0704-883-0675     |      dataprojectng@gmail.com

THE IMPACT OF MICROFINANCE ON ENTRENEURSHIP DEVELOPMENT IN NIGERIA

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
  • Reference Style: APA
  • Recommended for : Student Researchers
  • NGN 3000

BACKGROUND OF THE STUDY

It is an undisputable fact that the contribution of microfinance to entrepreneurship activities is increasing being recognized as a primary engine of economic growth. (The Economist, May 18th 1996). By combining existing resources with innovative ideas, entrepreneurs add value through the commercialization of new products, the creation of new jobs and the building of new firms. The Global Entrepreneurship Monitor (GEM) indicates that nations with higher levels of entrepreneurial activity enjoy strong economic growth. In short, entrepreneurs are the link between new ideas and economic development. This is proper using the experience of the industrialized countries of North America and West Europe. Legislative actions has been taken by countries like United States of America, the Netherlands and Japan to see to the fact that entrepreneurial activities can 2 contribute to economic development. This may explain why various governments around the world promoted it since entrepreneurial skills and strategies are used to tackle different social problem and addressing poverty as well as a means of employing the disadvantaged. Speaking at the conference with a theme “Improving Access to Microfinance”, Soludo (2008) revealed that in order to sustain increases participation of skilled entrepreneurs in the credit and other financial service delivery to the micro, small and medium enterprises in the microfinance subsector, Central Bank of Nigeria (CBN) is forging ahead in its determination to develop a pool of articulate and well focused entrepreneurs through setting up one Entrepreneurship Development Centre (EDC) in each of the six geo-political zones in the country. The three pilot entrepreneurship development centres, he said,. Will commence January, 2008 are in Kano (North West), Ota (Southwest) and Onitsha (Southeast). Also speaking at the international microfinance 3 conference and annual microfinance conference and annual microfinance and entrepreneurships awards held at the Sheraton Hotel and Towers, Abuja, Soludo (2008) stated that access microfinance by the economically active poor and low income earners in Nigeria is a collective responsibility for the achievement of the Millennium Development Goals (MDGs); He added that it provides a strong focus on macro-economic stabilization, especially in the pursuance of massive trades and investment liberalization program to encourage entrepreneurial capacity to develop business and for the business to success (Nwoye, 1997). Despite the missing links in Africa’s development process, researchers and scholars have increasingly recognized the crucial role that entrepreneurship plays in economic development of nations, especially through the development of microfinance sub-sector. (Rashed, H.S, 2000, Dozie, 2005 Aglion and Howilt 1997). For instance, Dozie argued that this vital factor of production which forms the 4 basis of the Schumpeter’s dynamism is the bedrock to a nation’s industrialization and development. According to them, this is achieves through the innovation and risk taking ability of the entrepreneurs. It is therefore, the entrepreneur who generates the critical momentum an economy requires for economic growth by breaking new grounds in human endeavour as a result of the vital characteristics they possess. However, on this note, this study intend to address the entrepreneurship in Nigerian economy has the potential of becoming the path to success and compete favourably at the global market economy, when the technical and commercial skills of the entrepreneur are effectively develops utilized. Peter and Clerk (1997) affirm that entrepreneurial development is a disposition to accept new ideas and try new methods; a readiness to express opinions, a true sense that make men and women more interested in the resent and future than in the past, a better sense of punctuality, a greater concern for planning, organization and efficiency, a 5 tendency to seek the world as calculated a faith in science and technology and finding a belief in distributive justice. The study is an attempt to show how successful entrepreneurship development through microfinance institutions will result in creation of jobs, develop greater skills that can be more readily adopted by local residents (see Green et al, 1990; Kovshling and Allen 2004). Entrepreneurial development programmes offer sustainability and flexibility to meet broader community development needs (Dabson Ricky and Scheveke 1994, Loyons and Hamlin 2001, Lichtentein Iyons and Kutzandua 2004




FIND OTHER RELATED TOPICS


Related Project Materials

Linguo-Literary Reflections of Feminism in the Works of Ifeoma Okoye

Abstract

The thesis is a feminist stylistic study which used the works of Ifeoma Okoye as a case study for a reassessment of the feminist...

Read more
COMPARATIVE IN-VITRO BIOEQUIVALENCE STUDIES OF SOME BRANDS OF METRONIDAZOLE TABLET MARKETED IN ZARIA, KADUNA STATE

ABSTRACT

Metronidazole is an antibacterial and antiprotozoal drug used in the treatment of amebiasis, giardiasis, trichomoniasis and othe...

Read more
THE INFLUENCE OF BIG DATA ON BUSINESS ANALYTICS

Abstract: THE INFLUENCE OF BIG DATA ON BUSINESS ANALYTICS 

This study investigates the influence o...

Read more
THE USEFULNESS OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF COMPANIES AND IN GUIDING INVESTMENT DECISIONS

Abstract

This study intended to investigate the usefulness of financial statement in assessing the performance of compan...

Read more
IMPACT OF ADULT EDUCATION ON COMMUNITY DEVELOPMENT

Abstract: The topic of this research is the impact of adult education on community development. This study aimed to explore how adult educatio...

Read more
THE ROLE OF THE UNITED NATIONS SECURITY COUNCIL IN THE MAINTENANCE OF INTERNATIONAL PEACE AND SECURITY IN MALI

ABSTRACT

On 16th January, 2012, several insurgent groups began raising another campaign against the Malian Government for independence or...

Read more
COMPARATIVE ANALYSIS OF VALUE ADDED TAX REVENUE AMONG DIFFERENT SECTOR IN NIGERIA CASE STUDY OF FEDERAL INLAND REVENUE LAGOS STATE

ABSTRACT

The research provides a conceptual and analytical study in comparative analysis of value added tax Revenue amon...

Read more
DESIGN AND IMPLEMENTATION OF A COMPUTER CASE FILLING SYSTEM OF DRUG MONITORING AGENT (A CASE STUDY NATIONAL DRUG LAW ENFORCEMENT AGENCY NDLEA

ABSTRACT

 

          The manual approach used in the regulat...

Read more
ROLE OF EMOTIONAL INTELLIGENCE AND WORK LIFE BALANCE IN JOB STRESS

ABSTRACT

The study was focused on the role of emotional intelligence and work-life balance on job stress using Dataplus...

Read more
THE EFFECT OF AUDITING AND INVESTIGATING IN SMALL SCALE BUSINESS ORGANIZATION

ABSTRACT

This study was carried out to examine the effect of auditing and investigating in small scale business organiza...

Read more
Share this page with your friends




whatsapp