Article,
Nigeria's Microfinance Policy and Poverty Reduction among Female Micro Entrepreneurs Challenges and Strategic Options
INTERNATIONAL JOURNAL OF TREND IN SCIENTIFIC RESEARCH AND DEVELOPMENT, 7 (4): 381-388 (August 2023)
Abstract
Nigerias microfinance policy is crucial in reducing poverty among female micro entrepreneurs. However, these entrepreneurs face numerous challenges that hinder their economic empowerment. This paper explores the impact of microfinance on poverty reduction among female micro entrepreneurs in Nigeria, focusing on the challenges they encounter and the strategic options to overcome them. The paper begins with an overview of Nigerias microfinance policy, highlighting its objectives and critical components. It then delves into female micro entrepreneurs challenges, including limited access to financial services and resources, sociocultural barriers, and limited business skills and knowledge. These challenges are analysed in depth to understand their implications for poverty reduction among female micro entrepreneurs. To address these challenges, the paper proposes strategic options such as improving access to financial services, enhancing financial literacy and business skills, and tailoring financial products and services to the needs of female micro entrepreneurs. It also emphasises the importance of collaboration between the government, microfinance institutions, and stakeholders in implementing these strategic options. Furthermore, the paper highlights the significance of policy reforms to strengthen regulatory frameworks, promote gender equality, and create an enabling environment for female micro entrepreneurs. It underscores the potential impact of these policy reforms on poverty reduction among female micro entrepreneurs in Nigeria, emphasising increased income generation, job creation, and improved living standards. We contribute to the existing literature by shedding light on the challenges female micro entrepreneurs face in Nigeria and proposing targeted policy recommendations. The paper further underscores the importance of empowering female micro entrepreneurs through access to financial services, capacity building initiatives, and an inclusive regulatory environment. These efforts can lead to sustainable poverty reduction, economic growth, and gender equality in Nigeria. Ogochukwu Edith Nkamnebe "Nigeria's Microfinance Policy and Poverty Reduction among Female Micro-Entrepreneurs: Challenges and Strategic Options" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-4, August 2023, URL: https://www.ijtsrd.com/papers/ijtsrd59671.pdf Paper Url:https://www.ijtsrd.com/economics/finance/59671/nigeria's-microfinance-policy-and-poverty-reduction-among-female-microentrepreneurs-challenges-and-strategic-options/ogochukwu-edith-nkamnebe
