IMPACT OF MICROFINANCE ON ENTREPRENEURIAL DEVELOPMENT

IMPACT OF MICROFINANCE ON ENTREPRENEURIAL DEVELOPMENT

Microfinance is vital to the development of entrepreneurship activities in Nigeria. People have access to capital for entrepreneurship development in Nigeria through microfinance. Microfinance has affected entrepreneurship in the country positively.

The major contribution of microfinance institutions to the developing economy like that of Nigeria is its role in promoting entrepreneurship development in the nation. One of the goals of entrepreneurship routed by successful Nigerian government has been the reduction of unemployment and poverty alleviation. A cordial thrust in public policy for the achievement of indigenous entrepreneurship through the provision of long term loans and equity capital by banks for enterprise. Given the gap between savings and invertible funds, the short fall is provided by credit delivery. Many newly developed and developing countries have therefore made credit delivery an endurable strategy in the development of entrepreneurship in both industry and agriculture.