INVESTMENT IN AGRICULTURAL PROPERTY AS A CATALYST TO RURAL DEVELOPMENT

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INVESTMENT IN AGRICULTURAL PROPERTY AS A CATALYST TO RURAL DEVELOPMENT

CHAPTER ONE

INTRODUCTION:

1.1 BACKGROUND OF THE STUDY

Agriculture is the bedrock of economic growth, development and poverty eradication in the developing countries. Agriculture has been regarded as the engine and panacea to economic prosperity. Gunner Myrdal, (1984) explained that the battle for long-term economic growth will be won or lost in the agricultural sector. However, how this route leads to economic growth is still under debate among researchers. The question as to whether agriculture is a viable engine of economic growth issues have been raised. In response to this question, Lavorel et al. (2013) investigated the relationship between agricultural productivity and economic growth in 85 countries that comprises developed and developing countries, using agricultural value added per worker and gross domestic product (GDP) per capita as key variables. The findings revealed a relationship between agricultural valued added and economic growth only in the developing countries, while the results for the developed countries remain ambiguous. According to Kuznetz 1973; Abayomi 1997, agricultural sector has four major contributions to the development of an economy; product contribution, factor contribution, market contribution and foreign exchange contribution. Agriculture is a source of food and raw materials in the industrial sector, it provides raw materials for industrial use for speeding up industrialization. It involves production of crops, livestock and forestry, fishery, for man’s consumption and use; processing and marketing of the agricultural products. These contributions in effect have been the source of gainful employment opportunity with attendant implications for poverty alleviation and improvement of income distribution. Also, foreign earnings from exportation of agricultural local materials, has played a significant role in reducing the pressure on balance of payment in most African nations. Based on these contributions, agriculture is regarded as the fundamental to the socioeconomic development of a nation (Ahmed, 1993). In most low and middle-income countries, the agricultural sector remains, the largest contributor providing inputs, food, employment opportunities, raw materials for other industries, provision of foreign earnings from the exportation of the surpluses, and more importantly the enormous advantage of the value added in the various production process (Izuchukwu, 2011). Thus, the role of agriculture in transmuting both the social and economic structures of an economy cannot be over-emphasized. Rostow (1960) argued that in the process of economic development, nations pass through several stages, namely: traditional stage, the precondition for takeoff, the take off stage, drive to maturity and the high mass consumption stage. Agriculture played crucial roles in the first three stages (Traditional society, pre-conditions for take-off and take-off stages).

Investment in agricultural property is not advanced as that of developed countries of the world. Agricultural property investment amounts to all investment operation in such property as cash crops, livestock, pasture land, cottage etc. Nigeria generally is blessed with fertile and large area of land with abundant human and natural resources, which if harnessed effectively under the guide and supervisor of the experienced property manager (Estate surveyors) will help a lot in solving the battered economy of Nigeria.

In spite of the numerous benefit derived from agricultural properties, Nigeria still give it little attention they keep on hoping on crude oil for the economy instead of diversifying her investment in other resource like Agricultural property.

1.2 STATEMENT OF PROBLEM

Investment in Agricultural properties in rural areas amounts to under utilization of both natural and human resources to boost the increase in production of food and cash crops etc in large quantity.

This work is made to know how agricultural investors would achieve their objectives. It will be shown that agricultural property investment is a worthwhile and beneficial venture forming the catalyst to rural development and economic revetry of Nigeria’s battered economy.

1.3 RESEARCH QUESTION

Due to some hindrance encountered in agricultural investment in some area: the following questions were emanated on its effect to the area of study.

i To determine the effect of agricultural property investment as a catalyst to rural, development.

ii To determine the effect of investment in agricultural properties in order to assessing the benefits.

iii How to make recommendations on how the agricultural properties can be handled in order to make the best use of it.

Research Hypothesis

i There is no significant effect of agricultural property investment as a catalyst to rural, development.

ii There is no significant effect of investment in agricultural properties in order to assessing the benefits.

iii There is no significant different of recommendations on how the agricultural properties can be handled in order to make the best use of it.

1.4 PURPOSE OF THE STAUDY

The main purpose of this research work of agricultural investment as a catalyst to Orumba North Local Government area centers of the following:

i To assess agricultural property investment as a catalyst to rural, development.

ii To examine investment in agricultural properties in order to assessing the benefits.

iii The make recommendations on how the agricultural properties can be handled in order to make the best use of it.

1.5 SIGNIFICANCE OF THE STUDY

This project work is basically concerned on the returns from investment in agricultural property, therefore, every effort is eared to explore and expose some.

To that effect, the study limits itself within the bounds of investment operations in agricultural properties in Orumba North local government area. it does organized in such a way that the study is made on specific benesity from the government and individual or private investors point of view.

1.6 LIMITATIONS OF THE STUDY

Some unavoidable limitation encountered by the researcher when conducting the project has hindered a comprehensive research work. These include:

1 Time Dimension: The time factor has a serious input in conducting this research work. Time lay between the short academic calendars makes the researcher to rush the work thereby boycotting some necessary findings.

2 Lack of finance: Since the research work being done within limited income while there is a drastic increase in the cost of terms like transportation fare, typing and binding. These are the major expenses involved in it which has to be limited to the available income.

1.7 DEFINITION OF TERMS

INVESTMENT: This is the giving up of a capital sum in return for an income or benefit to be derived periodically. At times, the return is a lump sun or in a non-monetary form (benefit).

AGRICULTURE: This means as the cultivation of the land for the purpose of producing food for man, feed for animals and raw materials for industries.

PROPERTY: This is the right an individual or group of individual exercise over a thing. It includes the exclusive right to use, possess and exclude others.

AGRICULTURAL PROPERTY INVESTMENT: This is he operation on such properties as cash crops. Livestock, pasture lane, cottages and farm, houses, dairy and arable faming and fishing.

RURAL AREA: It refers to that portion of area which is situated outside urban and cities location. Rural areas are predominantly undeveloped lands occupied of green or natural environment viably grass, forestry etc.

DEVELOPMNET: This is a systematic enrolment of potentialities of a thing. For example land.

RURAL DEVELOPMENT: This term is used to improve the economic and social life or the people the rural area such as housing, electricity, water.

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