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ABSTRACT
Reducing poverty has been widely discussed for a very long time. A person or community is considered poor when they lack the financial means or other resources necessary to provide for their most basic needs. This study set out to answer the question, "How do microfinance institutions contribute to poverty alleviation in Nigeria?" From 2004 to 2016, annualised time series data was provided by the Central Bank of Nigeria (CBN), the Nigerian Bureau of Statistics (NBS), and the Nigerian Population Commission (NPC). The Poverty Index (PI), Microfinance Bank Activities and Investments (MBAI), and Interest Rate (IR) are all variables of interest. Total microfinance deposits, contrary to the null hypothesis, were positively associated with poverty reduction in Nigeria over the research period. The second hypothesis holds that there is a strong correlation between total loans and advances and poverty reduction in Nigeria. There was no statistically significant effect of microfinance bank investment or interest rate theories on poverty reduction in Nigeria over the study period. Future directions for this study were suggested.
