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Vol.1 , No. 1, Publication Date: Apr. 10, 2015, Page: 16-26
| [1] | Nsikak-Abasi A. Etim, Department of Agricultural Economics and Extension, University of Uyo, Uyo, AkwaIbom State, Nigeria. |
| [2] | Dumka N. Benson, Department of Agricultural Education, Federal College of Education (Technical), Omoku, Rivers State, Nigeria. |
The financial sector is undoubtedly an important component of any economy and is essential in the development of the Agricultural sector. The movement towards a more friendly market oriented economy has attracted considerable debate among economist and policy makers. The reason being that as perceived by policymakers, the adoption of the neo classical economic dogma is capable of moving the economy in the path of sustainability, development and growth. The financial sector has witnessed several reforms pre and post Nigeria independence. The paper examined reforms in the financial sector in relation to agricultural development in Nigeria. It highlighted some reforms in the sector under different eras to include regulatory, liberalized and regimented regulations among others. These reforms did not only provide the intermediation that pooled funds from savers and channeled to investors but also provided the payment system that facilitated agricultural trade and exchange and significantly impacted agricultural production. The financial sector should be motivated to supply the funds needed for agricultural development while government should provide the enabling environment conducive for farming as a business through concessionary interest rates, tax free and import duty concessions.
Keywords
Financial, Sector, Reforms, Nigeria
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