Marketing the UN/OSCAL Framework as a Microfinance Model to Nurture the Non-oil Sector of the Nigerian Economy
Stevina U. Evuleocha

Abstract

Purpose
To propose the application of the UN/OSCAL model of microfinance to the Nigerian economy, and evaluate the opportunities and challenges posed by the model in accelerating the non-oil sector of the economy.
Methodology/Approach
This is paper is purely conceptual, and relies on the UN/OSCAL microfinance model as a conceptual framework of analysis.
Findings
The findings reveal the following: (1) That the success of scores of institutions devoted to providing financial services directed at the underprivileged, potentially spell hope for many in the third world (2) That the experience and varying successes of these organizations have debunked prevailing myths about poverty and the poor. (3) That in many ways, microfinance has proven an effective tool to help support the Millennium Development Goals campaign and to help halve the number of poor people globally.
Research Implications
To encourage varying and convergent approaches to poverty alleviation and economic empowerment in Nigeria, and to examine the collateral impact of a vibrant microfinance environment on the non-oil sector of the Nigerian economy.
Practical Implications
There is substantial evidence that financial services institutions focused on the poor are feasible and necessary to meet the credit needs of the poor. Under these circumstances, Nigeria needs to adopt multiple approaches to microfinance to seriously jumpstart the non-oil sector and gradually reduce over-reliance on the oil sector of the economy. Originality/Value of Paper This paper contributes to the burgeoning field of micro-development initiatives, particularly, microfinance and micro lending.

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