Financial Accessibility and Growth of Female Entrepreneurs in North Central Nigeria: A Theoretical Review

Abstract

Global economic success has increased significantly as a result of women's increasing participation in entrepreneurship, and the empirical validity of the link between their access to financing and business performance is largely questioned. Within North Central Nigeria, female entrepreneurs face notable disadvantages stemming from cultural traditions and behaviors that restrict their involvement in economic activities. Through the lens of theoretical review of prior studies, this study therefore aims to analyze the impact of financial accessibility on the growth of women entrepreneurs in North Central Nigeria. The study revealed seven distinctive theories that have been employed by past researches to demonstrate the connection between financial accessibility and the growth of women entrepreneurs. The study further shows that the institutional theory is the most suitable theory that underpin the relationship between female entrepreneurs and their financial accessibility. In addition, the findings
underscore the need for inclusive financial policies, targeted capacity-building programs, and socio-cultural reforms to enhance women’s entrepreneurial growth. The study recommends that the government, regulatory, legal, and cultural environment of North Central Nigeria should provide a good avenue for good banking practices and other financial institutions in making fund accessible to female entrepreneurs. Government should equally implement more generous policies and interventions to improve female entrepreneurs’ access to fund through grant and borrowing.