Impact of Nigerian Agricultural Cooperative and Rural Development Bank loan (NACRDB) on fish farming enterprises in Ogun State, Nigeria

Abstract

This study examined the impact of Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) loan on fish farming enterprises in Ogun State. Random sampling technique was used to select 100 fish farmers (60 beneficiaries of the NACRDB loan and 40 non-beneficiaries) from the four agricultural extension zones in Ogun State. Structured interview guides and personal interview were used to collect information from the respondents. The data collected were analyzed using descriptive and inferential statistics. Hundred percent of the beneficiaries were cooperative members while 47.5% of the non-beneficiaries were not in any cooperative society. It also showed that there was a significant difference between the income level of the beneficiaries and non-beneficiaries. Major constraints hindering fish farming in the study area include high cost of feeding, inadequate finance and poor marketing channel. The study recommends that Government should increase the amount of loan allocated to the agricultural sector and invariantly the fisheries sector, monitoring of the loan to ensure that it is used for its purpose and provide a standardized law to regulate the price of fresh fish in the market.