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(i) The exponential growth function: The exponential growth function was used to examine the rate of growth in key variables relating to the operations of the ACGSF over the time period covered by the study.
* Total number of loans guaranteed by the ACGSF (TNLGUAD);
* Total value of loans guaranteed by the ACGSF (TVLGUAD);
The Nigerian ACGSF (henceforth "the Scheme" or "the Fund") was set up in 1977.
Under the model, state and local governments, multinational oil companies and non-governmental organizations (NGOs) were persuaded to augment the ACGSF's capital base by placing their contributions with the PLBs.
Figures 1 and 2 are the plots of the key time series, namely: loan volume, recurrent expenditure, ACGSF capital, value of food imports, agricultural GDP and number of loans granted under ACGSF.
A number of lessons could be learned from the Nigerian ACGSF by other countries intending to institute similar programs.
The co-integration results have clearly shown that there is a long-run relationship between agricultural GDP and the number and volume of loans guaranteed by the ACGSF. This implies that the Scheme has contributed to the development of the agricultural sector and has met some of the objectives for setting it up.
For instance, between 1978 and 1990, the cumulative number and value of loans guaranteed by Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at 122,246 valued at N765.4 million, while the total number and value of loans fully repaid by all categories of borrowers stood at 34,744 and valued at N179.68 million representing only 23.5% of the total loan value .
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