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Effects of microfinance banks and economic growth in Nigeria.

Wachukwu IP, Onyema JI, Amadi SN

The study seeks to examine the impact of microfinance institution on economic growth of Nigeria, using per capita Income as a measure of Economic Growth. The study is for the period covering 1992-2016. microfinance bank credit growth, deposit growth, investment growth and asset growth were used as predictor variables. The research estimated the specified models using the Cochranorcutt regression model applied on time series annual data from the central bank of Nigeria statistical bulletin and annual reports 2017 edition and World Bank national account data. The study employed both descriptive and inferential statistic data in analyzing the time series data. The results garnered from the data analysis indicated among other things that a very strong but negative relationship was also found between microfinance bank credit growth and per capita income. But for microfinance bank deposit growth and per capita income, it was discovered that it is a positive and significant relationship, investment and per capita income didn’t have any relationship at all. The study found a very strong positive and significant relationship between microfinance bank asset growth and per capita income, we therefore recommend that credits advanced must be granted to productive areas of the economy that will enhance productivity and ultimately lead to increase in income of participants.