Strategies for Enhancing the Implementation of Microfinance Policy for Poverty Reduction in Nigeria

Authors

  • Muslim Akinbola Akintola University of Ilorin, Kwara State
  • Oluwaseyi Solomon Olaniyi Obafemi Awolowo University, Ile-Ife, Osun State

Keywords:

Microfinance, Policy, Strategies, Poverty Reduction

Abstract

 This study investigates strategies for microfinance policy implementation for poverty reduction in southwestern Nigeria. This was with a view to providing information on the Strategies of microfinance policy on poverty reduction in Southwestern Nigeria. Using a descriptive survey design, primary and secondary data were collected from loan beneficiaries in the selected States. BOA (Ogun, 27; Osun, 24; and Ondo, 25), BOI (Ogun, 9; Osun, 7; and Ondo, 9), and MFBs (Ogun, 32; Osun, 46; and Ondo, 35). Questionnaires were distributed to these beneficiaries, while the in-depth interviews were conducted with the managers of the loan institutions in the selected states in the study area. Secondary data were sourced from the reports of BOA, BOI, CBN, and related government publications. Data gathered were analysed using percentages and content analysis. The findings revealed that a flexible loan repayment plan is one of the strategies employed by microfinance policy in reducing the rate of poverty in Southwestern Nigeria. The study concluded that microfinance policy implementation had a significant positive impact on poverty reduction in Southwestern Nigeria through simplified financial services, small loan packages, flexible repayment plans, focus on SMEs, localised services, shortened loan processing time, and promotion of personal savings

 

Author Biographies

Muslim Akinbola Akintola, University of Ilorin, Kwara State

Department of Public Administration

Oluwaseyi Solomon Olaniyi, Obafemi Awolowo University, Ile-Ife, Osun State

Department of Public Administration

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Published

30-06-2026

How to Cite

Akinbola Akintola, M., & Solomon Olaniyi, O. (2026). Strategies for Enhancing the Implementation of Microfinance Policy for Poverty Reduction in Nigeria. International Journal of Governance and Development Studies (IJOGDES), 13(2), 51–64. Retrieved from https://ijogdes.oauife.edu.ng/index.php/ijogdes/article/view/82

Issue

Vol. 13 No. 2 (2026): International Journal of Governance and Development Studies (IJOGDES)

Section

Articles

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Copyright (c) 2026 International Journal of Governance and Development Studies (IJOGDES)

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