The Contributions Of Microfinance To The Development Of Micro, Small And Medium Enterprises In Lagos And Ogun States, Nigeria
TABLE OF CONTENT
Title Page
Certification
Dedication
Acknowledgement
Abstract
Table of Contents
CHAPTER ONE
1.0 Introduction
- Background to the Study
- Statement of Problem
- Objective of the Study
- Research Questions
- Research Hypothesis
- Justification of the Study
- Scope and Limitation
- Definition of Terms
1.9 Organization of the Study
1.10 Historical Background
CHAPTER TWO
2.0 Introduction
2.1 Conceptual Framework Entrepreneurship
2.2 Credits and the Growth of a Rural Enterprise
2.3 Overview of Microfinance Banks in Nigeria
2.4 Role of Microfinance Banks in Nigeria
2.5 Definition and Poverty Strategies
2.6 Effectiveness and Contributions of Microfinance Bank
2.7 Challenges Facing Microfinance Banks
CHAPTER THREE
3.0 Introduction
3.1 Research Design
3.2 Population of Study
3.3 Sample Size and Sampling Technique
3.4 Sources of Data Collection
3.5 Area of Study
3.6 Research Instrument
3.7 Validation and Reliability
3.8 Method of Data Analysis
CHAPTER FOUR
4.0 Introduction
4.1 Data Presentation
4.2 Summary of Responses
CHAPTER FIVE
5.0 Conclusion and Recommendation
5.1 Summary of Study
5.2 Recommendations
5.3 Conclusion
Bibliography
Appendices
Abstract
This paper investigates the contributions of microfinance to the development of micro, small and medium enterprises in Lagos and Ogun states, Nigeria. The research was design to combined primary and secondary sources of data. The data obtained were analyzed using one sample t-test, Pearson correlation coefficient analysis and multiple regression analysis. The result obtained revealed that there is a low positive correlation between microloan received by entrepreneurs and business expansion capacity of MSMEs in Nigeria. It was also revealed that the non-financial services rendered by microfinance banks enhance business performance of MSMEs, while the financial services particularly the asset loan size; asset loan duration and asset loan repayment method does not have the capacity to enhance MSMEs business growth. The study recommend that Microfinance Bank (MFBs) should increase the duration of asset loans given to client, or spread the repayment over a longer period of time, or increase the moratorium. This will enable the clients to have greater use of the loan over a longer period for the acquisition of capital assets and technology.
1.1 Background to the study
In Nigeria, credit has been recognized as an essential tool for promoting small and Medium Enterprises (SMEs). The contribution of Micro, Small & Medium Enterprises (MSMEs) to economic growth and sustainable development is widely acknowledged in developed and developing economies (CBN, 2004). There is an increasing recognition of its pivotal role in employment generation, income redistribution and wealth creation (NISER, 2004). The micro, small and medium enterprises (MSMEs) represent about 87 per cent of all firms operating in Nigeria (USAID, 2005). Non-farm micro, small and medium enterprises account for over 25 per cent of total employment and 20 percent of GDP (SMEDAN, 2007) compared to countries like Indonesia, Thailand and India where Micro, Small and Medium Enterprises (MSMEs) contribute almost 40 percent of the GDP (IFC, 2002).
Realizing the importance of small businesses as engine for growth in the Nigerian economy, the government took some steps towards addressing the conditions that hinder sustainable development of the SMEs subsector. The Microfinance Policy Regulatory and Supervisory Framework (MPRSF) was launched in 2005. The objective of the microfinance policy is to make financial services accessible to a large segment of the potentially productive Nigerian population, which have had little or no access to financial services and empower them to contribute to rural transformation.
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