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Microfinancing for Poverty Reduction and Economic Development; a Case for Nigeria

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  • Awojobi, Omotola
  • Bein, Murad
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    Abstract

    The main focus of this research is to juxtapose the features of microfinancing and the institutional forbearance of economic development in Nigeria. Based on empirical study, it has been observed that poverty is multifaceted and its persistence is due to lack of productive resources. The Nigerian case reveals that the major constraint to improving the standard of living of the poor is capital (finance). This has restricted their extensive participation in economic activities which could improve their lives. For this study, our theoretical a priori expectation is that provision of microfinance services such as savings and microloans have direct impact on GDP. A causal relationship will be established and evaluated with the ‘t-test’ statistic, while the relevance of the independent variables in explaining the subject will be justified based on the F-statistic test and R2 coefficient of multi-determination. Also, using a lin-log regression model, economic growth shall be regressed on poverty level in Nigeria. This will create an assertion whether Nigeria needs a systematic reinforcement of the microfinance mechanism to propagate a soothing trend for poverty reduction and economic growth.

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    File URL: http://mpra.ub.uni-muenchen.de/33530/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33530.

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    Date of creation: 10 Dec 2010
    Date of revision: 11 Apr 2011
    Publication status: Published in International Research Journal of Finance and Economics 72.1(2011): pp. 159-168
    Handle: RePEc:pra:mprapa:33530

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    Keywords: Microfinance; Poverty; Economic Development; Economic Growth; Financial Services; Gross Domestic Product;

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    1. Zeller, Manfred & Meyer, Richard L., 2002. "The triangle of microfinance," Food policy statements, International Food Policy Research Institute (IFPRI) 40, International Food Policy Research Institute (IFPRI).
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    Cited by:
    1. Sunia Ayuub, 2013. "Impact of Microfinance on Poverty Alleviation. A Case Study of NRSP in Bahawalpur of Pakistan," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(1), pages 119-135, January.

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