Scoping Review of the Impact of Financial Literacy Empowerment on the Growth of Female Entrepreneurship in Nigeria
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Abstract
The growth of female entrepreneurship is crucial to Nigeria's socio-economic development but is hindered by limited access to financial knowledge and resources. This study conducted a scoping review to examine the impact of financial literacy empowerment on the growth and success of female entrepreneurs in Nigeria. Using the Google Scholar database, a search spanning January 2019 to August 2024 identified 1,600,260 articles. After applying inclusion criteria, 97 articles were screened by abstract, and 17 were subjected to full-text review, with six ultimately selected for analysis. The review systematically identifies barriers to financial literacy among Nigerian women and evaluates the effectiveness of financial literacy programs. Findings indicate that enhanced financial literacy improves business management, facilitates access to financing, and drives business growth among female entrepreneurs. Tailored financial education programs addressing the specific needs of Nigerian women were identified as particularly effective. The study underscores the importance of policy interventions and support systems to create an enabling environment for female entrepreneurship through financial literacy initiatives. This review provides critical insights into the role of financial literacy in empowering female entrepreneurs. It highlights the need for future research and practical strategies to sustain entrepreneurial growth in Nigeria.
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