Financial Inclusion and Small and Medium Enterprises Contribution to Sustainable Economic Growth in Nigeria
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Date
2017
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University of Pennsylvania, Clarion
Abstract
Inclusive financial arrangement is becoming a global economies policy as it has been perceived as a strategic tool for poverty alleviation and improvement of Small and Medium Enterprises (SMEs) output to economic growth sustainability. Financial exclusion of SMEs investors had led to high level of SMEs failure and poverty in Nigeria. This study examines the effect of financial inclusion on SMEs contribution to sustainable economic growth between 1970 and 2015. The data were subjected to Ordinary Least Squares technique. The study revealed that financial inclusions have positive effect but do not significantly affect sustainable economic growth at 5. The study concludes that there is high propensity for SMEs output to boost sustainable growth if all the financial inclusion indicators are well put in place by the monetary authorities. It was recommended that sustainable growth and development can be achieved in Nigeria if SMEs operators have access to loans facilities.
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Keywords
Financial Inclusion, SMEs Contribution, Sustainable Economic Growth, Sustainability and Nigerian Economy.