Volume 3, Issue 2, June 2018, Page: 51-61
The Impact of Microfinance Bank on Entrepreneurship Development in Nigeria
Muogbo Uju Sussan, Faculty of Management Sciences, Entrepreneurship Studies Department, Chukwuemeka Odumegwu Ojukwu University, Uli, Nigeria
Tomola Obamuyi, Department of Economics, School of Management Technology, Federal University of Technology, Akure, Nigeria
Received: Apr. 10, 2018;       Accepted: May 2, 2018;       Published: Aug. 4, 2018
DOI: 10.11648/j.jbed.20180302.13      View  792      Downloads  136
This study examined the impact of microfinance bank on entrepreneurship development in Anambra State. To achieve the stated objective of the study, three research questions were formulated. The descriptive research design was adopted for the study. The population of the study was 734 staff of ten (10) selected entrepreneurial firms in Anambra State. It was impracticable to study the whole population therefore 259 staff was sampled using stratified sampling technique. Out of the 259 copies of the structured questionnaire administered to the respondents, 192 were completed and returned. The data obtained were analyzed using Pearson correlation for hypothesis one and ANOVA for hypotheses 2, and 3 respectively. The findings revealed that microfinance bank impact significantly on the development of entrepreneurship in Nigeria; that there are problems that militate against the effective financing of entrepreneurial businesses in Anambra State. Based on the findings, it was recommended that microfinance bank in Anambra State should be strengthened to embrace entrepreneurship devoid of imitation and vocational inclinations. Also adequate financial, physical and human resources should be provided by various stakeholders not only for potential but also for existing, start-ups and aspiring SMEs.
Entrepreneurship Development, Micro Finance Bank, Existing Entrepreneurs, Human Resources, Firm’s Growth
To cite this article
Muogbo Uju Sussan, Tomola Obamuyi, The Impact of Microfinance Bank on Entrepreneurship Development in Nigeria, Journal of Business and Economic Development. Vol. 3, No. 2, 2018, pp. 51-61. doi: 10.11648/j.jbed.20180302.13
Copyright © 2018 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Adelaja, M. A. (2005). Funding small and medium scale ventures. A paper presented at the Anglican Diocesan Economic Empowerment Seminar by Director General SMEDAN.
Adeyemi, K. S. (2008). Institutional Reforms for efficient microfinance operations in Nigeria. Bullion Publicavn of the CBN 21 (1), p, 23.
Aderibigbe J. O. (2013). The Role of the Financial Sector in Poverty Reduction’. Central Bank of Nigeria Economic and Financial Review 39 (4) December 2001.
Akinboyo, O. L. (2007). Microfinance banks: Unlocking the potentials of micro-business activities of the Nigerian rural sector. Bullion Publication of the CBN 31 (1), 39-44.
Anyanwu, C. M. (2014). Microfinance Institutions in Nigeria: Policy, Practice and Potentials. Being a Paper presented at the G24 Workshop on ‘Constraints to Growth in Sub Saharan African’, Pretorial Hotel, South Africa.
Ayodele, A. J. (2014): Method of data analysis: A guide on research proposal and report writing. Faculty of Business and Social Sciences, University of Ilorin, Ilorin.
Bolton, W. K., & Thompson, J. L (2002). The entrepreneur in focus, Achieve your potentials. Thompson, London: Macmillan Publishers.
Burnnet, d. (2000). The supply of entrepreneurship and economic development. Retrieved from the internet on 23rd January, 2015 from www.hbs.edu/research/pdf07-007.pdf
Central Bank of Nigeria (2005). Microfinance policy, regulatory and supervisory framework for Nigeria. A policy launched at the National Seminar to mark the United Nations International Year of Micro credit (IYMC), Abuja, 73.
Driessen, P. M. and Zwart P. S. (1997). The role of entrepreneur in small business success, the entrepreneurship. Netherlands: University of Groningen Press.
Ehigiamusoe, G (2015). Tested institutional practices for efficient microfinance services delivery. A paper presented at the launching of Microfinance Policy, Regulation and Supervisory Framework for Nigeria and the National Seminar to mark the United Nations International Year of Microcredit (IYMC), Abuja.
Faseun O & Bewayo E. (2012). Promoting entrepreneurship in Nigeria through microfinance. Retrieved from the internet on 15th March, 2015 from http:Whitman.syr.edu/ABP/Conference/Papers?promoting%20Entrepreneurship%20in%20Nigeria%2through%20Microfinance.pdf
Guy, V (n.d). Sustainable micro-entrepreneurship: the roles of microfinance, entrepreneurship and sustainability in reducing poverty in developing country. Retrieved from the internet on 15th March 2015 from www_sust-micro.pdf.
Hisrich, R. D, Peters, M. P & Shepherd, D. A (2008). Entrepreneurship. New York: Mc GrawHill, pp 8-9.
Hobohm, S (n.d) (2015); Small and medium sized enterprises in economic development: The UNIDO experience. Retrieved from the internet on 2nd August 2015 from www.un.org/files/article/157.pdf
International Economic Development Council (2009): Entrepreneurship and small business development strategies. A Paper presented at the Economic Development Training Class in Partnership with Missouri Economic Council Blue Springs, Missouri (Kansas City Area). Retrieved from the internet on 7th September, 2011 from www.linkedin.com/..b6b
Kiiru, J. M. (n.d.) (2015): Microfinance, Entrepreneurship and rural development: empirical evidence from Makueni District, Kenya. Retrieved from the internet on 15th March, 2015 from http://www.csae.ox.ac.uk/conferences/2007-EDiA-LaWBiDC/papers/138-Kiiru.pdf
Lawal A.A., Kio J.S., Sulaimon A.A. & Adebayo I.O. (2000). Entrepreneurship development in small scale business. Lagos: Adeola Printing Press Ltd. Pp 1-7.
National Bureau of Statistics (2012). Poverty condition of Nigerians, The Punch Newspaper, Tuesday, February 14.
Naude, W. (2010). Entrepreneurship and Industrialization: Tread Carefully. A Research Paper presented to the United Nations University – World Institute foe Development Economics Research (UNU-WIDER). Retrieved from the internet on 3rd March, 2015 from www.makingitmagazine.net/
Ojo, O (2016). Impact of Microfinance on entrepreneurial development: The case of Nigeria. A paper presented at The International Conference on Economics and Administration, Faculty of Administration and Business, University of Bucharest, Romania ICEA-FAA Bucharest.
Olaitan, M. A. (2016). Finance for small and medium enterprises: Nigerian agricultural credit guarantee scheme fund. Journal of International Farm Management, 3(2).
Onifade, A. (2004). Small business and entrepreneurship. Abeokuta: KAPPCO Nig. Ltd. P.9.
Ubom, E., (2013). Entrepreneurship, small and medium enterprises: theory, practices & policies. Lagos: Sendina Limited.
Wieslaw, J. (2016). The role of small enterprises in Poland’s economic development, Lublin. Retrieved from the internet on November 3, 2011, from www.rrsa.ro/rjrs/N2-WJANIK.PDF.
Browse journals by subject