Impact of Microfinance on Micro, Small and Medium Enterprises (MSMEs) in Southwest Nigeria

Isaac Tope Awe and Oluwatoyin Babatunde Omoniyi
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Isaac Tope Awe: Department of Economics, School of Social and Management Science, Bamidele Olumilua University of Education, Science and Technology, Ikere – Ekiti, Nigeria.
Oluwatoyin Babatunde Omoniyi: Department of Economics, School of Social and Management Science, Bamidele Olumilua University of Education, Science and Technology, Ikere – Ekiti, Nigeria.

International Journal of Research and Scientific Innovation, 2023, vol. 10, issue 11, 613-619

Abstract: This study examines the impact of microfinance on micro, small and medium enterprises (MSMEs) in southwest Nigeria. The study employed primary data and Three hundred questionnaires (300) were collected from MSMEs operators. This study adopted a multi-stage random sampling technique in the selection of the sample. The study employed OLS regression to analyse the impact of microfinance on MSMEs. The study revealed that microfinance has a strong impact on micro, small and medium enterprises (MSMEs) in southwest Nigeria. The study shows that the impact of selected variables on MSMEs varied from BREG which have the lowest impact of about 0.07% to loan (LN) with highest impact of about 1%. This study is however able to discover that convenience of Loan Repayment has adverse effect on micro, small and medium enterprises (MSMEs) in southwest Nigeria. Hence, the study therefore recommends that government should make necessary policy to enable microfinance bank to offer medium term loan to MSMEs in order to make the loan repayment possible and affordable.

Date: 2023
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