Nigerian Journal of Banking and Financial Issues (NJBFI)

INCLUSIVE INSURANCE AND THE DEVELOPMENT OF MICRO, SMALL AND MEDIUM SCALE ENTREPRISES IN NIGERIA: A PANACEA FOR SDG 8

Abstract

Inclusive insurance guarantees easy access to insurance services by enabling the most vulnerable and disadvantaged groups in society to take an active role in development and protect themselves against socioeconomic shocks. Many of the rural poor in Nigeria do not have access to typical insurance providers and services. This study looked at how the performance of micro, small, and medium-sized enterprises (MSMEs) in Nigeria was impacted by inclusive insurance, a panacea for SDG-8. Questionnaires and the survey research design approach were used to collect data. Data were analysed using the Pearson Chi-square method. The findings showed that although inclusive insurance had a positive and significant influence on the operations and growth of MSMEs, effective access to insurance services by MSMEs in Nigeria was hampered by a lack of knowledge and education campaigns on the topic. In order to promote inclusive insurance, the study's suggestions include a policy roadmap for increasing access points to insurance services in underserved and rural areas, as well as concerted measures to increase access points to more rural areas and enhance infrastructure.