Financial inclusion and impacts on agriculture in Delta State, Nigeria

The study appraised financial inclusion and impacts on agriculture in Delta State, Nigeria. Delta State, located in the southern region of Nigeria, is known for its rich agricultural potential. Agriculture is a major source of livelihood for the majority of its population, contributing significantly to both food security and economic growth. Nigeria introduced National Financial Inclusion Strategy (NFIS) in 2012. Besides, interventions of financial inclusion packages in Nigeria by some corporate financial inclusion organizations include: Agent Banking and Mobile Money, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Financial Literacy and Education Programs, Agricultural Credit Guarantee Scheme Fund (ACGSF) and Microfinance Institutions (MFIs). These organizations impacted the Delta State agriculture in the areas of cassava farming, oil palm production, rice cultivation, poultry, fisheries and aquaculture, agribusiness and processing and agricultural diversity. Such Impacts were obvious in food security, poverty reduction, women's empowerment, market access and value chain integration, risk mitigation, access to agricultural inputs, income diversification and increased agricultural productivity. Noticeable financial inclusion challenges in Delta State's agricultural sector were limited access to financial services, insufficient financial literacy programmes and inadequate rural infrastructure. It was concluded that financial inclusion in agriculture in Delta State is a cornerstone for the state's economic development and the well-being of its citizens. Among the recommendations given, it was emphasized that strengthening financial education system should be prioritized in agriculture.