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WAEC Agricultural Science 1994 Question 56

Question 56

Agricultural Finance

Farmers often find it difficult to obtain loans from banks for agricultural projects because they

  1. A.have no guarantors
  2. B.have no collaterals
  3. C.lack information on agricultural loans
  4. D.lack technical know-how
  5. E.have no tax clearance certificate.
Show the answer and explanation

Answer: B (have no collaterals)

Explanation

Banks demand collateral security, which most farmers cannot provide.