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International Journal of Sustainable Agricultural Research

December 2021, Volume 8, 4, pp 198-208

Analysis of Smallholder Farmers Repayment of Bank of Agriculture Loan in Ezza South Local Government Area of Ebonyi State, Nigeria (2009-2018)

Mbam, B. N.

,

Nwibo, S. U.

,

Nwofoke, C.

,

Egwu, P. N.

,

Odoh N.E.

Mbam, B. N. 1 Nwibo, S. U. 1 Nwofoke, C. 1 ,
;
Egwu, P. N. 1 Odoh N.E. 1 

  1. Department of Agricultural Economics, Management and Extension, Faculty of Agriculture and Natural Resources Management, Ebonyi State University, Abakaliki, Nigeria. 1

Pages: 198-208

DOI: 10.18488/journal.70.2021.84.198.208

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Article History:

Received: 23 June, 2021
Revised: 27 July, 2021
Accepted: 19 August, 2021
Published: 13 September, 2021


Abstract:

Smallholder farmer’s repayment of Bank of Agriculture (BOA) loan in Ezza South Local Government Area of Ebonyi State was studied using 120 smallholder farmer beneficiaries selected using multistage sampling technique. Data were collected from primary source only using structured questionnaire and analyzed using both descriptive and inferential statistics. Results showed default of 32.3% as out of N333, 997,620.50 were disbursed to the farmers a total of N226, 080,887.00 were repaid. However, the socioeconomic characteristics of the loan beneficiaries contributed about 75 % (R2 = 0.754) significant influence on repayment of Bank of Agriculture loan. Meanwhile, high interest rate, excessive bureaucracy, high rate of illiteracy, late approval of loan, lack of collateral, short payback period, and low farm output were identified as the major constraints to the repayment of BOA loan. It is recommended that as a measure to promote efficient and timely repayment of BOA loans by the farmers, management of BOA should address the institutional factors such as high interest rate, excessive bureaucracy and late approval of loan, high-value collateral and short payback period that were identified as the major constraints to BOA loan repayment.
Contribution/ Originality
This study contributes in the existing literature on the repayment of Bank of Agriculture loan. It establishes that there is low repayment of BOA loan by the smallholder farmers in Ezza South Local Government Area of Ebonyi State, Nigeria.

Keywords:

Loan repayment, Bank of agriculture, Smallholder farmers, Credit, Households, Ebonyi State.

Reference:


Statistics:

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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