Microfinancing and Unemployment Reduction in Nigeria: A Critical Review
Abstract
This research paper reviewed the effect of microfinancing on unemployment reduction in Nigeria. Data from Central Bank of Nigeria statistical bulletin was utilized. The period covered is twenty eight (28) years. Auto-Regressive Distributed Lag (ARDL) was employed for the analysis after stationarizing the data via Augumented Dicky Fuller (ADF) unit root test. The result revealed that microfinancing had no significant effect on unemployment reduction in the shortrun but could reduce the rate of unemployment in the longrun. We therefore recommended that the government should partner with microfinance banks in Nigeria to provide adequate funds to entrepreneurs in these sectors for investment which will create jobs for the teeming unemployed labor force and ultimately reduce the rate of unemployment in Nigeria.Key words: Microfinance, Agriculture and forestry, Mining and quarrying, Unemployment rate, Manufacturing and food processing, Real estate and construction, Transport and commerce
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