The impact of development finance institutions (DFIS) in economic development of Nigeria
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The need to stimulate the economy led to the establishment of Development finance institutions (DFIS) to contribute to the development of specific sectors of the economy especially agriculture and industry. The objective of the study is to find out the impact of the Nigerian agriculture credit and rural development bank (NACRDB) and the bank of industry (BOI) to economic development of Nigeria and in particular in Owerri. It will look at the contributions i.e. loan disbursement to agriculture and industry in Owerri between 2002 and 2011 (a period of ten years). Source of data include primary and secondary data, primary data consist of respondents of questionnaire administered while secondary data is from records of loans disbursement. The hypothesis was tested using chi-square statistical techniques, while the questionnaire and research questions were analyzed using simple percentages. The result of the analysis showed that Development finance institutions made significant contribution to economic development.
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