African Extractives Industry Studies (Interdisciplinary - | 20 October 2001
Microfinance and Entrepreneurial Success Among Female Street Vendors in Lagos, Nigeria: A Longitudinal Study
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Abstract
Microfinance programmes have been implemented in various settings to support economic empowerment, particularly for marginalized populations such as female street vendors in urban areas. The research employs a mixed-methods design, incorporating both quantitative and qualitative data collection methods. A total of 300 female street vendors were surveyed over two years to assess changes in their business performance and financial stability. Female street vendors who received microfinance exhibited an improvement in their average monthly revenue by 25% compared to a control group, suggesting enhanced economic resilience through access to capital. The longitudinal study underscores the efficacy of microfinance programmes in bolstering entrepreneurial success among female street vendors in Lagos. These findings contribute to the ongoing debate on financial inclusion and entrepreneurship development policies. Microfinance institutions should prioritise targeted support for female entrepreneurs, with a focus on education and mentorship programmes that complement financial assistance.