Microfinance Banks Services and Economic Growth in Nigeria

Adejuwon, Joshua Adewale (), Ogunjobi, Adeyinka Abidemi () and Adejuwon, Oluwakemi Adefisayo ()
Additional contact information
Adejuwon, Joshua Adewale: Department of Management & Accounting Faculty of Management and Social Sciences, Postal: Lead City University, Ibadan, ,, https://www.afarng.org/mjms/
Ogunjobi, Adeyinka Abidemi: Department of Management & Accounting Faculty of Management and Social Sciences, Postal: Lead City University, Ibadan, https://www.afarng.org/mjms/
Adejuwon, Oluwakemi Adefisayo: Department of Management & Accounting Faculty of Management and Social Sciences, Postal: Lead City University, Ibadan, https://www.afarng.org/mjms/

Multidisciplinary Journal of Management Sciences, 2022, vol. 4, issue 2, 65-77

Abstract: This study considered the Impact of Microfinance Banks on Economic Growth and Development in Nigeria. The population of the study is the microfinance banks in Nigeria. Secondary data was used for the study and they were extracted from the Central Bank of Nigeria Statistical Bulletin,2018 and the publications of National Bureau of Statistics. The study used I research design and the data was analysed using the Non-Linear Autoregressive Distributed Lag (ARDL) and Unit Root Test. Three hypotheses were raised and tested. It was found out that microfinance banks had significant impact on economic growth and development in Nigeria. The study recommends that Microfinance banks should strive to reduce rates of interest on credit facilities to SMEs in order to promote industrial growth which gives birth to economic growth and development. Also Central Bank of Nigeria should carry out its supervisory role to ensure that microfinance banks adhere strictly to its guidelines on serving the small businesses better.

Keywords: Credit facilities; Economic growth; Interest rates; Loan; Microfinance banks (search for similar items in EconPapers)
Date: 2022
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.afarng.org/wp-content/uploads/2022/12/ ... ssue-2-June-2022.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:amjoms:0056

Access Statistics for this article

Multidisciplinary Journal of Management Sciences is currently edited by Muhammad Akaro Mainoma, Godwin Emmanuel Oyedokun and Suleiman A. S. Aruwa

More articles in Multidisciplinary Journal of Management Sciences from Association of Forensic Accounting Researchers (AFAR) Contact information at EDIRC.
Bibliographic data for series maintained by Daniel Akanbi ().