IMPACT OF MICROCREDIT ON POVERTY REDUCTION IN NIGERIA

A. O. Adebisi; Olufunmilayo Adekemi Ajala; S.M. Zannu

doi:10.5281/zenodo.13207279

Authors

A. O. Adebisi Department of Banking and Finance, Yaba College of Technology, Nigeria https://orcid.org/0000-0002-4715-8580
Olufunmilayo Adekemi Ajala The Polytechnic, Ibadan, Department of Banking and Finance, P.M.B. 22, U.I. Post office, Ibadan, Oyo State, Nigeria https://orcid.org/0000-0002-2944-8496
S.M. Zannu Department of Banking and Finance, Yaba College of Technology, Nigeria https://orcid.org/0000-0003-3594-3837

DOI:

https://doi.org/10.5281/zenodo.13207279

Keywords:

Micro Credit, Poverty Reduction, Unemployment Rate, Interest Rate, Micro Finance

Abstract

This study investigates the relationship between microcredit and poverty reduction in Nigeria using regression analysis with Ordinary Least Squares (OLS) on time-series data from 2003 to 2022. The findings reveal a significant and persistent association between the poverty index and microfinance loans, unemployment, and interest rates. Unemployment and microfinance loans adversely impacted poverty alleviation, while interest rates had a similar negative effect, leading to rejecting the null hypothesis. The analysis indicates that microcredit and interest rates significantly reduce poverty and enhance living standards in Nigeria. Consequently, the study recommends that microfinance institutions should strengthen and expand their outreach to the most impoverished segments of the population to effectively contribute to poverty alleviation efforts.

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2024-08-03

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Adebisi , A. O., Ajala , O. A., & Zannu , S. (2024). IMPACT OF MICROCREDIT ON POVERTY REDUCTION IN NIGERIA. GVU Journal of Management and Social Sciences, 9(1), 28–37. https://doi.org/10.5281/zenodo.13207279

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Vol. 9 No. 1 (2024): GVU Journal of Management and Social Sciences (Formerly SAU Journal of Management and Social Sciences)

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IMPACT OF MICROCREDIT ON POVERTY REDUCTION IN NIGERIA

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