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IMPACT OF SMALL AND MEDIUM ENTERPRISES FINANCING ON POVERTY REDUCTION IN NIGERIA

IMPACT OF SMALL AND MEDIUM ENTERPRISES FINANCING ON POVERTY REDUCTION IN NIGERIA

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IMPACT OF SMALL AND MEDIUM ENTERPRISES FINANCING ON POVERTY REDUCTION IN NIGERIA

Abstract:

Nigeria, like other developing countries, has struggled to overcome the threat of poverty despite numerous governments’ economic policies and plans. The purpose of this study was to analyse the influence of small and medium-sized firm financing on poverty reduction in Nigeria between 1991 and 2010.

Data from the CBN’s statistical bulletin were acquired using the ordinary least squares (OLS) analytical technique. The findings demonstrated a substantial link between financing for small and medium-sized firms and poverty reduction in Nigeria. However, the inflation rate has a negative correlation with poverty.

Nonetheless, the exchange rate has a positive link with poverty, whereas unemployment has a large negative correlation with poverty in Nigeria. It was established that small and medium-sized firm financing has a favourable impact on poverty in Nigeria.

It was consequently advised, among other things, that greater attention be given to small and medium-sized firms by channelling more resources to the sector.

And that the government should diversify the economy as soon as possible and create more jobs for the growing population in order to lower the country’s unemployment rate and therefore eliminate poverty.

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