VOLUME NO. 2 (2011), ISSUE NO.

11 (NOVEMBER) ISSN 0976-2183

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A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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C CC CONTENTS ONTENTS ONTENTS ONTENTS
Sr.
No.
TITLE & NAME OF THE AUTHOR (S)
Page No.
1%
ANTECEDENTS OF WORK-LIFE IMBALANCE AMONG BANK EXECUTIVES: AN EMPIRICAL STUDY
S. NAZEER KHAN, DR. A. VENKATACHALAM & DR. T. VANNIARAJAN
1
2%
TRANSFORMATIONAL LEADERSHIP AND INFLUENCE ON OCCUPATIONAL COMMITMENT IN INDIAN HOSPITALS
DR. KENNEDY ANDREW THOMAS, DR. JOHN BRINKMAN & DR. TARA SABAPATHY
6
3%
SERVICE UALITY PERCEPTIONS OF CUSTOMERS: A STUDY OF THE CUSTOMERS! OF PUBLIC SECTOR AND PRIVATE SECTOR COMMERCIAL
BANKS IN INDIA
K. RAMA MOHANA RAO & TEKESTE BERHANU LAKEW
13
"%
SELF-ESTEEM AMONG POOR STUDENTS IN IRAN
ARMIN MAHMOUDI
1#
$%
ANALYSIS OF CUSTOMER SATISFACTION DRIVERS OF OUT PATIENT DEPARTMENT %OPD&: A CASE STUDY
GOLAM MOHAMMAD FORKAN
2'
6%
PERCEIVED UALITY OF SERVICES RENDERED BY COMMERCIAL BANKS: A CASE STUDY OF STATE BANK OF INDIA %SBI&( PANJAB UNIVERSITY
%PU& BRANCH( CHANDIGARH( INDIA
DR. TESFATSION SAHLU DESTA
2$
#%
BANK CONSOLIDATION AND SOLVENCY: THE NIGERIAN EXPERIENCE
DR. MUHAMMAD AMINU ISA
3$
)%
ORGANI*ATIONAL DETERMINANTS OF FIRM PERFORMANCE: A CASE OF GARMENTS MANUFACTURING FIRMS OF LAHORE( PAKISTAN
MUHAMMAD HASSAN & MUHAMMAD RIZWAN SALEEM SANDHU
3)
+%
MICROCREDIT AND BUSINESS PERFORMANCE IN NIGERIA: THE CASE OF MFI FINANCE ENTERPRISES
ABIOLA BABAJIDE & TAIWO JOSEPH
"3
1'%
CREDIT RISK OF THE OFF-BALANCE SHEET ACTIVITIES IN CONTEXT OF COMMERCIAL BANKING SECTOR IN THE C*ECH REPUBLIC: PRACTICAL
EXAMPLE
VERONIKA BUKOV
$'
11%
PERCEPTION( EXPECTATION AND SATISFACTION OF CONSUMERS OF STORE BRAND APPARELS IN CHENNAI CITY
K. SADASIVAN & DR. JAYSHREE SURESH
$+
12%
THE RELATIVITY OF GOALS OF AN INDIVIDUAL ENTREPRENEUR BLESSED WITH VALUES
SHALINI SINGH & BHUPENDRA V. SINGH
63
13%
CO-INTEGRATION AND CAUSAL RELATIONSHIP BETWEEN GDP AND AGRICULTURE SECTOR
P. SRIKANTH & K. SATHYANARAYANA
66
1"%
CONSUMERS! RESPONSIVENESS TO INTERNET MARKETING: AN EMPIRICAL STUDY
SUBASH CHANDRA NATH & DR. MAHESWAR SAHU
6+
1$%
JOB STRESS AT WORKPLACE: A STUDY OF STRESS LEVEL AMONG MANAGEMENT EDUCATORS
RASHMI GUPTA & DR. VILAS CHOPDE
#3
16%
STRATEGIES FOR CUSTOMER RETENTION , SATISFACTION IN RETAIL SECTOR
AJMER SINGH
#)
1#%
WOMEN EMPOWERED OR DISEMPOWERED: SCENARIO IN PUNJAB
SANGEETA SINGH NAGAICH
)'
1)%
PERCEPTION OF THE RETAIL INVESTORS TOWARDS INVESTMENT IN MUTUAL FUNDS IN PUDUCHERRY: AN EMPIRICAL STUDY
D. KANDAVEL
)$
1+%
JOB AND WEALTH CREATION THROUGH ENTREPRENEURSHIP
HARESH BAROT & ARUN MENON
))
2'%
DIVERSITY MANAGEMENT AND ORGANI*ATIONAL EFFECTIVENESS IN INDIAN ORGANI*ATIONS
DR. SUSHMA SURI & MONU LAL
+1
21%
CSR- AN UMBILICAL CORD RELATION WITH THE ENVIRONMENT
DR. F. ANDREW SJ
+$
22%
INNOVATIVE HR PRACTICES
MEGHANA J
+)
23%
EXTENSION EDUCATION APPROACHES OF HORTICULTURAL EXTENSION MARKETING: A VIEW
JABEEN ARA BEGUM
1'3
2"%
DISABILITY AND ACCESS TO HIGHER EDUCATION IN INDIA
MD.HASANUZZAMAN & SHAZIA KHAN
1'#
2$%
COMPARATIVE ADVERTISEMENT AND INFRINGEMENT OF TRADEMARKS
GAURAV ARORA, GUNVEER KAUR, SUPRITHA PRODATURI & VINAYAK GUPTA
111

REUEST FOR FEEDBACK 11$
VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
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CHIEF PATRON CHIEF PATRON CHIEF PATRON CHIEF PATRON
PROF- K- K- AGGARWAL
)hancellor" 2in#aya3s 4niversity" Delhi
!ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi
67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar

PATR PATR PATR PATRON ON ON ON
SH- RAM BHAJAN AGGARWAL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana
5ice-President" Dadri 6ducation Society" )har:hi Dadri
President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani

CO CO CO CO- -- -ORDINATOR ORDINATOR ORDINATOR ORDINATOR
DR- SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

ADVISORS ADVISORS ADVISORS ADVISORS
PROF- M- S- SENAM RAJU
Director A% )% D%" School of Mana#e0ent Studies" I%%$%O%4%" $ew Delhi
PROF- M- N- SHARMA
)hair0an" M%B%A%" +aryana )olle#e of 9echnolo#y 8 Mana#e0ent" =aithal
PROF- S- L- MAHANDRU
Principal ;Retd%<" Mahara1a A#rasen )olle#e" Ja#adhri

EDITOR EDITOR EDITOR EDITOR
PROF- R- K- SHARMA
Dean ;Acade0ics<" 9ecnia Institute of Advanced Studies" Delhi

CO CO CO CO- -- -EDITOR EDITOR EDITOR EDITOR
DR- BHAVET
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD
DR- AMBIKA *UTSHI
!aculty" School of Mana#e0ent 8 Mar:etin#" Dea:in 4niversity" Australia
DR- VIVEK NATRAJAN
!aculty" 2o0ar 4niversity" 4%S%A%
DR- RAJESH MODI
!aculty" /anbu Industrial )olle#e" =in#do0 of Saudi Arabia
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4niversity School of Mana#e0ent Studies" uru obind Sin#h I% P% 4niversity" Delhi
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)hairperson ;)R)<" uru obind Sin#h I% P% 4niversity" Delhi
DR- KULBHUSHAN CHANDEL
Reader" +i0achal Pradesh 4niversity" Shi0la
VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
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DR- TEJINDER SHARMA
Reader" =uru:shetra 4niversity" =uru:shetra
DR- SAMBHAVNA
!aculty" I%I%9%M%" Delhi
DR- MOHENDER KUMAR GUPTA
Associate Professor" P% J% 2% $% overn0ent )olle#e" !aridabad
DR- SHIVAKUMAR DEENE
Asst% Professor" overn0ent !% % )olle#e )hit#uppa" Bidar" =arnata:a
MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

ASSOCIATE EDITORS ASSOCIATE EDITORS ASSOCIATE EDITORS ASSOCIATE EDITORS
PROF- NAWAB ALI KHAN
Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%
PROF- ABHAY BANSAL
+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity 4niversity" $oida
DR- KUMARDATT A- GANJRE
Director" Mandar 6ducation Society3s >Ra1ara0 Shinde )olle#e of M%B%A%3" Pedha0be , ('' ?'@" Maharashtra
DR- V- SELVAM
Divisional 2eader , )o00erce SS2" 5I9 4niversity" 5ellore
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Associate Professor" 5I9 4niversity" 5ellore
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S- TABASSUM SULTANA
Asst% Professor" Depart0ent of Business Mana#e0ent" Matrusri Institute of P%% Studies" +yderabad

TECHNICAL ADVISOR TECHNICAL ADVISOR TECHNICAL ADVISOR TECHNICAL ADVISOR
AMITA
!aculty" overn0ent +% S%" Mohali
MOHITA
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FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS
DICKIN GOYAL
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NEENA
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JITENDER S- CHAHAL
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SUPERINTENDENT SUPERINTENDENT SUPERINTENDENT SUPERINTENDENT
SURENDER KUMAR POONIA


VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
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VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
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VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
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MICROCREDIT AND BUSINESS PERFORMANCE IN NIGERIA: THE CASE OF MFI FINANCE ENTERPRISES

ABIOLA BABAJIDE
LECTURER
DEPARTMENT OF BANKING AND FINANCE
COLLEGE OF BUSINESS AND SOCIAL SCIENCES
COVENANT UNIVERSITY
P.M.B 1023, OTA, OGUN STATE, NIGERIA

TAIWO JOSEPH
FACULTY
DEPARTMENT OF BANKING AND FINANCE
COLLEGE OF BUSINESS AND SOCIAL SCIENCES
COVENANT UNIVERSITY
P.M.B 1023, OTA, OGUN STATE, NIGERIA

ABSTRACT
Th! "#"$% &'$!()#($! (h$ *"#+( ,- *+%,+%$.( /,#& ,& 01!&$!! "$%-,%*#&+$ ,- M+%,-&#&+$ I&!((1(,&! 2MFI3 -&#&+$ *+%,$&($%"%!$! & N)$%#. A
*+%,$&($%"%!$ %$-$%! (, #& &.'.1#/ 01!&$!! (h#( +,&!!(! ,- /$!! (h#& -'$ $*"/,4$$! #&. ! )$&$%#//4 ,%)#&5$. #! # !,/$ "%,"%$(,%!h" ,% -#*/4 01!&$!!.
Th$ ,06$+('$ ,- (h$ !(1.4 7#! (, $8#*&$ (h$ $--$+(! ,- *+%, +%$.( ,& !$'$%#/ 01!&$!! "$%-,%*#&+$ +%($%# ,- MFI +/$&(!. D#(# -,% (h$ !(1.4 7#! .$%'$. -%,*
0,(h "%*#%4 #&. !$+,&.#%4 !,1%+$!. F%!(, # !1%'$4 ,- MFI #&. $&(%$"%$&$1% 9 +/$&(! 7$%$ 1&.$%(#:$& 1!&) !*"/$ %#&.,* !#*"/&) ($+h&;1$ (, !$/$+( ,1%
%$!",&.$&(, (h! 7#! /&:$. (, .#(# $8(%#+($. -%,* (h$ %$+,%.! ,- MFI (, -,%* # "#&$/ .#(#. Th$ .#(# ,0(#&$. 7#! #&#/45$. 1!&) *1/("/$ %$)%$!!,& #&#/4!!.
Th$ -&.&) %$'$#/! # ",!('$ %$/#(,& 0$(7$$& *+%,+%$.( #&. "%,-( ,- (h$ *+%,$&($%"%!$. Th$ !(1.4 %$+,**$&.! # 7.$% +,'$%#)$ ,- *+%,-&#&+$ (h%,1)h
$--$+('$ *"/$*$&(#(,& ,- *+%,<-1&. !+h$*$ #&. *#&.#(,%4 01!&$!! %$/#($. (%#&&) -,% #// *+%, $&(%$"%$&$1%!.

KEYWORDS
Microfinance" 0icroenterprise" 0icrocredit" profit" re#ression analysis%

INTRODUCTION
o enhance international develop0ent" the 4nited $ations Or#ani*ation ;4$O< in year G''' announced the Millenniu0 Develop0ent oals ;MDs<"
ai0ed at poverty reduction a0on# other ob1ectives by G'&.% In this re#ard" 0icrofinance was adopted by 4nited $ations eneral Asse0bly" as a for0 of
financial develop0ent tool with the pri0ary ob1ective of reducin# poverty level% 9he i0portance of 0icrocredit was noted in the 4nited $ations Aorld
Su00it Outco0e Docu0ent" G''." ;4nited $ations" G''.< which states that LAe Mthe 4nited $ationsN reco#ni*e the need for access to financial services" in
particular for the poor" includin# throu#h 0icrofinance and 0icrocredit. . .H 9he docu0ent stipulates that 0icrocredit will help 0e0ber countries achieve the
0illenniu0 develop0ent #oals ;MDs< of reducin# poverty rates by .'O by G'&.% 9he year G''. was declared the /ear Microcredit by the eneral Asse0bly of
4nited $ations% In the declaration state0ent" for0er 4nited $ations Secretary eneral said e7pressly state that LPsustainable access to 0icrofinance helps
alleviate poverty by #eneratin# inco0e" creatin# 1obs" allowin# children to #o to school" enablin# fa0ilies to obtain health care" and e0powerin# people to 0a:e
the choices that best serve their needs%H ;=ofi Annan" Dece0ber G''-<% As a result" overn0ents" donor or#ani*ations and $on overn0ental Or#ani*ations
;$Os< around the world responded enthusiastically with plans and pro0ises to wor: to#ether towards the reali*ation of the ob1ectives% 9hus" this financin#
instru0ent is perceived worldwide as a very effective tool of fi#htin# a#ainst hun#er and poverty" 0ainly in developin# countries ;Daley-+arris G''GC 2ittlefield"
Murduch and +ashe0i G''-<%
Prior to these declarations" 0icrofinance has been reco#ni*e by international or#ani*ation such as )onsultative roup A#ainst Poverty ;)AP< and Opportunity
International ;OI< that poor people are capable of co0in# out of poverty with di#nity and can i0prove their livin# standard when the ri#ht environ0ent and
opportunities e7ist% )ountries such as Ban#ladesh and Indonesia have succeeded in #eneratin# dyna0ic and productive self-e0ploy0ent throu#h 0icrofinance
pro#ra0s% 9he e0phasis is on i0provin# wo0en e0power0ent" particularly those who live in absolute poverty and e7perience constant hindrances to #rowth%
Microfinance or#ani*ations provide financial assistance to 0icro entrepreneur by offerin# the0 different :inds of financial and non-financial services" which is a
co00on feature of 0icrofinance institutions ;/unus" G''-<%
Microfinance is a credit tool which e0ploys effective collateral substitute for short-ter0 and wor:in# capital loans to 0icro-entrepreneurs ;+ub:a and Qaidi"
G''.<% 9he level of a country3s poverty has lon# been lin:ed with 0easures of its econo0ic develop0ent by develop0ent econo0ist ;=han" G''.<% 9he
econo0ies with positive ross $ational Product ;$P< #rowth rate were 0easured by their poverty alleviation by the Aorld Ban:% 9he e0phasis of 0icrofinance
is on wealth creation throu#h self-e0ploy0ent as a path for develop0ent and assu0ed that i0proved lives for all would be the natural conseBuence ;2ittlefield"
Murduch and +ashe0i G''-C =han" G''.<%
Microfinance is not a new develop0ent in Africa% In $i#eria" the unwillin#ness or inability of the for0al financial institutions to provide financial services to the
urban and rural poor" coupled with the un-sustainability of #overn0ent sponsored develop0ent financial sche0es contributed to the #rowth of private sector-
led 0icrofinance in $i#eria% Before the e0er#ence of for0al 0icrofinance institutions" infor0al 0icrofinance activities flourished all over the country ;O1o"
G''?<% Infor0al 0icrofinance is provided by traditional #roups that wor: to#ether for the 0utual benefits of their 0e0bers% 9hese #roups provide savin#s and
credit services to their 0e0bers% 9he infor0al 0icrofinance arran#e0ents operate under different na0esE >esusu3 a0on# the /orubas of Aestern $i#eria"
>etoto3 for the I#bos in the 6ast and >adashi3 in the $orth for the +ausas ;)B$" G'''<% 9he :ey features of these infor0al sche0es are savin#s and credit
co0ponents" infor0ality of operations and hi#her interest rates in relation to the for0al ban:in# sector% 9he infor0al associations that operate traditional
0icrofinance in various for0s are found in all the rural and urban co00unities in $i#eria ;Otu" et al" G''-<% Althou#h" the si*e of activities covered under the
sche0e are not easily deter0ined but the non-traditional" for0ali*ed 0icrofinance institutions ;M!Is<" are operatin# side by side with the infor0al services% 9he
financial services provided by the M!Is in $i#eria include savin#s" credit and insurance facilities ;Anyanwu" G''.<%
In G''." the Microfinance Policy Re#ulatory and Supervisory fra0ewor: ;MPRS!< was adopted for $i#eria% 9he ob1ective of the 0icrofinance policy is to 0a:e
financial services accessible to a lar#e se#0ent of the potentially productive $i#erian population" which have had little or no access to financial services and
e0power the0 to contribute to rural transfor0ation% Other ob1ectives include pro0otin# lin:a#e platfor0 a0on# universalDdevelop0ent ban:s" speciali*ed
institutions and 0icrofinance ban:s and pro0ote syner#y and 0ainstrea0 the infor0al subsector into the national financial syste0% 9he 0icrofinance policy
reco#ni*es the e7istin# infor0al institutions and brin#s the0 within the supervisory purview of the )entral Ban: of $i#eria ;)B$<% 9his would enhance 0onetary
T
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stability in the country and e7pand the financial infrastructure of the country to 0eet the financial reBuire0ents of the Micro" S0all and Mediu0 6nterprises
;MSM6s< ;)B$" G''.<%
A nu0ber of studies have been carried out on the i0pact of 0icrofinance on entrepreneurial develop0ent% So0e scholars focused on the 0echanis0 by which
poverty is reduced% Ryne and +olt ;&JJ(< provide a 0eta-analysis of 0icrofinance and focuses on wo0en e0power0ent" intendin# to show why various studies
conflict in their conclusions as to the i0pact of 0icrofinance on wo0en e0power0ent% 6vans and Ada0s ;&JJJ< approach the 0icrofinance fro0 a different
perspectiveC they see: to e7plain non participation in the 0icrofinance evolution" statin# that while 0icrofinance is used as a viable tool to fi#ht poverty" 0ore
than ?.O of the poor individuals choose not to participate for various reasons% Par: ;G''&< evaluates 0icrofinance pro#ra00es in )hina usin# - :ey
0easure0ent variables ;tar#et" sustainability and overall i0pact<% )opesta:e" Bhalotra and Johnson ;G''&< analysed the i0pact of 0icrofinance on fir0s and
individual wellbein#% )opesta:e et al% ;G''&< focused on business perfor0ance and household inco0e to establish a lin: between availability of 0icrofinance and
overall wellbein# of the poor% Si0ilarly" Afraine ;G''G< reviewed i0pact of 0icrofinance intervention pro#ra00es in two African )ountries ;hana 8 South
Africa< testin# the i0pact of 0icrofinance on business inco0es" access to life-enhancin# facilities" and e0power0ent of the people" particularly wo0en% A0in"
Rai and 9opa ;G''-< focus on the ability of 0icrofinance to reach the poor and the vulnerable% 9heir 0ain concern is that 0icrofinance is only servin# people
sli#htly below or above the poverty line" and that the really poor and destitute are bein# syste0atically e7cluded% Be:ele and Qele:e ;G''I< e7a0ine the i0pact
of iBBub sche0e ;a type of 0icrofinance pro#ra00e in 6thopia< on lon# ter0 survival of 0icro" s0all and 0ediu0 enterprises ;MSM6s< in 6thiopia% 9he above
analysis shows increase participation both in research and practice of 0icrofinance particularly the i0pact assess0ent% Despite increase activities in the sector"
trend in research did not provide sufficient 1ustification for the lin: between 0icrofinance and business perfor0ance usin# profit as a 0easure of perfor0ance in
developin# countries% Besides" e0pirical evidence e0er#in# fro0 various studies about the effect of 0icrofinance on entrepreneurial develop0ent as a whole
have so far yielded 0i7ed results that are inconclusive and contradictory% Moreover" the i0pact of 0icrofinance on enterprise develop0ent has not received
adeBuate research attention in $i#eria% Research also shows that 0ost of the studies on i0pact of 0icrofinance on enterprise develop0ent that have been
reported were carried out in industriali*ed countries e7cept so0e few cases in so0e African countries but none in $i#eria% 9his 0ean that there is a 0a1or #ap in
the relevant literature on developin# countries particularly $i#eria which happen to be the 0ost populated country in Sub-Saharan Africa ;SSA<% It is on this
thrust that this study investi#ates the i0pact of 0icrocredit on business perfor0ance of M!I finance enterprise% 9he paper investi#ates the effect of different
loan ad0inistration practices in ter0s of loan si*e and tenure on several perfor0ance criteria of M!I finance by Microfinance Institutions in $i#eria% 9he rest of
the paper is divided into four sections% In section II" relevant theoretical and e0pirical studies are review while the 0ethodolo#y of the study was e7plain in
section III% 9he findin#s of this study were presented in section I5 while section 5 contains the concludin# re0ar:s%

LITERATURE REVIEW
DEFINITIONS AND MICROENTERPRISE PERFORMANCE MEASURE
9he $i#erian Industrial Policy ;&JIJ<" define Micro" S0all and Mediu0 6nterprises ;MSM6s< as those with total invest0ent of between R&-"''' and RG@'"'''
;$&''"''' and $G0< e7cludin# land and wor:in# capital" and specifically" define 0icro enterprises and cotta#e industries as those with invest0ents not
e7ceedin# R&-"''' ;$&''"'''< e7cludin# land but includin# wor:in# capital% 9he MSM6s of the Aorld Ban: roup prescribe the followin# definitionsC Micro
enterprises" enterprise that e0ployee persons &' or less" with total assets R&''"''' or less" and turnover value of R&''"''' or less% S0all 6nterprise are
enterprise that e0ploys &' , .' persons with total asset of R&''"''' - R-0" and 9urnover of R&''"''' - R-0" while 0ediu0 enterprises are enterprise that
e0ployees between .' , -'' persons" with total Assets of R-0 - R&.0 and 9urnover R-0 - R&.0% 9he $ational Policy on MSM6s define 0icroenterprises as
business activities e0ployin# less than ten people and havin# asset less than $. 0illion e7cludin# land and buildin#s% ;$ational Policy on MSM6s" G''?<%
9he i0portance of 0icro and s0all enterprises ;MS6s< to the socio-econo0ic develop0ent of low and 0iddle-inco0e econo0ies is well docu0ented ;Daniels 8
Mead" &JJIC =in# 8 Mcrath" &JJJC I2O" G''GC Daniels" G''-C 4$IDO" G''-C<% In the poorest econo0ies" MS6s" and 0icroenterprises in particular" are a 0a1or
source of e0ploy0ent and inco0e ;Mead 8 2iedhol0" &JJI<" especially for the poorest 0e0bers of society% 9hus" there is a #reat deal of interest in the
perfor0ance of fir0s in the 0icroenterprise sector and its scope is to #enerate e0ploy0ent" both throu#h new business start-ups and the e7pansion of e7istin#
businesses% Most 0icroenterprises are characteri*ed with low productive capacity which is 0anifested in low rates of #rowth and hi#h 0ortality rate ;Daniels 8
Mead" &JJIC Mead 8 2iedhol0" &JJIC I2O" G''GC 4$IDO" G''-<% In an official docu0ent published in G''&" a study of $i#eria3s infor0al sector put the esti0ated
nu0ber of non a#riculture 0icro enterprise at @%(J 0illion with a total e0ploy0ent of I%J? 0illion% 9his #roup is do0inated by wholesale and retail trade
which accounts for about (JO of e0ploy0ent and 0anufacturin# ;-'O<% Other nu0erically si#nificant sectors include repair of vehicles ;-%GO<" transport ;G%JO<"
hotels and restaurants ;G%@O< and buildin# 8 construction ;&%IO<% Manufacturin# is do0inated by food processin# ;&I%?O<" te7tiles" clothin# 8 leather #oods
;-%IO<" wood and wood furniture ;-%-O< and 0etals and 0etal products ;&%&O< ;Draft $ational Policy on MSM6s" G''?<%
A typical 0icro enterprise is operated by a sole proprietorD0ana#er aided 0ainly by unpaid fa0ily wor:ers andDor with occasional paid e0ployee andDor with an
apprentice" the output value usually very low ;a G''& survey of infor0al enterprises put it at an avera#e of $&." ''' ;R&G.< per annu0<% 9he levels of technolo#y
and s:ills e0ploy by 0icro entrepreneur are also very low% +owever" with the entry of 0any une0ployed school leavers" such as secondary school leavers and
#raduate of tertiary institutions" there is 0uch scope for up#radin# technolo#y and s:ill level in e7istin# enterprises and for the rise of new hi#h-technolo#y
based enterprises% !undin# is often individual resources" with a little help fro0 fa0ily and traditional 0utual fund societies ;esusu<% overn0ent interaction
with 0icro enterprises is usually very 0ini0al" e7cept throu#h the occasional cooperative or other officially reco#nised #roups% Ban: loans are rarely sou#ht and
0ore rarely obtained% Micro enterprises have two stron# points in their favour" they are nu0erous and ubiBuitous" a s0all i0prove0ent in their productivity
and output will result in lar#e i0prove0ents in e0ploy0ent" inco0e and productivity in every noo: and corner of the country% But dealin# with the0 reBuires
sensitivity" e0pathy and a co00unity-focused approach ;$ational Policy on MSM6s" G''?<%
60pirical studies on 0icroenterprise perfor0ance identified five :ey deter0inants of enterprise profitability" na0ely enterprise si*e" enterprise a#e" use of
technolo#y" sector characteristics" and entrepreneurial ability ;Masa:ure" )ranfield and +enson" G''I<% It is i0portant to reco#ni*e that profits can affect fir0
#rowth in opposite ways% rowth 0ay be positive if profits are invested in a 0anner that e7pands the enterprise ;Aryeetey" G''&C Atieno" G''&C !afcha0ps 8
abre-Madhin" G''&<% 6ntrepreneur characteristics and type of labour e0ployed are i0portant deter0inants of fir0 profits% Both the theoretical and e0pirical
studies su##ested that the differences in the #rowth path of 0icroenterprises and resultin# distributions of fir0 profits 0ay be due to hetero#eneity in the
ability" 0ana#e0ent andDor a0bition" and drive of entrepreneurs% !or e7a0ple" 0ore educatedDs:illed entrepreneurs 0ay have better start-up conditions" such
as in the for0 of capital saved fro0 earlier e0ploy0ent ;Daniels 8 Mead" &JJIC oedhuys 8 Sleuwae#en" G'''C Mitra" G''GC Sleuwae#en 8 oedhuys" G''GC
Sali0" G''.C )ressy" G''@C<% Aith respect to labour use" hired labour is associated with enhanced 0icroenterprise perfor0ance% Ahile the fa0ily can play an
i0portant role in fillin# socialD fa0ilial responsibilities" fa0ily labor is often less s:illed and 0otivated than hired labor" and #enerally wor:s fewer hours ;Daniels
8 Mead" &JJIC !afcha0ps 8 abre-Madhin" G''&C !afcha0ps" G''-C<%
)apital and liBuidity constraints are critical for 0icroenterprise develop0ent especially in an environ0ent with i0perfect capital 0ar:ets% )redit is critical in two
ways dependin# on the conditions under which it is used% If credit is accessible and reasonably priced" it allows fir0s to address liBuidity constraints" thus aidin#
profitability and #rowth ;Masa:ure" )ranfield and +enson" G''I<% +owever" credit 0ay ne#atively affect profit and survival" if fir0s are captive borrowers
;!is0an 8 Raturi" G''(< or operate under poor econo0ic conditions and hi#h interest rates ;Atieno" G''&C Bi#sten et al%" G''-C Bec:" De0ir#uc-=unt" 8
Ma:si0ovic" G''GC Steel 8 Andah" G''(<% Because for0al ban: credit is often costly for 0icroenterprises" it #enerally does not si#nificantly levera#e perfor0ance
relative to cheaper infor0al sources" especially friends and relatives ;Daniels 8 Mead" &JJI<%
9here is a substantial literature relatin# social networ:s to the 0ar:et participation" productivity" #rowth" and profitability of enterprises% 9he returns to
networ:s co0e throu#h reductions in transaction costs" develop0ent of trust" andDor contract enforce0ent 0echanis0s in networ:s% 9here is a lon#-ter0
strate#ic benefit in financin# today3s s0all enterprises throu#h appropriate support strate#y% 9he findin#s by Allen" Marco" !ra0e and $athan ;G''@< on the
utilisation of social capital and the efficiency of s0all fir0s show that there is a statistically si#nificant positive relationship between access to social capital and
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viability in s0all businesses and enterprises% 9herefore" social capital see0s to enhance efficiency and lon# ter0 survival in s0all fir0s throu#h the alleviation of
financial and non-financial constraints of s0all fir0s ;Be:ele 8 Qe:ele" G''I<% +owever" networ:s can have undesirable effects on co0petition" eBuity" and
efficiency% Ahile networ: >>insiders33 #ain advanta#es fro0 networ: e7ternalities" non-0e0ber >>outsiders33 can be e7cluded fro0 essential business transactions"
such as credit" with detri0ental i0pacts on enterprise perfor0ance ;Barrett" G''-C Bi##s 8 Shah" G''@<%
!inally" the effects of fir0 re#istration on perfor0ance tend to be sector and scale-specific% In lar#e fir0s" re#istration enhances credibility" opens up access to
rationed resources ;e%#%" credit< and reduces transaction costs when dealin# with other fir0s" thus aidin# perfor0ance and #rowth ;see oedhuys 8 Sleuwae#en"
G'''C Sleuwae#en 8 oedhuys" G''G<% /et in 0icroenterprises" re#istration 0ay not affect perfor0ance appreciably ;Mead 8 2iedhol0" &JJI<% !or e7a0ple"
operatin# outside the re#ulated environ0ent affords fir0s 0ore fle7ibility in input use as local conditions chan#e% )onversely" Mitullah ;G''-< showed how the
unre#ulated and unprotected environ0ent in cities is not conducive to business" with entrepreneurs bein# constantly disrupted by 0unicipal authorities in
conflicts over licensin#" ta7ation" site of operation" sanitation" and wor:in# conditions%
!asoroti" A:inrinola and A1ibefun ;G''@< e7a0ined the i0pact of 0icrocredit and trainin# on efficiency of s0all scale entrepreneurs and found that well
structured entrepreneurship trainin# pro#ra00es co0ple0ented with easy credit access can facilitate the desired i0prove0ent in the efficiencies of s0all scale
businesses people% O#unrinola and Ale#e ;G''?<" found out that the operations of 4$DP sponsored M!I to be beneficial to 0icro businesses% Barnes $(. #/.
;G''&< also found that Qa0bu:o loan ;a type of a 0icroloan< had a positive i0pact on the inflation-ad1usted value of the 0onthly sales revenue of the 0atched
enterprise of repeat continuin# clients; they define continuin# client as individuals who have stayed on with the pro#ra0 fro0 &JJ? till date and have ta:en at
least one loan<% 9hou#h literature abounds on the relationship between 0icrocredit and 0icroenterprise" none have lin:ed the perfor0ance of 0icroenterprise
to 0icrocredit" panel data obtained throu#h a co0bination of survey 0ethod and data collected fro0 the M!Is allowed us to brid#e this apparent #ap" thereby
e7a0inin# the contribution of 0icrocredit to 0icro enterprise perfor0ance in $i#eria%

RESEARCH METHODOLOGY
RESEARCH DESIGN
In an atte0pt to obtain the data for this study" a si0ple rando0 sa0plin# techniBue was adopted% Accordin# to the 4nited States A#ency for International
Develop0ent %4SAID< funded pro1ect on Pro0otin# I0proved Sustainable Microfinance Services ;PRISMS< ;G''(<" the statistics on the nu0ber" si*e"
#eo#raphical distribution" and activities of the 0icroenterprise and SM6 sub-sectors are partial and defective in $i#eria because 0ost 0icroenterprise in $i#eria
are unre#isteredC however" the report su##ested that the MSM6 sub-sector 0ay co0prise as 0uch as I? percent of all fir0s operatin# in $i#eria% 9his
percenta#e e7cludes the infor0al 0icroenterprise sub-sector" which re0ains the 0ain source of inco0e and e0ploy0ent for 0ost $i#erians% 9he assess0ent
study su##ested that there are about I%( 0illion MSM6s in operation in $i#eria today% iven to the paucity of available statistics" it is i0possible to #au#e the
e7act nu0bers of MSM6s se#re#ated by si*e" but it is plausible to su##est that the nu0ber of 0icroenterprises 0ay co0prise I' percent of the total nu0ber of
esti0ated MSM6s ;appro7i0ately @%? 0illion<C that s0all businesses 0ay account for &. percent of the total ;about &%- 0illion<C and that 0ediu0 enterprises
0ay co0prise . percent of the total MSM6s ;around (G'"'''< ;4SAID" G''(<% !or this reason" @%?0illion was used as our sa0ple fra0e% Applyin# 9aro /a0ane
sa0ple si*e deter0ination for0ula reviewed by lenn ;G''J<" ('' 0icroenterprises was obtained but .'' 0icroenterprises were rando0ly selected for the
study to allow for 0ailin# error% Data on profit reported after each loan and capital e0ployed are e7tracted fro0 the clients 0e0bership card :ept with the M!I
for each respondents% Only -&? copies of Buestionnaire were returned fro0 the .'' copies of Buestionnaire sent to the field% 9he copies of the Buestionnaire
were filled by the respondents%
UESTIONNAIRE DESIGN
9he pri0ary data consists of a nu0ber of ite0s in well structured Buestionnaire that was ad0inistered to and co0pleted by the respondents% 9he decision to
structure the Buestionnaire is predicated on the need to reduce variability in the 0eanin# possessed by the Buestions as a way of ensurin# co0parability of
responses% 9o ensure the validity of the Buestionnaire used for the study" e7perts in the field of 0icrofinance were consulted to loo: at the Buestionnaire ite0s
in relation to its ability to achieve the study stated ob1ectives" level of covera#e" co0prehensibility" lo#icality and suitability for prospective respondents% 9he
Buestionnaire had five 0ain sections and a section on personal data of the respondents% 9he first section was on business characteristics of the respondents% 9he
second section focuses on 0e0bership of a #roup and social capital issues" the third section was on loan utili*ation" the fourth section focus on loan si*e" tenure
and business perfor0ance of the respondents" while the fifth section was on proble0s with the loan and loan ad0inistration% 9o ensure the reliability of the
instru0ent used" the split-halves 0ethod was used% 9he data obtained were analy*ed usin# descriptive statistic and 0ultiple re#ression analysis techniBue%
MODEL SPECIFICATION
In 0easurin# business perfor0ance and i0pact analysis of 0icro credit" ban:in# and finance have re#istered diver#ent conclusions ;O#unrinola and Ale#e " G''?C
Masa:ure et al%" G''IC Olutunla and Oba0uyi" G''IC +artars:a and $adolnya: " G''I<% !or this study" we adapted the 0odel used by Olutunla and Oba0uyi
;G''I< specified as follows"
PRO!I91t S a&2OA$S1tTaGSA26S1tTa-BIQA61tTa(B4SIQ61tTa.I$96R6S91tTb1TUtTe1t%
Ahere Profit is profit before ta7 for fir0 1 at ti0e t" 2oans is the a0ount of loan obtained by fir0 1 at ti0e t" sales is the level of sales by fir0 1 at ti0e t" Bi*a#e is
the a#e of business by fir0 1 at ti0e t and Bussi*e is the si*e of the fir0 0easure by nu0ber of e0ployees at ti0e t" Interest is the interest rate at ti0e t" =: and
U( are intercept coefficients" which allow for different unobserved fir0 specific factors and vectors of ti0e series du00ies" while e1t is the error co0ponent
that varies over both individual fir0s and ti0e%
Apriori" #> ? @A #B ? @A # C ? @A #D ? @A #E F @
Aith a 0odification on the above eBuation" usin# 0ultiple re#ression analysis of the ordinary least sBuared ;O2S<" we specified as followsC
G H -2MC, CC, E.1, B5A)$, B5 S5$3 IIIIIIIIIIIIIII.IIIII2>3
Ae then re-specified in 0athe0atical for0 asC
G H =@ J =>MC J =BCC J =CE.1+J =DB5A)$J =EB5 S5$ J UIIIIIIII.2B3
Apriori" we e7pect V&W'" VGW'" V-W'" V(W'" and V.W '
Ahere"
X S Profit define as avera#e profit per wee:
M) S Micro)redit , 9otal a0ount of 0icro loan received by the Microentrepreneur
)) S )urrent )apital e0ployed in the business
6duc S 2evel of education of the 0icro enterprise ownerDoperator
Bi* A#e S A#e of Business
Bi* Si*e S Si*e of the 0icroenterprise 0easured by nu0ber of e0ployee in the business
V'" S intercept coefficients" which allow for different unobserved fir0 specific factor %
4S is the error co0ponent that varies over both individual 0icroenterprise%
V&" VG" PP V. are para0eters to be esti0ated%
9heoretically" our apriori e7pectations concernin# the coefficient of the variables is that Micro credit utili*ed in the business" )urrent )apital e0ployed in the
business" level of education of the entrepreneur" a#e of the business and si*e of the business which is 0easured by nu0ber of hired e0ployee in the business
will all carry a positive si#n% 9he data used in the analysis is a pri0ary data obtained fro0 field survey%



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ANALYSIS OF RESULTS AND DISCUSSION
9his section provides the e0pirical findin#s fro0 the study% It provides de0o#raphic infor0ation of the respondents and the statistical analysis of the
infor0ation collected fro0 the0% 9his is followed by the interpretation and discussion on findin#s%
PROFILE OF RESPONDENTS
9able & below provides infor0ation on socio econo0ic profile of the correspondents% 9he 9able shows that G?( ;I@%(O< of the respondents are fe0ale" while (-
;&-%@O< are 0ales% 9his confir0s result obtained fro0 past studies that 0ost beneficiaries of 0icrofinance are fe0ale% Aith respect to a#e distribution of the
respondents" the table shows that .I ;&I%GO< of the respondents are within the a#e #roup G' , GJ years% &.@ ;(J%GO< are within the a#e #roup of -'--J years" I-
;G@%&O< are within the a#e #roup of (' - (J years" while the re0ainin# G' ;@%-O< are above .' years of a#e% 9his is an indication that 0ost of the respondents
were within the econo0ic active a#e #roup% Ae also classified the respondents in ter0s of their level of education" because this could affect the way they live
and 0ana#e their businesses ;Ma:asure et al%" G''I<% 9he result obtained revealed that G' ;representin# @%-O< had no for0al education" J(;GJ%?O< had basic
pri0ary education" 0a1ority of the respondents &.&;(?%@O< had secondary education" G?;I%.O< had ordinary diplo0a certificate while the re0ainin# G.;?%JO<
are university #raduates% 9he i0plication of this is that the respondents are 0ature and 0a1ority of the0 have reBuisite educational bac:#round to be able to
provide lo#ical answers to Buestions as:ed in the Buestionnaire% 9he table also #oes further to reveal that out of the three hundred and seventeen respondents
G@ ;I%GO< are sin#le" G.. ;I'%(O< 0arried" G( ;?%@O< divorced or separated and &G ;-%IO< widowed% 9he i0plication of the result obtained is that 0a1ority of the
respondents also has fa0ily to 0ana#e apart fro0 enterprise business% One hundred and ei#hty ;.@%IO< had between & to - children and &'@ ;--%(O< had at
least four children and above% Aith this analysis we tried to find out how 0any fa0ily 0e0ber;s< each respondent had to cater for because a lar#e fa0ily si*e
usually has hi#her e7penses than a s0aller fa0ily and where inco0e is lower than e7penses" this si#nifies poverty%

TABLE 1: SOCIO - ECONOMIC PROFILE OF RESPONDENTS
V.82.F<4C M4.C?82/; G86?> F84G?4/90 P4894/1.;4%H&

G4/E48
Male (- &-%@
!e0ale G?( I@%(
T61.< 31# 1''


A;4 %Y4.8C&
G' , GJ .I &I%-
G' , -J &.@ (J%G
(' , (J I- G@%G
Above .' years G' @%-
T61.< 31# 1''



EE?9.126/ L4D4<

$o for0al 6ducation G' @%-
Pri0ary J( GJ%?
Secondary &.& (?%@
O$D G? I%.
B%Sc G. ?%J
T61.< 31# 1''


M.821.< S1.1?C
Sin#le G@ I%G
Married G.. I'%(
DivorcedDSeparated G( ?%@
Aidow &G -%I
T61.< 31# 1''


N6- 65 CB2<E84/

$one -& J%I
& , - &I' .@%I
( and above &'@ --%(
T61.< 31# 1''
SourceE !ield Survey" G'&'

BUSINESS CHARACTERISTIC OF RESPONDENTS
9able G revealed that &-G;(&%@O< of the businesses had been in e7istence for 0ore than a year" &'-;-G%.O< are newly established business" @G;&J%@O< had been
in e7istence for at least four years while G';@%-O< had been in e7istence for 0ore than five year% 9his shows M!Is contribution to business #rowth and
develop0ent% On the :ind of business enterprise respondents are en#a#ed in" the result obtained revealed that &(I ;(@%?O< are involved in retail tradin#" that is"
buyin# and sellin#" this confir0ed the G''& country survey ;Draft $ational Policy on SM6" G''?< where wholesale and retail tradin# accounted for (JO of non
a#riculture 0icroenterprise in $i#eria% .J ;GI%&O< are artisans" that is people involved hands on craft% !ifty one ;&@%&O< are involved in service industry 0a1ority
of people in this cate#ory are people involved in operation of business centres" printin# and sale of telephone rechar#e cards and restaurant business% Only GI
;I%IO< and -& ;J%I< are involved in 0anufacturin# and a#ricultural business and this call for concern% 9his i0plies that out of three hundred and seventeen
respondents only .J are involved in production of real product% Most of the business are one 0an businessC sole proprietorship G?@ ;I?%&O<" G- ;?%-O< are fa0ily
business" I ;G%.O< are partnership business" while &' ;-%GO< are other type of for0ation% 9he result obtained supported the )orporate Affairs )o00ission report
that J'O of the businesses re#istered in $i#eria are 0icro and s0all businesses% 9able G also show sources of initial start-up capital of the respondents% 9he
result shows that G'- ;@(O< started their business with their personal savin#s" -' ;J%.O< started with borrowed fund fro0 friends and fa0ily" G@ ;I%GO< started
with loan fro0 M!I% 9he result obtained shows that 0ost 0icroenterprises start , up their business fro0 personal savin#s% 9o find out if the businesses are
#rowin# after obtainin# the 0icro loan and usin# nu0ber of paid e0ployee;s< en#a#ed as indicator for #rowth" the result obtained reveals that after ta:in# the
loan" &?- ;.(%@O< indicated that that they do not en#a#e paid e0ployees" I? ;G?%.O< indicated that they en#a#ed one person" -I;&&%JO< indicated that they
en#a#e between G , - persons" and &J ;@O< indicated that they en#a#ed at least . person" after ta:in# the loan% 9he analysis shows that 0a1ority of these
businesses are still at the subsistence level" en#a#in# only the entrepreneur only%











VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE , MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
(?
TABLE 2: BUSINESS CHARACTERSITIC OF RESPONDENTS
V.82.F<4 M4.C?82/; ;86?> F84G?4/90 H

Y4.8 B?C2/4CC EC1.F<2CB4E
2ess than a year &'- -G%.
& , - years &-G (&%@
(-. years @G &J%@
More than . years G' @%-
T61.< 31# 1''

T0>4 65 B?C2/4CC
9radin# &(I (@%?
Artisan .J GI%&
Manufacturin# GI I%I
A#riculture -& J%I
Service .& &@%&
T61.< 31# 1''

F683 65 B?C2/4CC
Sole ownership G?@ I?%&
!a0ily Business G- ?%-
Partnership I G%.
Other type &' -%G
T61.< 31# 1''

S6?894 65 I/212.< C.>21.<
Personal Savin#s G'- @(%'
Borrowed fro0 friends -' J%.
2oan fro0 M!I G@ I%G
Other Sources .I &I%G
T61.< 31# 1''
N?3F48 65 E3><6044 IB4/ F?C2/4CC S1.814E $one &I? .I%J
& ?I G(%@
G-- (' &G%@
.-&' &G -%J
T61.< 31# 1''
N6 65 E3><6044 /6I $one &?- .(%@
& I? G?%.
G-- -I &&%J
. , &' &J @%'
T61.< 31# 1''
WB4/ R4C>6/E4/1 762/4E MFI G''. &' -%G
G''@ ?' GG%&
G''? &-' (&%'
G''I J- GJ%-
$o response &( (%(
T61.< 31# 1''
SourceE !ield Survey G'&'
EFFECT OF MICROCREDIT ON BUSINESS PERFORMANCE OF MICROENTERPRISE
9his section reports the result obtained for the 0ultiple re#ression analysis when the data obtained was fitted into eBuation G of the 0odel specified in section
-%-% 9he re#ression result presented in table - below shows the relationship between the dependent variable and the e7planatory variables%

TABLE 3: REGRESSION ANALYSIS RESULT
D4>4/E4/1 V.82.F<4 J E/148>82C4
P86521
I/E4>4/E4/1 V.82.F<4
C6/C1./1 32986 C84E21
%CC&
C?884/1 C.>21.<
%CC&
EE?9.126/
%EE?9&
B?C2/4CC
A;4%B2KA;4&
C?884/1
E3><6044
C64552924/1 -I(@%GGG '%G&? '%GG. -'%'(. -'%'(. '%&&G
T-D.<?4C &G%&.& -%I.& &%..? -&%I&. -'%I&I G%''-
P- D.<?4C '%''-Y '%'''Y '%'(IYY '%'&@YY '%(&( '%'(@YY

R L '-226 R
2
L '-1#1 AE7?C14E R
2
L '-1$6M F D.<?4 L 6-6)# %'-'''& OFC48D.126/C 31#
SourceE Authors3 co0putations fro0 study sa0ple
N614: N E4/614C C2;/2529./94 .1 1H , NN$H

INTERPRETATION OF RESULT
9he econo0etric analysis was used to test the hypothesis of the relationship between 0icro enterprise profit and 0icro 0icrocredit and other perfor0ance
variables 0easured by )urrent )apital e0ployed in the business" 2evel of education of the entrepreneur" A#e of the business and si*e of the business 0easured
by nu0ber of hired e0ployee in the business% 9he coefficient of 0icrocredit is positive and statistically si#nificant at &O% 9his confir0s our # "%,% e7pectations
of econo0ic theory% 9his i0plies that 0icrocredit is positively related to the fir03s profitability and that profits of 0icroenterprise tend to increase with
increasin# a0ount of loans% 9his result is consistent with si0ple econo0ic theory which su##ests that access to 0icro-credit should lead to hi#her profits and
further confir0s the assertion of Masa:ure et al% ;G''I< that if credit is accessible and reasonably priced" it allows fir0s to address liBuidity constraints" thus
aidin# profitability and #rowth and the findin#s is consistent with the findin#s of Olutunla and Oba0uyi ;G''I<%
9he coefficient of current capital e0ployed in the business also carries a positive si#n" and consistent with our # "%,% e7pectation of econo0ic theory and it is
si#nificant at .O% 9his i0plies that capital e0ployed in the business aid profit #eneration% As capital e0ployed in the business increase" particularly throu#h
profit recapitali*ed and properly invested" all thin#s bein# eBual the business #rows%
)ontrary to our # "%,% e7pectations the level of education attained by the entrepreneur was found to be ne#atively correlated with profit of the fir0 and
statistically si#nificant at .O% 9he inverse relationship between level of education and profit of the enterprise su##ests that it is not #eneral education that an
individual need to succeed in business but specific education that is directly related to the business% 9his confir0 the assertion of Masa:ure et al ;G''I< that
#eneral education 0ay help the entrepreneur at start up" in ter0s of capacity to source initial capital and networ:in#" but an entrepreneur will reBuire specific
VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE , MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
(I
education to #row and re0ain in business% 9his is consistent with the findin#s of O#unrinola and Ale#e ;G''I<" but they e7plained that desire to #ain for0al
e0ploy0ent 0ay not allow the entrepreneur to be co00itted to the enterprise develop0ent%
A#e of the business was found to have an inverse relationship with profit% 9his is contrary to apriori e7pectation% 9he ne#ative relationship between the two
variables su##ests that as fir0s #row" the ability to fir0 to #enerate profit di0inish% 9hat is why 0ost or#ani*ations have to re-or#anise and re-invent and
repac:a#e their products in order to re0ain relevant in business% Besides it is not all entrepreneurs" particularly 0icro entrepreneurs that desire to #row their
business ;Orser et al" G'''<% Many 0aintain their 0icroenterprise in other to :eep busy that is why 0a1ority of the0 re0ain at their subsistence level% 9he result
is consistent with the findin#s of Olutunla and Oba0uyi ;G''I<% 9hey e7plained inability of the older business to adapt to chan#in# business environ0ent as the
reason for their failure to #enerate profit%
Ae found the relationship between business si*e and profit to be positive and statistically si#nificant at .O% 9his 0ean that as the fir0s #et bi##er their chances
of #eneratin# 0ore profit #ets bri#hter% 9hey are less infor0ational opaBue so they are free fro0 adverse selection and 0oral ha*ard that co0es with
infor0ation asy00etric for s0all business% 9heir ability to source fund fro0 other sources to finance the business is enhanced%
9he !-value which is si#nificant at .O connotes that the 0odel does not suffer specification bias while the coefficient of deter0ination ;R
G
< points that about
&?%&O variation in Microcredit was 1ointly e7plained by the e7planatory variables% 9he value appears s0all yet si#nificant% In studies such as this ;cross ,sectional
survey and 0ultiple re#ression< e0phasis is usually placed on the si#nificant of individual e7planatory variables ;u1arati" &JJ.<% 9his is also because our 0ain
focus is to obtain esti0ates and not necessarily 0a:e prediction%

CONCLUSION AND POLICY IMPLICATIONS
9he study has 0ade si#nificant contribution to :nowled#e by usin# 0icrofinance data to 0easure the perfor0ance of 0icroenterprises finance by 0icrofinance
institution% It also brid#e the #ap identified in literature by provin# e0pirical evidence of the i0pact of 0icrofinance on 0icroenterprise perfor0ance usin#
$i#eria data% 9he results de0onstrated that there is a positive si#nificant relationship between profit of the 0icroenterprise and capital e0ployed in the
enterprise" as well as business si*e" but found a ne#ative relationship between profit of the enterprise and level of education of the entrepreneur and A#e of the
enterprise% 9here is no doubt that 0icrocredit have helped to close finance #ap obvious in the $i#erian financial syste0% 9he application of the loans have
helped to boost the perfor0ance of the 0icroenterprise particularly enhancin# their ability to #enerate profit%
9he study therefore reco00ends that 0ini0u0 paid up capital of 0icrofinance ban:s should be increase so that 0ore 0icro entrepreneurs can access the
0icro loan and also" the #overn0ent should provide 0odalities for accessin# the $.'billion ;R-GG%. 0illion< loan reserve for Microfinance Institutions ;M!Is<" so
that the M!Is can access the fund for onward lendin# to the 0icro entrepreneurs% All 0icro entrepreneurs should be 0andated to #o throu#h entrepreneurial
trainin# and the trainin# should be a prereBuisite to accessin# 0icroloan% 9his will help the entrepreneurs to develop necessary 0ana#erial s:ill that will enhance
their business perfor0ance% 9he national policy on MSM6s should be i0ple0ented speedily to aid structural #rowth pattern for Microenterprises in the country%

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9he Aorld Ban: Research roup !inance" 9he Aorld Ban:" Aashin#ton" D)%
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E+,&,*+!, 5ol%?@" $o% -" pp% &---%
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!afcha0ps" M% and 6% abre-Madhin";G''&<% LA#ricultural 0ar:ets in Benin and MalawiE 9he operation and perfor0ance of tradersH% R1%#/ D$'$/,"*$&(
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VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE , MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
(J
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$o%;-<" pp% &GG,&(.%
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Annual $ational )onference on LE+,&,*+ R$-,%*! #&. Th$
N)$%#& F&#&+#/ S4!($*. Or#ani*ed by the Dept of Ban:in# and !inance" 4niversity of 2a#os%
Olutunla" % 9 and 9% M% Oba0uyi ;G''I<% LAn 60perical Analysis of !actors Associated with the profitability of S0all and Mediu0 6nterprises in $i#eriaH% A-%+#&
J,1%&#/ ,- B1!&$!! M#&#)$*$&(" 5ol G $o%7" pp%&J. , G''%
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Par:" A% and Ren" )%" ;G''&<% Microfinance with )hinese characteristics% W,%/. D$'$/,"*$&( 5ol% GJ" pp%-J-@G%
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Shields" J% !% ;G''.<" LDoes rural location 0atterZ 9he si#nificance of a rural settin# for s0all businessesH% J,1%&#/ ,- D$'$/,"*$&(#/ E&(%$"%$&$1%!h"" 5ol%&' $o%
&" pp%
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VOLUME NO. 2 (2011), ISSUE NO. 11 (NOVEMBER) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE , MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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