EFFECT OF DEPOSIT MONEY BANKS’ CREDIT ON THE PERFORMANCE OF MICRO, SMALL AND MEDIUM ENTERPRISES IN NIGERIA
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- NGN 5000
Abstract
Banks are the most important example of a class of institutions called financial intermediaries, firms that extend credit to borrowers using funds raised from savers. However, credit is not an end in itself; it is a means to an end. The ultimate goal is to affect productivity. For both developing and developed countries, micro, small and medium scale enterprises (MSMEs) play important roles in the process of industrialization and economic growth. Thus, this paper set out to empirically evaluate the effect of deposit money banks’ credit on the performance of MSMEs in Nigeria with the aid of a vector autoregression and error correction mechanism (ECM) technique. Results of the empirical investigation confirmed credit has a positive effect on GDP of MSMEs in Nigeria as the coefficient of CAM (credit to MSMEs) was positive (1.0569) and significant at one percent level. It is therefore recommended that every effort should be made to improve access to credit by MSMEs so that they can play their potential roles of employment generation and wealth creation and move the majority of the entrepreneurs out of poverty.
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