Informal Financial Institution and Sustainable Development Goal of Poverty Reduction in Kogi State, Nigeria

Abstract

Among the various SDGs, Poverty reduction which is the foremost goal is fundamental, strategic and crucial to the achievement of the other goals in which can be achieved among other ways with an efficient, effective, diverse, indigenous and innovative financial market. With a dualised financial market inherent in Nigerian economy as obtainable in most developing countries, the study seeks to study the role of the informal financial institution on the sustainable goal of poverty reduction in Nigeria with particular reference to Kogi State using the Moneylender theory as its theoretical Framework. The study sampled 600 respondents using stratified sampling technique carried out by dividing the population into 3 subsets based on the senatorial districts ( East, West, Central) 4 local government areas are randomly selected from each of the senatorial districts, 10 wards were selected from each of the local government area to give a total of 120 stratum. 10 respondents were selected from each of the wards  concluded whose response was analyzed using descriptive statistics and Ordinary Least square hence the result showed that Non financial institution is a potential voyage toward the actualization of the Sustainable goal of poverty reduction in Kogi state, Nigeria and recommended that  Institutional and legal framework be structured to enable non financial institution to perform the role of money lender while serving as intermediary between the complex financial institution and the unorganised low income earners alias the  masses and those in the social recesses of the society.