EFFECT OF CREDIT AND THRIFT COOPERATIVE SOCIETIES ON AGRICULTURAL FINANCING. A STUDY OF AWKA NORTH LOCAL GOVERNMENT AREA OF ANAMBRA STATE, NIGERIA

Abstract

ABSTRACT: The study investigated the effect of Credit and Thrift Cooperative Societies on Agricultural Financing, a Study of Awka North Local Government Area of Anambra State. This research examined the roles of Cooperative Thrift and Credit in the provision of Agricultural loan and input to their members and evaluate their rate of loan repayment. Credit and Thrift Cooperative Societies in Awka North has a sample size 104. Data was analyzed using descriptive tools such as simple percentage frequency table and inferential statistics such as regression analysis. Findings shows that the majority of age of members were between of 56-65 years, majority of the respondents have annual income of N510,000 and above which shows that Credit and Thrift Cooperative Societies in Awka North has a significant impact in the income of its members, based on loan assessment, majority agreed to have received loan and input for the past 2 years indicating the effectiveness of the Credit and Thrift Cooperative Societies in Awka North in making available loan and inputs to their members however, members don’t repay their loan on time which consequently showed that defaults in loan repayment affects availability of loan to members. It is recommended that the Government policy should be directed at investing in the provision of Agricultural loan through cooperative thrift and credit societies to enhance farmers’ productivity. Credit and Thrift Cooperative Societies should intensify effort on farmer’s cooperative education and training to bring about increased participation and involvement of small scale farmers in the cooperative movement.