Research Article

MICROFINANCE AND POVERTY REDUCTION IN NIGERIA: A STUDYOF ABUJA, THE FEDERALCAPITALTERRITORY

Emmanuel Oladele Olaolu1*, Masawo Jallah1
1 Department ofBusiness Management & Marketing Baze University, Abuja
* Corresponding author: Emmanuel.olaolu@bazeuniversity.edu.ng
Published: Dec, 2024
DOI: 10.68022/kmr.2024.pc7x5576
Pages: 75-88
Views: 66
Downloads: 19

Abstract

This study investigates the impact of micro-credit, micro-savings, training, and financial inclusion on poverty reduction, guided by Financial Inclusion Theory. The objectives were to assess how each of these variables contributes to alleviating poverty among SMEs in Abuja, FCT. Using a quantitative research design, data were collected from a sample of 160 respondents through structured questionnaires. Descriptive statistics and multiple regression analyses were employed to interpret the data. Results show that the independent variables collectively account for 62.8% of the variance in poverty reduction, with micro-credit demonstrating the highest influence on poverty reduction, underscoring its critical role. Micro savings contributed significantly by enhancingfinancial security, while training supported skill development crucial for economic empowerment. Financial inclusion expanded economic access, further facilitating poverty alleviation. The findings suggest that targeted policy measures, including enhanced support for micro-credit programs, incentivizing savings, and financial literacy initiatives, could strengthen the role ofmicrofinance in poverty reduction. This research highlights the importance offinancial access in creating sustainable pathways out of povertyfor underservedpopulations.

Keywords

Microfinance Poverty Reduction Financial Inclusion Micro-Credit Micro-Savings Training andAdvisory Services

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How to Cite

Olaolu, E. O., & Jallah, M. (2024). MICROFINANCE AND POVERTY REDUCTION IN NIGERIA: A STUDYOF ABUJA, THE FEDERALCAPITALTERRITORY. Kaduna Marketing Review, 2(2), 75-88. https://doi.org/10.68022/kmr.2024.pc7x5576

E. O. Olaolu, and M. Jallah, "MICROFINANCE AND POVERTY REDUCTION IN NIGERIA: A STUDYOF ABUJA, THE FEDERALCAPITALTERRITORY," Kaduna Marketing Review, vol. 2, no. 2, pp. 75-88, December 2024. doi: 10.68022/kmr.2024.pc7x5576

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