...Impact of Microfinance Institution on Nigeria Economy Ghana Christian University College SDM 201222101014 Introduction to Microfinance Mr. Sam Quinn Word Count: 2241 Dec. 2, 2014 Table of Content Pg Introduction 3 Definition of Terms 3 Concept of Microfinance 3 The Goals of Microfinance Institutions 5 Impact of Microfinance on the Economy of Nigeria 6 Negative Impact of MFIs on the country (Nigeria) 10 Conclusion Introduction Since the advent of microfinance institution in Bangladesh in the mid 1970’s, several countries have copied this financing model. The Nigerian governments over the years have had to grapple with poverty and unemployment. The realization that many of these poor and/or unemployed persons are not without skills, ideas and willingness to work, must have propelled the government to make finance accessible to them. The seeming popularity of this model among developing countries is predicated on poverty reduction prospect it offers. The Nigerian government cued into this popular thinking in 2005 when it inaugurated the microfinance institution scheme. This was founded to provide finance to economically active poor excluded from financing by conventional banks, provide employment, engender rural development and reduce poverty. The introduction of microfinance institutions in Nigeria is the inability of Nigerian Deposit Money Banks to provide sufficient financial service to the...
Words: 2614 - Pages: 11
...International Journal of Humanities and Social Science Vol. 5, No. 2; February 2015 Assessment of National Poverty Reduction Programmes in Nigeria: A Study of National Poverty Eradication Programme (Napep) Ebonyi State Onwe, Sunday Onwe (Ph.D, Fcai) Nwakamma Michael Chibuzor Department of Public Administration Ebonyi State University Abakaliki Nigeria Abstract The paper sought to assess the National Poverty Reduction Programmes in Nigeria with specific focus on NAPEP Ebonyi State. The study became imperative based on the debilitating effects of poverty which often manifests in loss of hope, aspirations, malnutrition and sometimes sudden death. The startling 69% national poverty level and 73.6% rate in Ebonyi state is a clear indication that poverty is still very high in Nigeria. The study therefore evaluated NAPEP’s performance in the area of human capital development, infrastructure facilities, access to safe drinking water, sanitation and access to basic education which are some of the parameters for measuring poverty level. A descriptive survey design was adopted with a sample population of 400 which spread across the six local governments studied. The major instrument for data collection was a structured questionnaire, which was distributed to the respondents and a total number of 380 questionnaire were duly filled and returned representing 95% of the sample population. The data collected was analyzed with statistical tables, percentage calculations...
Words: 7077 - Pages: 29
...Introduction The introduction of microfinance banks in Nigeria is the inability of Nigerian Deposit Money Banks to provide sufficient financial service to the rural poor. Microfinance banks have taken up the challenges of the gap created by the Nigerian Deposit Money Banks. Microfinance banks can be seen as an economic growth method intended to advantage the low income part of a given country like Nigeria, both rural poor and urban poor. Since the advent of microfinance banking in Bangladesh in the mid 1970’s, several countries have copied this financing model. The Nigerian governments over the years have had to grapple with poverty and unemployment. The realization that many of these poor and/or unemployed persons are not without skills, ideas and willingness to work, must have propelled the government to make finance accessible to them The seeming popularity of this model among developing countries is predicated on poverty reduction prospect it offers. The Nigerian government cued into this popular thinking in 2005 when it inaugurated the microfinance banking scheme. This was founded to provide finance to economically active poor excluded from financing by conventional banks, provide employment, engender rural development and reduce poverty. This paper theoretically examines the impact of this institutions to Nigeria as a country. International Journal of Finance and Accounting Concept of Microfinance Microfinance...
Words: 2607 - Pages: 11
...LAGOS, NIGERIA By Patrick Onuorah Supervisor Klaus Solberg Söilen [pic] ABSTRACT This study, the role of small and medium sized enterprises for economic growth, was undertaken to find out how SME sub-sector in Nigeria has performed and its impact on the economic growth of the country. Small and Medium Scale Enterprises (SMEs) is accepted globally as a tool for empowering the citizenry and economic growth. It has been associated with the rapid economic growth of countries in Asia and North America. In Nigeria efforts have been made by successive governments to reduce poverty and accelerate economic growth by increasing foreign direct investment, diversifying the economy, enacting policy frameworks which favour small business ownership and sometimes initiating employment and entrepreneurship programmes. Specifically this study tends to figure out: how profitable SME business is; whether infrastructural development could be attributed to the presence of SMEs; if significant number of people are employed within the SME sector; whether the SME market has attracted banks and financial institutions with increase in loans and incentives; whether there is increase in information Technology related businesses due to presence of SMEs and if there is need for the government to encourage and develop more opportunities for SMEs. A total of 200 SMEs were randomly selected from Matori, a city in Lagos state Nigeria. A questionnaire...
Words: 14502 - Pages: 59
...Role of Non-governmental organisation towards poverty reduction in Nigeria An assessment of the Lift Above Poverty Organisation (LAPO) Chapter 1 1.0 Introduction Non-governmental organisations (NGOs) are powerful agents of change and development (Ukpong, 1993 p 52). While there are no clear definitions of NGOs, the commonly held view is that they are non-governmental, non-profit making and self-governing with a purpose to ameliorate the plight of people in dire needs of life sustaining facilities in the society. NGOs are private organisations characterized primarily by humanitarian or corporative rather than commercial objectives that pursue activities to relieve the suffering of the poor; they promote the interest of the poor in developing countries (Werker & Ahmed, 2007 p3). In other word, NGOs have emerged for the purpose of providing social services or giving assistance to the marginalized, deprived and disadvantageous people in society that could hardly provide for themselves (Inhabekhai, 2002 p 150). NGOs on a global level engage in the provision of education, wealth, social welfare and other support to a large number of people. They have helped in the assistance millions of people in abject poverty and in dire condition. One of such grand projects embark upon by a conglomerate of popular NGOs in the world is the millennium development goals. The aim of the millennium development goals includes halving extreme poverty to stopping the spread of HIV/AIDs virus and...
Words: 13582 - Pages: 55
...Publisher: Asian Economic and Social Society ISSN (P): 2304-1455, ISSN (E): 2224-4433 Volume 2 No. 3 September 2012. Rural Dwellers’ Perception of Human Trafficking and its Implication for Agricultural Production in Edo State, Nigeria Ofuoku, A. U. and Uzokwe, U. N. (Dept. of Agricultural Economics and Extension, Delta State University, Asaba Campus, PMB 95074, Asaba, Delta State, Nigeria) Citation: Ofuoku, A. U. and Uzokwe, U. N. (2012) “Rural Dwellers’ Perception of Human Trafficking and its Implication for Agricultural Production in Edo State, Nigeria”, Asian Journal of Agriculture and Rural Development, Vol. 2, No. 3, pp. 394-404. Asian Journal of Agriculture and Rural Development, 2(3), pp. 394-404. Rural Dwellers’ Perception of Human Trafficking and its Implication for Agricultural Production in Edo State, Nigeria Abstract This study was carried out to ascertain the perception of rural dwellers on human trafficking in relation to its effect on agricultural production in the three Senatorial Districts of Edo State, Nigeria. A sample size of 120 household heads was used for the study. Structured questionnaire and interview schedule were used to collect data for the study. The data were analyzed using frequency counts, means and percentage while ChiSquare statistical model and Tobit regression analytical model were used to test the hypotheses. It was discovered that the household members were trafficked as a result of push and pull factors. The trafficked members...
Words: 5985 - Pages: 24
...Information and Communication Technologies in the Nigerian Economy Peter Agada University of Ilorin Most developing nations have embarked on various reforms that foster the use of ICTs in their economies. These reforms tend to yield little or minimal benefits to economic growth and development, especially when compared with the developed countries of the world. Technological advancement is known to impact fast rate of economic development. In Nigeria, policy on adoption of Information and Communication Technologies was initiated in 1999, when the civilian regime came into power of government. The operations of the licensed telecommunication service providers in the country has created some well-felt macroeconomic effects in terms of job creation, faster delivery services, reduced transport costs, greater security and higher national output. This study intends to investigate the emerging roles of ICTs on Nigerian economy, and to evaluate the factors that influence the decisions of investors in the Nigerian telecommunications sector. Ordinary Least Square Method of Regression for the period 1999 – 2004, shall be employed. This period is considered appropriate in that, it was the time that policy on ICTs was adopted. The paucity of data prior to this time also poses restriction on meaningful econometric analysis. Significant and positive relationship between ICTs and economic growth is expected as...
Words: 4178 - Pages: 17
...NIGERIA MILLENNIUM DEVELOPMENT GOALS REPORT 2010 © 2010, Government of the Federal Republic of Nigeria TABLE OF CONTENTS Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Acronyms and abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 MDGs status at a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Goal 1 – Eradicate extreme poverty and hunger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 Goal 2 – Achieve universal primary education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 Goal 3 – Promote gender equality and empower women . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Goal 4 – Reduce child mortality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 Goal 5 – Improve maternal health . . . . . . . . . . ....
Words: 21527 - Pages: 87
...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 www.iiste.org The Role of Entrepreneurship in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of funding...
Words: 7407 - Pages: 30
...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 www.iiste.org The Role of Entrepreneurship in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of...
Words: 7375 - Pages: 30
...WOMEN DEVELOPMENT AND NATIONAL POLICY ON WOMEN IN NIGERIA Olubunmi Aderemi Sokefun Abstract This paper discusses the document on women in Nigeria (National Policy on Women). Several past administrations in this country have treated women issues and affairs with calculated levity: Carefully side - tracking or blatantly refusing to accord it the necessary attention. It is now a thing to gladden the hearts of all women of Nigeria that, "after four attempts by four former heads of Nigeria's Government," Chief Obasanjo's administration finally granted government recognition to women's issues in this country. The official document .on Human Rights' issues as it relates to Nigerian women; this document is known as the NATIONAL POLICY ON WOMEN. This paper therefore focuses on the document which promises to bring delight to the heart of every woman in this country. Introduction When late Mrs. Olufunmilayo Ransome Kuti joined the vanguard team as the only nationalist and activist during the early struggle for Nigerian independence, hardly did .anybody realize then that she had a dream, a clear vision of a future Nigerian woman, that vision was crystal clear in her heart, and like a pivot, it stood firmly on three stand posts-known today as women's rights, women emancipation and women empowerment.. . Mrs. Olufunmilayo Ransome-Kuti later joined by some educated women of like minds, fought daringly and relentlessly for these three .pivotal goals of women emergency and relevance in the socio-political...
Words: 71889 - Pages: 288
...SCHOOL OF BUSINESS AND MANAGEMENT SCIENCES HIT 400 CAPESTONE DESIGN URBAN YOUTH SELF-EMPLOYMENT SYSTEM NAME: MOREBLESSING KUMBIRAI REG NUMBER: H1110225H DEPARTMENT: E-COMMERCE SCHOOL: BUSINESS AND MANAGEMENT SCIENCE Chapter 1 1.1 Introduction The project entitled “Urban Youth Self-Employment System” is a web application and can be accessed through internet. This project provides a proper solution to the government scheme ZIMASSET and it can be employed under the Ministry of Youth, Indigenization and Economic Empowerment. The main idea of this application is to provide gainful employment to the urban unemployed or underemployed poor, through encouraging the setting up of self employment ventures or procession of wage employment to promote the achievement of ZIM ASSET. This chapter begins with the background of the study, followed by the statement of the problem, aims of the study, research objectives, assumptions of the study, limitations of the study and lastly delimitations. 1.2 Background of the study At Present, the existing system is a great head-off to the administrator. He should manually manage the officer details and all the corrective actions regarding to the details of the customer/youths that have applied for financial assistance and project approval...
Words: 7803 - Pages: 32
...How tax strategies impact on the Social Economic Problem? We are going to highlight some social issues and whether the tax strategy is effective in dealing with the issues. The issues discussed include the issue of urbanisation on vacant land, child poverty, inflation and unemployment. Issue 1: Tax Penalty: Eliminate Land Speculation and Vacant Land to avoid Poverty The urbanisation level of 56.25% in South Africa has recorded the world highest level in 2001. The “Apartheid City was a political economy of space which was based on two policies, i.e. racially-based spatial planning and development for some at the expense of others”. Cities were purposely designed to push poor black citizens to the margins of the city. Thus, the black population were materially distanced from advantages normally associated with city life”. With the abolition of Apartheid in 1994, the new government made a commitment to redress these imbalances and inequality and to create cities that are more equal, inclusionary, productive and sustainable. Although 1.6 million houses have been provided since 1994, they have tended to enforce traditional apartheid planning where the poor are still located on the periphery, far removed from employment and economic opportunities. This has resulted in increased urban sprawl and de-densification. Furthermore, the subsidy on public transport was more than double that spent on housing subsidy but the house prices has increased by an average of 20% per year. Land...
Words: 3299 - Pages: 14
...participants on various occasions referred to some of the misunderstandings surrounding this concept. It was repeatedly mentioned that, notwithstanding general agreement among development planners and practitioners about the crucial role that science has to play in development, many lacked a common understanding of its nature or the ways in which it can contribute to the wellbeing of the masses of humanity. As the discourse evolved over several years, many of these misconceptions were brought to light. Some of them are as follows: First, the practice of science is all too often reduced to the mere application of technology. What is lost sight of is the fact that science is a system of knowledge and practice that provides the methods and tools for the systematic and structured exploration of material and social reality. By asking questions about reality and seeking to answer them through a process of action, reflection and consultation, a population acquires the capacity to take charge of its own development and to promote the advancement of civilization. Due to the existing misrepresentation of the role of science in development, attention is focused on making people passive consumers of technology rather than on building their scientific capacity. Development Development as a concept is a victim of definitional pluralism. It is a difficult word to define. However, attempts have been made by erudite scholars to conceptualize development. Some of these definitions will be explored...
Words: 3022 - Pages: 13
...Entrepreneurship and Poverty Alleviation: An Empirical Study Nawal Meraj Syeda Ayesha Sadruddin Rahat Shams Business Ethics Dr. Muhammad Asim 11th May, 2015 ACKNOWLEDGEMENT We would also like to thank our colleagues from New York University, Abu Dhabi, who provided insight and expertise that greatly assisted the research, although they may not agree with all of the interpretations/conclusions of this paper. We would also like to show our highest gratitude to the Dr. Muhammad Asim for sharing his pearls of wisdom with us during the course of this research and guiding us throughout the course work. Table of Contents ABSTRACT 2 Keywords Error! Bookmark not defined. 1.0 INTRODUCION 2 2.0 CONCEPTUAL FRAMEWORKAND BACKGROUND OF THE STUDY 2 2.1 Concept of Poverty 2 2.2 Concept of Entrepreneurship 2 2.3 GDP Growth and Poverty Reduction 2 2.4 Strategies for Reducing Poverty through Entrepreneurship 2 2.5 Relieving Poverty through Entrepreneurship Education 2 3.0 METHODOLOGY OF THE STUDY 2 4.0 EMPIRICAL REVIEWS ON ENTREPRENEURSHIP AND POVERTY ALLEVIATION 2 5.0 CONCLUSION 2 6.0 FUTURE RESEARCH 2 REFERENCES 2 ABSTRACT Entrepreneurship is a real wellspring of riches and employment creation, financial and mechanical development and an indication of social change. Entrepreneurs have intermittently acquired a place in the discussions of drivers of economic development. Over the world, countries that made entrepreneurship...
Words: 4714 - Pages: 19
