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Authors
Onomuhara Oke Godwin 1 & DR ISEREMEIYA COMFORT 2
1 Department of Accounting,
Faculty of Social and Management Sciences,
Igbinedion University, Okada
2 DEPARTMENT OF ACCOUNTING,
FACULTY OF MANAGEMENT SCIENCES
Ambrose Alli UNIVERSITY
Ekpoma, DELTA STATE
ABSTRACT
As a backbone of economic growth, banks provide financial and non financial services. With the contribution of both entrepreneurship 51% and 22% for agriculture, pursuing the workability of this ideal for agribusiness strategization and fasttracking attainment of the year 2024 Economic growth, This study examines the effect of interest rate on agricultural business in Nigeria. Data collection was through questionnaire, administered to agribusiness customers of First Bank, Nigeria plc and United Bank for Africa. Data analysis was through frequencies, percentages and T-test analytical techniques. Findings revealed that high interest rate has effect on access to loans by agribusiness investors. The study recommends augmenting agribusiness performance through interest rate reduction, increased access to loans, and inclusion of cooperative bodies in finance policies and programmes. Further studies may increase the number of banks covered and other policies that influence agribusiness
Keywords: Agricultural business, interest rate, financial policy, Economic growth, loan.
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