INFORMAL FINANCIAL INSTITUTIONS' CREDIT AND POVERTY ALLEVIATION IN NORTH CENTRAL-NIGERIA: A BINOMIAL LOGIT REGRESSION APPROACH
Keywords:
IFIs Credit, Economic growth, Poverty Alleviation and SMEs
Abstract
This study seeks to investigate the link between Informal Financial Institutions' Credit and Poverty Alleviation in North Central States Nigeria. A Binomial Logit Regression approach was employed with data from structured questionnaires having IFIs credit and SMEDEV as variables. The finding revealed that there is a significant impact of Informal Financial Institutions' Credit and poverty alleviation in north central-states-Nigeria. The study therefore concluded that there exists a significant relationship between IFIs credit and poverty alleviation in north central-Nigeria. The study recommends among others that education of the rural poor to embark on viable projects, disbursement of fund through Informal Financial Institutions (IFIs) and favorable government policies so as to make the sector becomes relevant.
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Aliyu A. (2012), Implementation progress report, background, structure achievement and problems, A paper presented at a one day special presidential retreat for permanent secretaries.
Ariyo, A. (2015), “Business Development Services for MSEs in Thailand” In MSE Development and Poverty Alleviation in Thailand, Finnega Gerry (ed.), ILO/UNDP Working paper. Business Times (1995) Nigeria. April 12th, Pp35
Aryeetey, E., & Udry, C. (2007), “The Characteristics of Informal Financial Markets in Sub-Saharan Africa”, Journal of African Economies, Supplement Vol. 6 (1), 1997: 161–203
Berkor, M. (2010), Microfinance: An Emerging Market within the Emerging Markets. Washington DC, Inter-American Development Bank.
Central Bank of Nigeria (2010) Statistical Bulletin CBN, Abuja.
Dunn, A, & Archucle, R. (2011) Financial System and Development; what role for formal and informal sector? Paris, OECD.
Fowowe, B.and Abidoye, O. (2011); “policy framework and linkages to sources of finance, market opportunities and technical support”; Abuja journal of business
Irobi, N.C. (2008), Microfinance and Poverty Alleviation: A case study of Obazu Progressive Women Association Mbieri, Imo State- Nigeria. Uppsala: Department of Economics
Khandker, S. (2008),” Micro-finance and Poverty: Evidence Using Panel Data from Bangladesh”. World Bank Economic Review
Krejcie, J. and Morgan, P. (1970), “Developing Sample Size for Research Activities”, Education and Psychological Measurement, H30, pp. 607-610
McElvey, O. and Zavoina, J., (1969). The Financial Performance of Non-farm Microenterprises in Ghana. World Development, 36(12), 2733–2762.
McKinnon and Shaw, E.S. (1973): “Financial Deepening in Economic Development” New York: Oxford University Press.
National Bureau of Statistics (NBS) (2014). Provisional of State and Local Government Totals of the 2006 Population Census of the Federal Republic of Nigeria. www.nigerianstat.gov.ng
Narayan, P. (2009), “Microfinance Impact Report”. Trihcirappalli, India: The Activists for Social Alternatives
Nissanke, M.K. and E. Aryeetey, (2013), Financial Integration and Development.
Liberalization and Reform in Sub-Saharan Africa, Routledge, London Nwakapu, A. A. (2012), “Reflection on the Possibilities of Reduction in Poverty in
the Context of Economic Growth and Underdevelopment, Democracy and Good Governance”, Development Policy Management and Network Bulletin, Vol. IX, No. 1, pp 36-40
Obadan, M.I. (2009a) “Analytical Framework for poverty Reduction: Issue of Economic Growth versus Other Strategies”, Proceedings of the 1996 Annual Conference of the Nigeria Economic Society (Ibadan: NES).
Obadan, M. I. (2014) “Poverty in Nigeria: Characteristics, Alleviation Strategies and Programmes”, NCEMAAnalysis Series, Vol. 2, No. 2.
Okezie, A. (2009) “Isusu Groups and their Performance in Mobilizing Credits for Micro Businesses” Nigeria Journal of Economics, 49 (2), 112-148
Osuntogun O. I and Adeyemo, P. O. (2015). Microcredit and microenterprise development: An analysis of some rural based enterprises in Nigeria. Nigeria Journal of Economics and Social Studies, 49(1), 95 – 113.
Osuagwu, C. (2012) Rotating Saving and Credit Associations in Jamaica: Some Empirical Findings on Partner. Social and Economic Studies 45(2&3): 195– 224.
Patrick, A; Leonard S; Patricia M.Y and Ernest T; (1996), “Microfinance, rural livelihoods, and women's empowerment in Uganda” African Studies Centre Research Report 85 / 1996
Robinson, M. (2001). The relationship between stage of development and small firm planning and performance Journal of Small Business Management, 22(2) 45-52
Saunders, J., Thornhill, D. and Lewis, R (2007). The Characteristics and Strategies of High Growth SMEs. International Journal of Entrepreneurial Behaviour and Research, 1(3), 44-79
Senn, A.K. (2009). The Standard of Living. Cambridge, Cambridge University Press. The World Bank, (1992). Poverty Reduction Handbook. Washington D.C., U.S.A.
Stevens, H. (2001). "New Business Ventures and the Entrepreneur", Homewood, Irwin.
Streeten, P. (2008). Does rural location matter? The significance of a rural setting for small businesses. Journal of Developmental Entrepreneurship, 10(1), 49–63.
Tonge, A., Greer, L., Lawton, A. (2013). The Enron story: You canfool some of the people some of the time ---- Business Ethics: An European Review, 12/1, 4- 22.
Umebali, F. N. (2012). Survey of Small and Medium Scale Industries and Their Potentials in Nigeria. Small and Medium Industries Equity Investment Scheme (SMIEIS) Seminar. CBN Training Centre, Lagos.
UNDP (2011). Microfinance Assessment Report Prepared as a component of the
MicroStart Feasibility Mission.
World Bank (2014) African Development Indicators 2005 New York: Oxford University Press. World Bank (2005) World Development Report 2005 New York: Oxford University Press.
World Bank (2007) Global Economic Monitoring Report 2007 World Bank (2008) World Development Indicators 2008 New York: Oxford University Press.
Yelwa, M., Obansa S.A.J. and Awe E.O. (2012), “Informality, Financial Institutions and Exclusive growth in Nigeria” European Journal of Economics, Vol. 5, No. 3.
Published
2019-05-22
Section
Articles
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