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The Role of Social Financing in Sustainable Development: The Case of Nigerian Co-operatives

In: Innovations in Social Finance

Author

Listed:
  • Ajibola Anthony Akanji

    (Lead City University)

Abstract

Nigeria’s drive toward sustainable development is hindered by the suboptimal utilization of resources. This weighs heavily on individuals and groups within lower and middle socio-economic classes. Financial exclusion functions as a major barrier to equality, a structural injustice that plagues many countries in the global south. A major impediment is the sluggish top-down flow of development through the various classes. The government’s preference to support and utilize for-profit financial institutions complicates the challenges that emanate from financial exclusion and fortify poverty. Solitary, and in many cases, ineffectual group efforts on the part of the citizens have proved, at best, palliative. Therefore, redressing the problem calls for creative thinking, using known mechanisms as the basis for solutions, but with improvements. The mobilization of micro-, small-, and medium-sized resources into close-knit units on the platform of the cooperatives and the upscaling of the Nigerian financial sector to support special needs groups is presented as a viable solution.

Suggested Citation

  • Ajibola Anthony Akanji, 2021. "The Role of Social Financing in Sustainable Development: The Case of Nigerian Co-operatives," Springer Books, in: Thomas Walker & Jane McGaughey & Sherif Goubran & Nadra Wagdy (ed.), Innovations in Social Finance, edition 1, pages 415-435, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-72535-8_19
    DOI: 10.1007/978-3-030-72535-8_19
    as

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