NDUBUEZE-OGARAKU, MERCY EBERE ANDAMADI, EUNICE MUNACHIMSO
Department of Agricultural Economics and Extension, Faculty of Agriculture, University of Port Harcourt, East-West Road, Rivers State, Nigeria
The study examined the determinants of agricultural loan accessed by cooperative farmers from Bank of Agriculture in Imo State. Specifically, the socio-economic characteristics of the cooperative farmers were identified, volume of loan accessed by cooperative farmers was determined, effects of the socio-economic characteristics of the cooperative farmers on the volume of loan accessed was estimated. 80 respondents were selected randomly from five Local Government Areas of Imo State and data were collected using structured questionnaire. Descriptive statistics and multiple regression analysis were the analytical used. The result indicated that majority, (66.6%) of the cooperative farmers were males and were in the age bracket of 51 years and above. 57.5% of them were married and had household size of between 1-5 persons; the highest farming experience of the cooperative farmers was 10 years. The regression result showed that two regression coefficients (annual income farm and payback period) were positive and significant on the volume of loan accessed by the farmers while farming experience and interest rate negatively influenced the amount of loan accessed and were significant at 5% level. High interest rate, delay in fund release and poor attitude of bank staff were the major constraints faced by the farmers. Therefore, it is recommended that loan for cooperative farmers should be disbursed timely for effective use.
Keywords: Determinants, Volume, Loan, Cooperative farmers, Bank of Agriculture.