The Roles of Microfinance in the Development of Infant Industries: A Case Study of Ikorodu Local Government

Okeowo Idowu Adeniyi

Research Article | Open Access | Download Full Text

Volume 1 | Issue 1 | Year 2024 | Article Id: CE-V1I1P102

The Roles of Microfinance in the Development of Infant Industries: A Case Study of Ikorodu Local Government

Okeowo Idowu Adeniyi

Received	Revised	Accepted	Published
14 Aug 2024	16 Sep 2024	13 Oct 2024	23 Oct 2024

Citation

Okeowo Idowu Adeniyi. “The Roles of Microfinance in the Development of Infant Industries: A Case Study of Ikorodu Local Government.” DS Reviews of Commerce and Economics, vol. 1, no. 1, pp. 9-14, 2024.

Abstract

Critical attention was given to the role of microfinance in the development of infant industry. The study considers a case study of Ikorodu Local Government using primary data. It calls for urgent intervention through microfinancing in Ikorodu Local Government small firms to forestall the possibility of the collapse of some of these firms. The study recommended the protection of these infant industries using simple protection instruments. It recognized microfinance and infant industry development as a tool for economic growth. The article revealed that if microfinance banks can operate within a conducive environment, there will be an upsurge in business development in Nigeria.

Keywords

Microfinance, Infant industries, Growth, Development, Firms.

References

[1] Pedzinski Alexander, and Odoemenam Franklin, “The Role of Informal Microfinance and Cooperative in Poverty Alleviation and Economic Development,” Cooperative Finance in Developing Economies, pp. 40-53, 2012.

[Google Scholar] [Publisher Link]

[2] Central Bank Nigeria, Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, 2005. [Online]. Available: https://www.cbn.gov.ng/out/publications/guidelines/dfd/2006/microfinance%20policy.pdf

[3] Elikwu Michael, “Specialised Institutions (Microfinance Banks) and Business Evolution in Nigeria,” 7^th International Social and Management Sciences Research Conference, Kaduna State University, 2018.

[4] International Monetary Fund, Microfinance a View from the Fund, 2005. [Online]. Available: https://www.imf.org/external/np/pp/eng/2005/012505.htm

[5] Muogbo Uju Sussan, and Tomola Obamuyi, “The Impact of Microfinance Bank on Entrepreneurship Development in Nigeria,” Journal of Business and Economic Development, vol. 3, no. 2, pp. 51-61, 2018.

[CrossRef] [Google Scholar] [Publisher Link]

[6] M. Mustapha, The Role of Microfinance Bank in the Promotion and Development of Entrepreneurship in Some Urban and Rural Areas, 2009. [Online]. Available: http://www.focusnigeria.com/microfinance-banks.htm,

[7] Okeowo, ‘Food Crisis in Africa,’ The Nation Newspaper, pp. 1-31, 2008.

[8] Makorere Robert, “The Role of Microfinance in Promoting Small and Medium Enterprises (SMEs) in Tanzania: Empirical Evidence from SMEs Holder who have Received Microcredit from Financial Institutions in Morogoro, Tanzania,” Global Business and Economics Research Journal, vol. 3, no. 4, 2014.

[Google Scholar]

[9] U. Onugu Charles, “The Performance of Microfinance Banks in Financing Agricultural Cooperative Societies in Rural Nigeria,” Cooperative Finance in Developing Economies, 2012.

[Google Scholar]