Financial Literacy and Women Entrepreneurs’ Performance in Lagos State, Nigeria

Abstract

Purpose: The study seeks to examine the influence of financial literacy on women entrepreneurs’ performance with particular reference to Lagos State, Nigeria. 
 Methods: A survey research design was employed for this study and a judgmental sampling technique was used to select 250 women entrepreneurs engaging in trading, teaching, fashion design, and agro-allied businesses. Mean, frequency, simple percentage, and least square method of estimation were used to analyze the data. 
 Results: The study establishes that financial literacy is a major determinant of women entrepreneurs’ performance. 
 Implications: The implication of this study is that if women entrepreneurs are equipped with an array of financial skills on income statement preparation, cash flow statement and cash budget preparation, the opening of a separate account for business, bookkeeping, internal control on cash, and daily cash reconciliation, they will be able to expand their businesses.