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SS1: ECONOMICS - 3RD TERM

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  1. Mining | Week 1
    3 Topics
    |
    1 Quiz
  2. Financial Institution I | Week 2
    7 Topics
    |
    1 Quiz
  3. Financial Institutions II | Week 3
    5 Topics
    |
    1 Quiz
  4. Financial Institutions III | Week 4
    5 Topics
    |
    1 Quiz
  5. Business Organisation | Week 5
    3 Topics
  6. Money | Week 6
    5 Topics
    |
    1 Quiz
  7. Channels of Distribution I | Week 7
    5 Topics
    |
    1 Quiz
  8. Channels of Distribution II | Week 8
    6 Topics
    |
    1 Quiz
  9. Business Finance | Week 9
    7 Topics
    |
    1 Quiz



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Lesson 3, Topic 4
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Development Banks – The Nigerian Agricultural and Cooperative Bank (NACB)

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Development Banks are financial institutions that specialise in providing long-term credit or loans for projects in the areas of agriculture, commerce and industry.

Examples of development banks in Nigeria are Nigerian Agricultural and Cooperative Bank (NACB), Nigeria Industrial Development Bank (NIDB), Nigerian Bank of Commerce and Industry, and African Development Bank (AFDB).

Functions of Development Banks:

i. Manpower Development: They make funds available for manpower training centres.
ii. Capital Project Funding: They provide long-term loans for capital projects.
iii. Render Special Advise: They give investment tips to industrialists.
iv. Supervision of Development Projects: They assist investors to supervise development projects in order to ensure their success.

Nigerian Agricultural and Cooperative Bank (NACB):

The Nigerian Agricultural and Cooperative Bank (NACB) was established as a National Agricultural Credit Institution, to realize the objectives of self-sufficiency in food production before the year 2000. It was established in 1973 by Yakubu Gowon’s administration.

The Functions of The Nigerian Agricultural and Cooperative Bank (NACB):

1. Making available farm implements at a subsidized rate to the local farmers.

2. Making available loans to farmers at all stages of production which includes storage, distribution, and marketing.

3. Procurement of fertilizer for farmers at a subsidized rate.

4. Encourage the farming habit of Nigerians by creating all necessary incentives.

5. Assist in the provision of manpower needed in the agricultural sector, like the extension workers and farm assistants.

6. Organisation of agric programmes and seminars.

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