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

This paper proposes the application of the UN/OSCAL model of microfinance to the Nigerian economy.

Nigeria is one of the world's top oil exporters, but its oil wealth has evolved into a flash point in the country's long running social conflict and violence. Nigeria has struggled economically for decades, despite abundant natural resources. The paper states that Nigeria should pursue alternative routes to a sustainable economy that is less reliant on oil. The paper relies on the UN/OSCAL microfinance model as a conceptual framework of analysis. Findings indicate that:

• Success of institutions that provide financial services to the underprivileged, spells hope for many in the third world and debunk myths about poverty and the poor;
• Microfinance has proven an effective tool to help support the Millennium Development Goals campaign and halve the number of poor people globally.

The paper recommends that Nigeria adopt multiple approaches to microfinance to jumpstart the non oil sector and gradually reduce over-reliance on the oil sector of the economy.