The Role of Microfinance Banks in Financing Agriculture in Yola North Local Government Area, Adamawa State, Nigeria

Dr. Madugu

The Role of Microfinance Banks in Financing Agriculture in Yola North Local Government Area, Adamawa State, Nigeria

Dr. Madugu * §

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§ Adamawa State University, Mubi, Nigeria.

The Role of Microfinance Banks in Financing Agriculture in Yola North Local Government Area, Adamawa State, Nigeria

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Abstract

The study examined the role of microfinance banks in financing agriculture in Yola North Local Government Area of Admawa State. Primary data were collected from a total of 100 farmer selected by simple random sampling. Structured questionnaires were the instrument for data collection from the farmers. Simple descriptive statistics such as means and percentages and frequencies were used to analyze the data collected from respondents. Results reveal that, majority (67.11%) of the respondents were males, while 32.8% were females, 44.74% of the respondents were within the age limit of 31 -40 years, 73.68% of the respondents were married, and 85.53% of the farmers had formal education. 60.53 % used the loan for the purpose for which it was collected and 55.26% repaid the loan collected from the Microfinance Bank Yola in (2010). 15.29% of the respondents identified high interest rate on loan acquired from microfinance bank as a major problem, 10.95% identified delay in loan disbursement as their major problem while only 1.18% of the respondents stated that they were not given the loan they applied for. The study recommends that loans for the farmers should be disbursed in good time; banks should reduce the interest rates on agricultural loans. Also, microfinance banks should be encouraged to act as a major lender in financing small scale farmers in the country to meet the food requirement of the teeming population.

References

9 Cites in Article

Reference Format

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Dr. Madugu. 2012. "The Role of Microfinance Banks in Financing Agriculture in Yola North Local Government Area, Adamawa State, Nigeria". Global Journal of Science Frontier Research - D: Agriculture & Veterinary GJSFR-D Volume 12 (GJSFR Volume 12 Issue D8).

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GJSFR Volume 12 Issue D8

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Journal Specifications

Crossref Journal DOI 10.17406/GJSFR

Print ISSN 0975-5896

e-ISSN 2249-4626

Keywords

Ada Adamawa State Banks Loan Microfinance The Role of Microfinance Banks in Financing Agriculture in Yola North Local Government Area Yola North

Classification

GJSFR-D Classification FOR Code: 070106

Submission ReceivedJuly 30, 2012
Peer Review Double Blind
Handling Editor
Accepted August 22, 2012
Published September 3, 2012

Version of record

v1.2

Issue date

September 4, 2012

Language

English

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Article Matrices

Total Score: 109

Country: Nigeria

Subject: Global Journal of Science Frontier Research - D: Agriculture & Veterinary

Authors: Dr. Madugu, A.J, Bzugu, P.M. (PhD/Dr. count: 1)

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Publish Date: 2012 09, Mon

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Total Downloads: 78

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