THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY
This paper examined the socio-economic relevance of traditional thrift and credit associations in contemporary Nigerian society. The thrift and credit associations have remained vital in Nigeria, considering the mass poverty ravaging the rural population, and they are also relevant as they have hel...
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| Language: | English |
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Federal University Wukari
2023-09-01
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| Series: | International Studies Journal |
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| Online Access: | https://wissjournals.com.ng/index.php/wiss/article/view/199 |
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| author | ROBERT MARTINS EZE |
| author_facet | ROBERT MARTINS EZE |
| author_sort | ROBERT MARTINS EZE |
| collection | DOAJ |
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This paper examined the socio-economic relevance of traditional thrift and credit associations in contemporary Nigerian society. The thrift and credit associations have remained vital in Nigeria, considering the mass poverty ravaging the rural population, and they are also relevant as they have helped many families rise above the poverty line. This paper is conceptual, as secondary data were used. Empirical studies were consulted, and structural-functionalism was employed to understand the subject. The paper concluded that thrift and credit associations have played and continue to play a significant role in the socio-economic development of the rural and urban economies in contemporary Nigeria, given that many cottage industries, petty businesses, and many families have been lifted out of poverty, especially in the rural areas. This study recommended that the government should provide more funds to strengthen the thrift and credit associations to expand their scope to accommodate more members and reduce unemployment and poverty in Nigeria. The paper further recommended that membership in thrift and credit associations be open to vulnerable members of society irrespective of gender, age, and ethnicity.
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| format | Article |
| id | doaj-art-62ce9803d12348f0ad8dbb317f66d8d6 |
| institution | Kabale University |
| issn | 2756-4649 |
| language | English |
| publishDate | 2023-09-01 |
| publisher | Federal University Wukari |
| record_format | Article |
| series | International Studies Journal |
| spelling | doaj-art-62ce9803d12348f0ad8dbb317f66d8d62025-02-10T10:00:54ZengFederal University WukariInternational Studies Journal2756-46492023-09-0173THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETYROBERT MARTINS EZE0Nasarawa State University, Keffi, Nasarawa State - Nigeria. This paper examined the socio-economic relevance of traditional thrift and credit associations in contemporary Nigerian society. The thrift and credit associations have remained vital in Nigeria, considering the mass poverty ravaging the rural population, and they are also relevant as they have helped many families rise above the poverty line. This paper is conceptual, as secondary data were used. Empirical studies were consulted, and structural-functionalism was employed to understand the subject. The paper concluded that thrift and credit associations have played and continue to play a significant role in the socio-economic development of the rural and urban economies in contemporary Nigeria, given that many cottage industries, petty businesses, and many families have been lifted out of poverty, especially in the rural areas. This study recommended that the government should provide more funds to strengthen the thrift and credit associations to expand their scope to accommodate more members and reduce unemployment and poverty in Nigeria. The paper further recommended that membership in thrift and credit associations be open to vulnerable members of society irrespective of gender, age, and ethnicity. https://wissjournals.com.ng/index.php/wiss/article/view/199ThriftCreditAssociation |
| spellingShingle | ROBERT MARTINS EZE THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY International Studies Journal Thrift Credit Association |
| title | THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY |
| title_full | THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY |
| title_fullStr | THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY |
| title_full_unstemmed | THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY |
| title_short | THE SOCIO-ECONOMIC RELEVANCE OF TRADITIONAL THRIFT AND CREDIT ASSOCIATIONS IN CONTEMPORARY NIGERIAN SOCIETY |
| title_sort | socio economic relevance of traditional thrift and credit associations in contemporary nigerian society |
| topic | Thrift Credit Association |
| url | https://wissjournals.com.ng/index.php/wiss/article/view/199 |
| work_keys_str_mv | AT robertmartinseze thesocioeconomicrelevanceoftraditionalthriftandcreditassociationsincontemporarynigeriansociety AT robertmartinseze socioeconomicrelevanceoftraditionalthriftandcreditassociationsincontemporarynigeriansociety |