Entrepreneurship as a Pathway to Women's Economic Independence in an Inflationary Economy: Evidence from Ondo State, Nigeria

Abstract

This study examines the effect of entrepreneurship on the economic independence of women in Ondo State, Nigeria, within the context of the country's ongoing inflationary economy. While entrepreneurship is globally acknowledged as a catalyst for women’s empowerment and financial autonomy, its impact under inflation-induced economic pressures remains understudied, particularly at the sub-national level. Using a descriptive survey design, data were collected from 386 women entrepreneurs across Akure, Okitipupa, and Owo using stratified sampling and structured questionnaires. Descriptive and inferential statistical methods of analysis were adopted. The findings reveal that most women in Ondo State prefer entrepreneurship over government employment due to its flexibility, higher income potential, and better work-life balance. Despite inflationary challenges, entrepreneurial activities significantly enhanced women's ability to support their households, save, invest, and increase their decision-making power within families. The study also found that limited access to finance, inadequate training, and socio-cultural barriers continue to constrain women’s full economic potential. Nonetheless, the positive link between entrepreneurship and financial independence underscores its importance as a tool for economic empowerment. The study recommends that targeted financial programs, flexible work policies, and business development support be expanded to strengthen women's entrepreneurial outcomes. These interventions are crucial to enhancing women's resilience and advancing inclusive economic growth in Ondo State.