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Impact of Microfinance Lending On Economic Growth of Third world Nations: Study of Nigeria

Nwele James Obasi


Ogbonna Innocent Chukwuka


Uduimo Anthony Akwawa

Nwele James Obasi 1
Ogbonna Innocent Chukwuka 2
Uduimo Anthony Akwawa 3

  1. Department of Business Administration, Renaissance University, Ugbawka, Enugu, Enugu State 1

  2. Department of Economics, Renaissance University, Ugbawka, Enugu, Enugu State, Nigeria 2

  3. Union Bank of Nigeria Plc, Demsa, Adamawa State, Nigeria 3


This paper examines the impact of microfinance lending on the Nigerian economic growth. Specifically, the study sought to evaluate how microfinance lending to micro, small and medium scale enterprises in Nigeria has impacted on changing the business fortunes of the poor and hence the Nigerian economy.  Primary and secondary data were collected and analysed using programme designs, numerical structure response in implementation and performance model in a bid to delineate the relationship between microfinance loans and growth of micro, small and medium scale enterprises in Nigeria. Our results reveal that the microfinance loans have not gone deep enough to ensure a clean break from community and commercial banking practices.
Contribution/ Originality



  1. Adamu, G., 2007. Role of Microfinance Institutions in Actualization of MDGs. Nigeria: Paper delivered at the induction ceremony of Institute of Chartered Economists of Nigeria (ICEN) in Port Harcourt. pp: 5-6.
  2. Boot Tibaths, 1969. Concept analysis on social and economic laws. Tiptree, Exsex: Anchor Press. pp: 17-18.
  3. Dandana, A. and J.O. Nwele, 2011. The role of micro credit support to agricultural development in Nigeria. Interactive Seminar Lecture Series, Presented at a Research Seminar Class, International University, Bamenda, Cameroun, March  2011. pp: 13-14.
  4. Modupe, L., 2009. Focus on enhancing financial innovation and access, an informative bulletin series, A Publication of the Nigerian Microfinance Newsletter, July – Dec 2009, 9: 6-7.
  5. Obasi, J.N., 2009. Micro credit liquidity nexus to local content investment: An analysis of the performance assessment of the impact of micro credit support on subsistent farming in Bauchi State; Unpublished Seminar Paper, A Research Work for Skill Acquisition Workshop, on UNDP Programmes. pp: 18-21.
  6. Otera, B., 1999. Business guide & marketing promotions. Lagos, nigeria: Published by new era parts. Pp: 7-8.
  7. Samuelson, P.A. and W.D. Nordhaus, 2005. Economics. 18th Edn., Irwin: McGraw-Hill.


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