agricultural productivity. The expected role of the financial institutions in solving the problems of rural and near rural economy; such as poverty, lack of adequate financial and business advice and its effectiveness in the area of developing the economy of their immediate environment and transforming these in a way of solving national economic problem that will lead to economic growth and development. The socio economic and cultural attitudes of the farmers towards the micro credit contribution to the economic growth of the nation were also examined. The paper also examined the performance of the financial institutions and problems facing them generally so as to enable the licensed controlling authority to solve the problems of the financial institution based on management, capital base and timeliness of disbursement and recovery. Furthermore, the paper examined the future prospects for the micro credit institutions and what is expected of the controlling body for effective management of the credit banks. The scope, the expected role and problems of credit institution were examined and possible solutions recommended for the success, progress and prosperity of agricultural productivity in Nigeria.

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