Effect of Microfinance Policy on Poverty Alleviation in Selected Southwest States in Nigeria

Muslim Akinbola Akintola

Abstract


The economic state of Nigeria has brought about increase in the poverty level of citizens. This predicament led to a provision of microfinance policy to be a panacea to the down trodden and struggling economy of the country. This paper examined the effect of the policy on poverty alleviation in southwest, Nigeria. It made use of both primary and secondary data. The study population is 2,145 and sample size of 215 respondents, representing 10% of the loan beneficiaries and managers interviewed from the selected institutions adopted in this study. The findings show that microfinance policy improved the living condition of beneficiaries and increased their incomes. The study therefore concluded that the microfinance policy had a positive effect on poverty alleviation in selected southwest States in Nigeria.

Keywords


Microfinance; Microfinance bank; Policy; Microfinance policy

Full Text:

PDF

References


Adeusi, S. O. (2015). The impact of microfinance on entrepreneurial development in Nigeria. International Journal of Banking, Finance, Management & Development Studies, 1(12), 189-222.

CBN. (2011). Microfinance policy, regulatory and supervisory framework for Nigeria. Being a Policy Document by Central Bank of Nigeria.

Cédric, L., & Christian, W. (2012). Microfinance in evolution: An industry between crisis and advancement (B. Speyer, Ed.). Deutsche Bank AG DB Research Frankfurt, Germany.

Derek, O., Amy, C., & Farooq, U. (2015). Universal sustainable development goals: Understanding the transformational challenge for developed countries. Report of a Study. By Stakeholders Forum.

Doris, K. (2013). Microfinance reconciling sustainability with social outreach and responsible delivery. Springer Heidelberg New York Dordrecht London. Retrieved from www.springer.com.

Ezekiel, O. O. (2003). An assessment of poverty reduction strategies in Nigeria (1983-2002). Being a Dissertation Submitted in Partial Fulfilment of the Requirements for The Award of The Doctor of Philosophy in Management of the St. Clement University, Switzerland.

Frimpong, S. K., & Nguerenomo, J. L. K. (2014). Assessing the contribution of microfinance institutions to poverty reduction in Ghana: A Case Study of the Christian Rural Aid Network (CRAN) Hohoe, Ghana. International Journal of ICT and Management, II (2).

Lawanson, O. I. (2016). Alleviating Poverty Through Microfinance: Nigeria’s Experience. Asian Journal of Economic Modelling, 4(3), 153-161.

Makinde, J. T. (2017). Policy Somersaults, Poverty of Policy Implementation and Corruption: Obstacles to Development in Nigeria. Being an Inaugural Lecture Series, Obafemi Awolowo University, Ile-Ife.

Mazharul, H. K., & John, E. L. (2012). Microfinance, Poverty and Youth Unemployment of Nigeria: A Review. Global Journal of Human Social Science Sociology, Economics & Political Science, 12(13).

Mulya, E. S. (2016). Microfinance Policy and Regulation in Banking Sector: Bringing Indonesia’s Microfinance and Financial Inclusion to The World. A Report by Indonesia financial services authority.

Nwigwe, C. A., Omonona, B. T., & Okoruwa, V. O. (2012). Microfinance and Poverty Reduction in Nigeria: A Critical Assessment. Australian Journal of Business and Management Research, 2(4), 33-40.

UN. (2015). Transforming our world: the 2030 Agenda for Sustainable Development: draft resolution referred to the United Nations summit for the adoption of the post-2015 development agenda by the General Assembly at its 69th session. UN CONFERENCES A/70/251 116 Follow-up to the outcome of the Millennium Summit. MILLENNIUM SUMMIT (2000: NEW YORK).




DOI: http://dx.doi.org/10.3968/13102

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Canadian Social Science

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Reminder

  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

Submission Guidelines for Canadian Social Science

We are currently accepting submissions via email only. The registration and online submission functions have been disabled.

Please send your manuscripts to css@cscanada.net，or css@cscanada.org for consideration. We look forward to receiving your work.

 Articles published in Canadian Social Science are licensed under Creative Commons Attribution 4.0 (CC-BY).

 

Canadian Social Science Editorial Office

Address: 1020 Bouvier Street, Suite 400, Quebec City, Quebec, G2K 0K9, Canada.
Telephone: 1-514-558 6138 
Website: Http://www.cscanada.net; Http://www.cscanada.org 
E-mail:caooc@hotmail.com; office@cscanada.net

Copyright © Canadian Academy of Oriental and Occidental Culture