Increasing the Access of Women Entrepreneurs to Finance in Nigeria
Oluchi Johnson-Achibiri has a background in Management Consulting and is…
Women are considered to play a growing role in entrepreneurship all over the world. According to Nwoye (2002), Nigerian women have tremendous capacity as human resources. From time, women in a bid to support their families have been indirectly or directly involved in entrepreneurship either through farming, fishing, weaving textiles, processing farm products and trading in the markets, thereby contributing to economic growth. According to Morse (1973), failure to pay attention to women’s economic activities is both morally indefensible and economically absurd. Improving the opportunities of women to economic activities is a major requirement for developing countries to achieve increased levels of economic growth and development.
One of the challenges of female entrepreneurs in Nigeria, amid the marginalization, denial of property rights and socio-cultural drawbacks they suffer, is limited access to finance. This report examines the available financial windows for the funding of women’s businesses in the country and advocates that for there to be increase in the access of women entrepreneurs to more funding opportunities, there needs to be increase in the education of women, their management and financial literacy. It also advocates that there should be removal of entrenched barriers to finance such as collateral and credit history, and cultural limitations, which have hamstrung women’s entrepreneurial ventures up until now.
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