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An Alternative Approach to Ending Economic Insecurity in Nigeria: The Role of Revolving Credit Association

Author

Listed:
  • Saifullahi Sani Ibrahim

    (Department of Economics, Umaru Musa Yar'adua University Katsina)

Abstract

Sustainable development is not possible when significant numbers of labour force are economically paralysed. Several policies were implemented to augment the disadvantaged populace to pave way for enable them to take the advantage of market opportunities. The major obstacles impeded government policies to recorded very little success arises from the failure to incorporate the targeted beneficiary in the design and implementation of such programme. Broader provision of financial support through credit and savings for acquisition of capital goods is crucial for effective economic management, the aim of which is to increase prosperity, equity and sustainability. The study proposed that rural dwellers should organise themselves into Credit Cooperative Societies, which could be used as Informal Financial Unit for Linkage Banking arrangement. The government (at all level) can also use these associations to channel their agricultural credit. The Credit Cooperative Societies will be used as a conduit for extending banking services to their members. This arrangement has worked in other places like Ghana and it is hoped to also work in Nigeria.

Suggested Citation

  • Saifullahi Sani Ibrahim, 2012. "An Alternative Approach to Ending Economic Insecurity in Nigeria: The Role of Revolving Credit Association," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, vol. 2(4), pages 395-400.
    • Handle: RePEc:eco:journ1:2012-04-3
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    References listed on IDEAS

    as
    1. Thorsten Beck & Augusto De La Torre, 2007. "The Basic Analytics of Access to Financial Services," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 16(2), pages 79-117, May.
    2. Nazrul Islam, 2009. "Can Microfinance Reduce Economic Insecurity and Poverty? By How Much and How?," Working Papers 82, United Nations, Department of Economics and Social Affairs.
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    Cited by:

    1. Abdullahi Shagali, Aminu & Sani Ibrahim, Saifullahi & Mukhtar, Shuaibu, 2020. "Contemporary issues on the sustainable rural development in Sub-Saharan Africa: A survey of salient literature," MPRA Paper 101443, University Library of Munich, Germany.
    2. Muhammad Aliero, Haruna & Sani Ibrahim, Saifullahi, 2012. "An Analytical Review of Financial Intermediation in the Rural Areas of Nigeria," MPRA Paper 87567, University Library of Munich, Germany.
    3. Sani Ibrahim, Saifullahi & Muhammad Aliero, Haruna, 2010. "An Analytical Study of the Determinants of Access to Insurance Services in Rural Nigeria," MPRA Paper 87493, University Library of Munich, Germany, revised 16 May 2010.

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    Keywords

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    JEL classification:

    • I39 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Other
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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