The Poverty And Poor Economic Infrastructure

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CHAPTER ONE INTRODUCTION Throughout the world, it has become increasingly noticeable in recent decades that the gap between the developed and developing nations of the world continues to widen to an almost unfathomable proportion. This truth is not only been seen from an individual wage earner’s perspective, as it is truly a regional and global economic phenomenon (Ojo and Gaul (2012)) . It is no secret that much of the world has been concerned over the course of the past century with the amount of poverty that is existent in various parts of the globe, and how the rate of poverty seems to only be increasing. Consider the abject poverty and poor economic infrastructure that has been endemic to the countries of Africa for all of the modern era. According to Ana (2007) one of the primary reasons limiting economic expansion in countries such as Nigeria is that basic lack of access to financial capital that is necessary to usher in an era of expansion and prosperity. Since it is now a near universal reality that locally owned small and medium sized enterprises can rarely expand at a level that supports sustainable growth over a long period of time, microfinance has become a most sought after option that should be considered in Nigeria due to the cumbersome process involved in acquired loans from commercial banks and in the end only credit worthy clients loans are approved leaving the poor majority of the population unenthusiastic in entrepreneurship. There are many
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