Influence of Agricultural Credit Guarantee Scheme Fund (ACGSF) on Fishery Development in Nigeria Public Deposited

http://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/5138jg86w

Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.

Suggested Bibliographic Reference: Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Ann L. Shriver and Stefani J. Evers. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.

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  • Access to credit has been identified as a crucial tool in increasing fish production in the developing countries like Nigeria. Agricultural Credit Guarantee Scheme Fund (ACGSF) was established for the purpose of boosting agricultural production (fish production inclusive). It is, therefore, imperative to study the Influence of Agricultural Credit Guarantee Scheme Fund on fishery development in Nigeria. Secondary data between 1981 and 2012 were collected on relevant variables and analysed using Descriptive statistics, Growth function and Regression analysis. The results of the analysis showed that fishery sub-sector is the least financed in the agricultural sector of the economy. This is reflected in low contribution of fishery sub-sector to Gross Domestic Product (GDP) due to the fact that the required importance is not given to the sub-sector as it is poorly financed by ACGSF. Also, growth rate of fishery contribution to GDP was 10.63% and the proportion of GDP from fishery to total GDP from Agriculture was 0.005%. The results further showed that volume of ACGSF loan to fishery sub-sector and agricultural sector had significant influence on the GDP contribution from fishery sub-sector. In conclusion, fishery sub-sector has been experiencing poor finance from Agricultural Credit Guarantee Scheme Fund. Therefore, the study recommended that volume of ACGSF credit devoted to fishery sub-sector should be significantly increased if sustainable development will be recorded in the sub-sector. Also, credit given to the sub-sector should be monitored in order to prevent diversion and poor management.
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  • 0976343290

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