Women Entrepreneurs’Accessibility to Growth Capitaland SocioEconomic Development in Sokoto State, Nigeria

Abstract

Barriers to women’s entrepreneurial pursuits are numerous, but the one that appears to be dominant is accessibility to growth capital in Nigeria, particularly Sokoto State considering its unassuming level of economic development. This study examinesthe consequences of women entrepreneurs’ inability to access capital on socio-economic development.It is a survey research that collected data through a structured questionnaire from a sample of 804 women entrepreneurs drawn from identified clusters where women entrepreneurs are predominantly found. The data were analyzed and hypotheses tested usinglogistic regression. The results that emerged show unit contribution of marital status on combined element of access is -0.932, while purdah is -0.582 and the parameter estimate indicated a high level of significance at 1% meaning a significant relationship exist between socio-cultural constraints and inability of women entrepreneurs to access growth capital in Sokoto State.This study also revealed thatwomen entrepreneurs found it difficult to access capital via formal financing institutions due to strict compliance with collateral requirements by such institutions;and there is high preponderance ofsemi-illiteracy, which affected their ability to keep record. The study recommends that women entrepreneurs should form network and strong alliance to create linkages, which can lead to establishment of industrial parks, market linkages and financial intervention. Financial institutions such as banks should create personalized banking relationship so as to explore the niche and tap the opportunity therein. Finally, Sokoto state government should as a matter of urgency beef-up the capacity of indigenous women entrepreneurs on areas of record keeping and capital access strategies to enable them have access to capital for Enterprise growth.