EFFECTIVENESS OF WOMEN-SPECIFIC FINANCIAL EMPOWERMENT INITIATIVES IN FACILITATING ACCESS TO CAPITAL AMONG WOMEN ENTREPRENEURS IN NASARAWA STATE, NIGERIA

Abstract

This study examines the effectiveness of women-specific financial empowerment initiatives in facilitating access to capital among women entrepreneurs in Nasarawa State, Nigeria. Capital access is assessed across three dimensions: capital availability, capital affordability, and capital adequacy. The study adopts a quantitative cross-sectional survey design. The target population comprises women entrepreneurs operating micro and small enterprises in Nasarawa State who participate in women-specific financial empowerment initiatives, with an estimated population of 16,237 registered women-owned enterprises. A multi-stage sampling technique is employed, involving the purposive selection of women entrepreneurs participating in empowerment initiatives, stratified sampling across the agriculture, trade, and service sectors, and simple random sampling within each stratum. Using Krejcie and Morgan’s sampling formula and adjusting for a 10 percent attrition rate, a final sample size of 414 respondents is selected. Data were collected using a structured questionnaire and analyzed through Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings reveal that women-specific financial empowerment initiatives have a significant and positive effect on capital availability, capital affordability, and capital adequacy. Based on these findings, the study recommends that women entrepreneurs actively engage in women-focused financial empowerment initiatives to improve access to capital, prioritize financing options with affordable and flexible repayment terms, and align capital mobilization decisions with clearly defined business needs to ensure adequate capital utilization.