Micro financing provisions in Lagos State, Nigeria: An alternative strategy out of poverty

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Obashoro-John, O.A.
Anyikwa, E.B.
Okebiorun, J.O.
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Nigerian Journal of Sociology of Education
The Nigerian economic scene has witnessed the growth and activities of micro financing bodies under different guises that claim, most importantly, to help create significant income and employment opportunities for poor populations so that they can contribute to development and follow change. Organizations like United States Agency for International Development (USAID), the World Bank and United Nations Development Programme (UNDP) have provided micro finance funds to Non-Governmental Organizations (NGOs) in Nigeria. The records show a huge variety of commitment and attendant levels of success. This study examined micro financing provisions as an alternative strategy out of poverty in Lagos State. A total of 240 microfinance clients who had been in the micro financing programme for a minimum of 3 years and within the age range of 20-60 years were randomly selected from microfinance institutions in three senatorial districts in Lagos State. data were collected through the use of structured questionnaire and descriptive statistic was used to analyze the data. The study revealed delivery of funds to microfinance clients will increase their income, sustained self-employment and help them to operate their business well. The study however established that provision of microfinance is indeed a tool for poverty alleviation in Lagos State. The study concluded that access to microfinance funds will provide a range of benefits such as increase in income, consumption and employment opportunities, hence concerted efforts should be made by the providers (government and MFls) in providing more basic financial assistance to entrepreneurs in Lagos State.
Staff publications
Micro Finance , Alternative Strategy , Poverty , Research Subject Categories::SOCIAL SCIENCES::Social sciences::Education
Obashoro-John, O.A., Anyikwa, B.E., & Okebiorun, J.O. (2015). Micro financing provisions in Lagos State, Nigeria: An alternative strategy out of poverty. Nigerian Journal of Sociology of Education, 9(1), 242-253