Project Abstract

Abstract
Microfinance has been recognized as a powerful tool for promoting entrepreneurship development in developing countries like Nigeria. This research aims to investigate the impact of microfinance on entrepreneurship development in Nigeria. The study will focus on assessing how access to microfinance services influences the establishment, growth, and sustainability of entrepreneurial ventures in the country. The research will employ a mixed-methods approach, combining quantitative analysis of data obtained from microfinance institutions and entrepreneurship development agencies with qualitative interviews and surveys of entrepreneurs who have utilized microfinance services. By triangulating these sources of data, the study aims to provide a comprehensive understanding of the ways in which microfinance contributes to entrepreneurship development in Nigeria. The findings of this research are expected to shed light on the specific mechanisms through which microfinance impacts entrepreneurship in Nigeria. This knowledge can inform the design of more effective microfinance programs tailored to the needs of Nigerian entrepreneurs, ultimately leading to greater entrepreneurial success and economic development in the country. Moreover, the research will also explore the challenges and barriers that entrepreneurs face in accessing and utilizing microfinance services. By identifying these obstacles, policymakers and practitioners can develop strategies to enhance the effectiveness and reach of microfinance initiatives in Nigeria. Overall, this research is significant because it addresses a gap in the existing literature on the impact of microfinance on entrepreneurship development in Nigeria. By providing empirical evidence and insights into this relationship, the study seeks to contribute to the growing body of knowledge on microfinance and entrepreneurship in developing countries. The findings are expected to have implications for policymakers, microfinance institutions, and entrepreneurs themselves, guiding the development of more targeted and impactful interventions to support entrepreneurship in Nigeria. In conclusion, this research project holds the potential to generate new knowledge on the role of microfinance in promoting entrepreneurship development in Nigeria. By examining the experiences of entrepreneurs who have utilized microfinance services, the study aims to provide valuable insights that can inform policy and practice in the field of microfinance and entrepreneurship development in Nigeria.

Project Overview

INTRODUCTION

1.1      BACKGROUND OF THE STUDY

It  is  an  undisputable  fact  that  the  contribution  of

microfinance to entrepreneurship activities is increasing being recognized as a primary engine of economic growth. (The Economist, May 18th 1996). By combining existing resources with innovative ideas, entrepreneurs add value through the commercialization of new products, the creation of new jobs and the building of new firms. The Global Entrepreneurship Monitor (GEM) indicates that nations with higher levels of entrepreneurial activity enjoy strong economic growth. In short, entrepreneurs are the link between new ideas and economic development. This is proper using the experience of the industrialized countries of North America and West Europe. Legislative actions has been taken by countries like United States of America, the Netherlands and Japan to see to the fact that entrepreneurial activities