MICRO-FINANCE AS A NATIONAL ECONOMIC GROWTH PROGRAMME FOR SMALL AND MEDIUM SCALE ENTERPRISES IN BIDA, NIGERIA

Abstract

Nigeria is a country with vast potential wealth but more than 70% live in abject poverty. Previous Governments since 1972 attempted policies towards poverty alleviation and economic growth but failed. This paper looks at microfinance as a national economic growth program for small and medium enterprises in Bida, Nigeria. Micro-finance is an instrument of socio-economic growth and rural transformation. Micro-finance institutions offer financial services to those poor without direct access to formal banking. Two indigenous and two contemporary industries were selected as samples using the stratified sampling technique. Hypotheses were tested. Based on the findings, there is a need for the awareness of the target population in order to be actual beneficiaries, sensitization of the people especially in the rural areas; strategic marketing, and others were mentioned toward the way forward.