THE IMPACT OF MICRO-FINANCE ON ENTREPRENEURIAL DEVELOPMENT IN NIGERIA

THE IMPACT OF MICRO-FINANCE ON ENTREPRENEURIAL DEVELOPMENT IN NIGERIA

ABSTRACT

This study critically looked into the impact of Micro-finance Firms on Entrepreneurial development in Nigeria, using Kenechukwu Micro Finance Bank Nsukka as a case study. The view was to ascertain the impact of Micro-finance on Entrepreneurship with reference to the organization under study. The contents of this research work were presented in five chapters. The study put together related literature on the topic. Both Primary and Secondary data were extremely made use of. Tables, simple percentages and absolute numbers were the tools used in analyzing the data collected from the analysis. It was discovered that the firm under study has impacted so much on the development of Entrepreneurship through proactive programmes and strategies in developing and advancing the growth of Entrepreneurship. Based on these and other findings, recommendations were made which includes: The need to have a policy that will have it‟s clear vision and mission. It will help to have a well focused professional management, diverse and professional board that will have the policy at heart. There is also the need to have an impartial; quick and simple approval and disbursement procedures that will support innovation and ensure the achievement of financial self-sufficiency. Economic environment should be made conducise; government should improve the present state of infrastructure.

CHAPTER ONE

1.0    INTRODUCTION

1.1       BACKGROUND OF THE STUDY

In consonance with the Millennium Development Goals (MDGs) of the United Nations, which include reduction/elimination of poverty and disease, the Federal Government developed poverty eradication programmes. The strategies of previous governments to address poverty include establishment of Peoples Bank of Nigeria (PBN), Community Banks (CBs), Family Economic Advancement programme (FEAP), Better Life for Rural Women Programme etc. These strategies were unsuccessful because they were seen as programmes meant to distribute money to politicians.

Since the 1980‟s Non-Governmental Organizations (NGOs) have emerged in the country to champion the cause of the micro entrepreneur with a shift from the supply-led approach to the demand driven strategy. The number of NGOs involved in micro finance activities has increased significantly in the recent times due largely to the inability of the formal financial sector to provide the service needed by the low income groups, the poor and entrepreneurs….

THE IMPACT OF MICRO-FINANCE ON ENTREPRENEURIAL DEVELOPMENT IN NIGERIA