The Relationship Between Microfinance Units And SMEs Performance In Nigeria (PDF)
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– The Relationship Between Microfinance Units And SMEs Performance In Nigeria –

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Abstract

The study investigated the relationship between microfinance units and SMEs performance in Nigeria for a period of 35 years (1981 to 2015). The study adopted the time series data using the OLS estimation technique to analyze the data.

The model was estimated using a linear specification methodology. It was discovered that the microfinance unit has a significant effect on SMEs performance in Nigeria.

Based on this, it is recommended that Microfinance banks should be encouraged and supported given that its finances are significantly related to SMEs productivity which has been proven to be a good determinate of economic growth in Nigeria.

Introduction

1.1 Background of the Study

Microfinance and Small and Medium Enterprise (SMEs) play a crucial role of poverty reduction and increase economic activity in any country. They are often regarded as the back bone to economic growth and acceleration (Safiriyu and Njogo, 2012).

The microfinance units in Nigeria consist of thrift societies, credit union, microfinance banks, traditional credit system (including esusu, adashi, otataje, itutu etc) and host of others. The microfinance unit in Nigeria is comprised of well over 1000 registered microfinance banks.

The potential of microfinance in poverty reduction, economic growth and development coupled with the emergence of fast-growing Microfinance Institutions (MFIs), has effectively put the issue of microfinance on the political agenda of most developing countries.

In Nigeria, the microfinance policy was established in 2005 following an attempt by the government to foster grass-roots fund mobilization and allocation for economic growth and poverty alleviation and since its inception, it has been a major source of finance for SMEs in Nigeria.

The vast majority of developed and developing countries rely on the dynamism, resourcefulness and risk tasking of small and medium enterprises to trigger and sustain process of economic growth (Muritala, Awolaja and Bako, 2012).

According to UNDP (1974) cited in Eze (2012), developing countries including Nigeria, have shown increased interest in the promotion of small and medium scale enterprises for three main reasons: the failure of past industrial policies to generate efficient self-sustaining growth;

Increased emphasis on self-reliant approach to development and the recognition that dynamic and growing SMEs can contribute substantially to a wide range of developmental objectives which includes efficient use of resources, employment creation;

Mobilization of domestic savings for investments; encouragement, expansion and development of indigenous entrepreneurship and technology as well as income distribution.

In Nigeria, one of the greatest obstacles that Small and Medium Enterprises (SMEs) have to grapple with is access to funds. This is further compounded by the fact that even where credit facilities are available, they may not be able to muster the required collateral to access such.

This situation has led invariably to many of them closing shop, resulting in the loss of thousands of unskilled, semi and skilled jobs across the country. Microfinance emerged as a noble substitute for informal credit and an effective and powerful instrument for poverty reduction (Olowe, Moradeyo and Babalola, 2013).

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