The Impact Of Microfinance Bank On Economic Growth Of Nigeria

HAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY It would be observed that, despite the presumed developments in the Nigerian economy, the country is still largely being regarded as a developing country (Onyema, 2006). More so, its industrial growth is not quite impressive. Before the emergence of formal microfinance institutions, informal microfinance activities flourished all over the country. Traditionally, microfinance in Nigeria entails traditional informal practices such as local money lending, rotating credit and savings practices, credit from friends and relatives, government ow…