Effect of Microfinance Banks on Entrepreneurship Growth in Nigeria

Description

– Effect of Microfinance Banks on Entrepreneurship Growth in Nigeria –

Download Effect of Microfinance Banks on Entrepreneurship Growth in Nigeria. Students who are writing their projects can get this material to aid their research work.

Abstract

This study examines the Effect of Microfinance Banks on Entrepreneurship Growth in Nigeria. Data for the study were sourced from secondary sources and the period of that research spans from 2005 to 2017.

The study uses ordinary Least Square regression to analyze results of the study. Findings from the study show that there is no significant relationship between microfinance banks and entrepreneurial activities.

Introduction

1.1 Background of the Study

In consonance with the Millennium Development Goals (MDGs) of the United Nations, which include reduction elimination of poverty and disease, the Federal Government of Nigeria poverty eradication programmes.

The strategies of previous  governments  to  address poverty  include  establishment  of  Peoples  Bank  of  Nigeria  (PBN), Community  Banks  (CBs),  Family  Economic  Advancement programme  (FEAP),

Better  Life  for  Rural  Women Programme among others. These strategies were unsuccessful because they were seen as programmes meant to distribute money to politicians.

Since the 1980‟s Non-Governmental  Organizations (NGOs) have emerged in the country to champion  the cause of the micro entrepreneur with a shift from the supply-led approach to the demand driven  strategy.

The  number  of  NGOs  involved  in  micro  finance activities has increased significantly in the recent times due largely to the  inability  of  the  formal  financial  sector  to  provide  the  service needed by the low income groups, the poor and entrepreneurs (Central Bank of Nigeria)CBN 2008.

The  micro-finance firms  fund their  operations  from  the  grants, interest  on  loans  and  contribution from  members.

They however, have limited outreach due largely to the unsustainable nature of their funds. The Central Bank of Nigeria (CBN) in accordance with section 28(1) of the CBN Act No 24 of 1991 (as amended) provides the framework guideline for micro finance banks in Nigeria.

The guideline recognizes the existing information institutions and brings them within the supervisory purview of the  CBN would not only enhance monetary stability, but also expand the financial infrastructure of the country to meet  the financial requirements of the micro, small and medium enterprises (MSMEs) and also entrepreneurship.

Such a policy would create vibrant micro finance sub-sector that would be adequately integrated into the mainstream of the national financial system and provide the stimulus for growth and development.

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