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International Journal of Current Research and Review
Periodical of Radiance Research Academy, Nagpur, M.S., India
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ISSN: 2231-2196 (Print)
ISSN: 0975-5241 (Online)
Language: [ English ]  
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Open Access

Original Research



TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND

Ettah B. Essien, Onye Kenneth Ugwu, Daasi, Gibson L. K..

Abstract
This paper examines the role of the traditional financial institutions (TFIs) in the development of micro and small scale enterprises (MSEs) in Ogoni land. The methodology adopted for the study is based on the Paired Observation Test (POT). By adopting an empirical analysis of field data, the paper sought to ascertain the role of some forms of TFIs (the Osusu scheme) in the growth and development of MSEs. The assessment is based on analysis of the involvement of MSEs operators in the Osusu scheme, their total turnover on investments and number of people employed after six years of involvement in the scheme. It also reviews the strengths and challenges of the system in Ogoni and offers some suggestions for strengthening it. Relying on the paired observation test, the results of the study indicates that TFIs generally contributes to the development of the MSEs in Ogoni. However, the Osusu system favours the development of organized MSEs than unorganized MSEs. The study identifies self-regulation as the major setback on the efficacy of TFIs in fostering the growth of MSEs in Ogoni and recommends a system of regulation that may replicate that of the Association of Micro-finance Banks of Nigeria. Increased awareness, periodic supervision and monitoring of the activities of the TFIs are also recommended.

Key words: Traditional Financial Institutions, Micro and Small Scale Enterprises, Ogoni land, Paired Observation Test



How to Cite this Article
Pubmed Style

Essien EB, Ugwu OK, , K. GL. TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. IJCRR. 2012; 4(21): 01-16.



Web Style

Essien EB, Ugwu OK, , K. GL. TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. www.scopemed.org/?mno=28765 [Access: October 23, 2014].



AMA (American Medical Association) Style

Essien EB, Ugwu OK, , K. GL. TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. IJCRR. 2012; 4(21): 01-16.



Vancouver/ICMJE Style

Essien EB, Ugwu OK, , K. GL. TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. IJCRR. (2012), [cited October 23, 2014]; 4(21): 01-16.



Harvard Style

Essien, E. B., Ugwu, O. K., & K., G. L. (2012) TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. IJCRR, 4 (21), 01-16.



Turabian Style

Essien, Ettah B., Onye Kenneth Ugwu, Daasi, and Gibson L. K.. 2012. TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. International Journal of Current Research and Review, 4 (21), 01-16.



Chicago Style

Essien, Ettah B., Onye Kenneth Ugwu, Daasi, and Gibson L. K.. "TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND." International Journal of Current Research and Review 4 (2012), 01-16.



MLA (The Modern Language Association) Style

Essien, Ettah B., Onye Kenneth Ugwu, Daasi, and Gibson L. K.. "TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND." International Journal of Current Research and Review 4.21 (2012), 01-16. Print.



APA (American Psychological Association) Style

Essien, E. B., Ugwu, O. K., & K., G. L. (2012) TRADITIONAL FINANCIAL INSTITUTIONS AND RURAL ENTERPRISES IN NIGERIA: THE CASE OF OGONI LAND. International Journal of Current Research and Review, 4 (21), 01-16.



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