Women’s Entrepreneurship in Ondo State, Nigeria: Challenges and Opportunities Amid Inflation

Abstract

This study assesses the entrepreneurial challenges and opportunities influencing the economic independence of women in Ondo State, Nigeria, within the current inflationary economy. Amidst rising inflation and economic instability, women entrepreneurs face significant constraints such as limited access to credit, high cost of inputs, market competition, and restrictive government regulations. A descriptive survey design was adopted, and data were gathered from 386 women across Akure, Owo, and Okitipupa using structured questionnaires. Both descriptive and inferential statistics were employed to analyze the data. Findings revealed that access to finance, inflation, and market competition are statistically significant challenges, while trade associations, cooperative societies, and mentorship programs serve as key enablers. However, access to business incubators and government grants remains limited. Despite these constraints, many respondents expressed optimism about their economic prospects. Guided by empowerment theory, the study concludes that targeted financial support, inclusive policies, and entrepreneurial training are crucial for promoting women’s economic independence. It recommends enhanced institutional support and inflation-responsive interventions to sustain women-led enterprises in Ondo State.