Microfinance institutions (MFIs) have been increasingly recognised as a critical tool for alleviating poverty among small-scale fishermen in developing countries, including Nigeria. The study will employ a qualitative approach to analyse existing literature and interviews with stakeholders to develop a comprehensive theoretical model. This theoretical framework provides foundational insights for future research on MFIs and poverty alleviation among small-scale fishers. Future research should focus on empirical studies to validate the proposed theoretical model and identify specific areas where MFIs can be most effective in Lagos Bay and beyond.