From Savings To Empowerment: How Women Leverage SMEs in Oyo State, Nigeria
Volume 9, Issue 3, March – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24MAR1610
From Savings to Empowerment: How Women
Leverage SMEs in Oyo State, Nigeria
Sherifat Omolabake Ahmed1; Sule Magaji2; Abdullahi Idris Ahmad3; Amina Abdullahi Yunusa4
Department of Economics, University of Abuja
Abstract: The study evaluated the influence of small and recognised for its potential to catalyse social and economic
medium-scale firms on the empowerment of women in advancement (UN Women, 2020). In this context, the
Oyo state. Based on the findings, the average age of the intersection of SMEs and women's empowerment in Nigeria
women in the sample for this study is 40 years. They represents a compelling area of study and action.
qualified NCE/OND and were sole proprietors involved in
agriculture, with an average of 10 years of operation. Nigeria's SME sector is characterised by its dynamism,
Furthermore, most respondents agreed that their encompassing various businesses across various industries,
involvement in SMEs has positively impacted their including agriculture, manufacturing, services, and
personal savings or financial stability. They also believe technology (Ajakaiye et al., 2017). These enterprises have
that government policies and support systems will demonstrated resilience and the capacity to drive economic
effectively promote their savings through SMEs in the diversification, making them central to the country's
study area. The respondents concluded that SMEs development agenda (Magaji & Saleh, 2010). However,
contribute to the improvement of financial literacy. women's participation and success in SMEs remain affected
by gender-based disparities, poverty and structural barriers
Additionally, because of their involvement in SMEs, (Magaji & Adamu, 2011). Women, who constitute a
women utilise their savings for specific purposes, such as significant portion of Nigeria's population and workforce,
education, healthcare, or investments. They also agreed encounter unique challenges in accessing resources, finance,
that participating in SMEs has economically and socially and markets, hindering their entrepreneurial growth
empowered them. Furthermore, it was observed that the (Bamidele & Adesina, 2018; Magaji & Aliyu, 2007).
respondents had experienced economic challenges and a
decline in their financial situation. Furthermore, it is According to the World Bank, Small and Medium
disclosed that a significant proportion of the participants Enterprises (SMEs) substantially influence most economies,
generate their money from salaries and wages and have particularly in developing countries. Small and medium-sized
witnessed an enhancement in their living conditions. The enterprises (SMEs) make up the majority of businesses
study highlights the crucial significance of small and worldwide and substantially impact creating jobs and
medium-sized enterprises (SMEs) in advancing women's promoting global economic advancement. They constitute
empowerment in Oyo State. To fully acknowledge the over 90% of the world's companies and contribute to more
diverse advantages obtained from SME involvement, it is than 50% of global employment. Emerging nations generally
crucial to provide further assistance and cultivate a rely on formal small and medium-sized firms (SMEs) to
conducive atmosphere for these businesses. This contribute up to 40% of their national income, commonly
encompasses granting financial resources, implementing called the gross domestic product (GDP).
specialised training programmes, improving connections
to the market, and developing regulations that promote SMEs in Africa constitute over 90% of firms and
the expansion and long-term viability of small and contribute over 50% to the Gross National Product (GDP). In
medium-sized enterprises (SMEs). As a result, this will Kenya, small and medium-sized enterprises (SMEs) makeup
enhance the positive influence of SMEs on women's 40% of the country's Gross Domestic Product (GDP),
empowerment in the region. generate over 50% of new employment opportunities, and
employ 80% of the workforce. SMEs employed 3.2 million
Keywords:- SMEs, Empowerment, Women Empowerment, individuals in Kenya in 2003. In Nigeria, small and medium-
Economic Empowerment, Asset, Savings, Binary Logit. sized enterprises (SMEs) comprised 70% of industrial
employment and 95% of the manufacturing sector. In Ghana,
I. INTRODUCTION SMEs comprise 70% of all firms and employ 70% of the
workers. The sector comprises 97% of enterprises and
Nigeria, the most populous country in Africa, stands at accounts for 18% of the workforce in Zambia. Furthermore,
the crossroads of economic development and gender equality, it is worth mentioning that over 50% of employment in poor
which are integral to achieving sustainable progress. In recent and lower-middle-income countries is provided by
years, Small and Medium Enterprises (SMEs) have emerged enterprises with fewer than 100 employees (Muriithi, 2017;
as vital contributors to the nation's economic growth and job Shaba et al., 2018).
creation (World Bank, 2020). Simultaneously, women's
empowerment has gained prominence as a global imperative,
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The concept of women's empowerment has gained E. Study Organization
significant attention in recent times. Despite having rights to The study shall be divided into five sections. Section
resources, information, and independence, women still need one consists of the introduction and brief background of the
to make substantial progress. Women's empowerment gives study, a statement of research problems, research questions,
women the power and authority to control their lives and objectives of the study, and research hypothesis. Section two
make decisions that affect them. Empowerment enhances focuses on the conceptual framework, empirical review, and
women's social standing through education, consciousness, theoretical framework. Section three concentrates on the
literacy, and instruction (Mahbub, 2021). Poverty reduction methodology, method of data collection, and model
is linked to economic empowerment (Aluko & Magaji, 2020). specification technique of data analysis. Section four focuses
The significance of women's empowerment in fostering on the discussion of findings; section five is the conclusion
economic development and alleviating global poverty is and recommendations.
widely acknowledged (Magaji et al., 2022). Women's
empowerment is employed to acknowledge the II. CONCEPT OF SMALL AND MEDIUM-SCALE
circumstances of women living in poverty and destitution ENTERPRISES
(Magaji, 2002). Multiple rationales exist for the vulnerability
of women in underdeveloped nations. Small and Medium-sized Enterprises (SMEs) are a
diverse group of companies that significantly influence the
A growing body of empirical evidence highlights the global economy. While there is no commonly accepted
positive impact of women's involvement in SMEs on family definition of small and medium-sized enterprises (SMEs),
well-being, community development, and national economic different organisations and experts have proposed numerous
growth (Okafor & Anyanwu, 2021). Women entrepreneurs concepts and criteria. Here are three commonly used
have shown remarkable resilience and innovation in various definitions of small and medium-sized enterprises (SMEs),
sectors, from agribusiness to technology startups. Their supported by citations and references:
contributions have not only bolstered local economies but
have also contributed to Nigeria's broader economic The European Commission provides a widely used
transformation. definition of Small and Medium-sized Enterprises (SMEs)
across Europe. According to the Commission's suggestion
The impact of women's empowerment on society and (2003/361/EC), an enterprise is categorised as a Small and
national building cannot be overemphasised; as such, this Medium-sized Enterprise (SME) if it meets the following
study seeks to examine the impact of SMEs on women's criteria: Microenterprise is defined as a business with less
empowerment in Oyo state, Nigeria, in terms of assets than ten workers and an annual turnover or balance sheet total
acquired. To the researchers’ knowledge, a study has yet to be that does not exceed €2 million. A small enterprise is a
conducted on this topic in Oyo state. business that employs less than 50 individuals and has an
annual turnover or balance sheet total of less than or equal to
A. Statement of Problem €10 million. A medium-sized firm is characterised by having
Discrimination and a lack of collateral often limit less than 250 employees and an annual turnover that does not
women's chances of securing funding from financial surpass €50 million or a balance sheet total that does not
institutions, which may thus affect their savings, assets exceed €43 million.
acquired, and income. SMEs may impact assets acquired by
women in Oyo state, Nigeria. The OECD provides a standardised definition of SMEs
that focuses on measuring people and financial standards.
B. Research Questions According to the OECD, a small and medium-sized enterprise
The study will provide answers to the following (SME) is defined based on the following criteria: A
questions. microenterprise is a business with a workforce of less than 10
individuals. A small firm typically comprises a workforce of
Do SMEs have any impact on women's savings in Oyo 10 to 49 individuals. According to the 2000 OECD Policy
state? Brief, a medium-sized company is characterised as a business
that has a workforce of 50 to 249 persons.
C. Objectives of the Study
The main objective of this study is to examine the The Small Business Administration in the United States
impact of SMEs on women empowerment in Oyo state, categorises small and medium-sized enterprises (SMEs)
Nigeria, while the specific objectives are to: according to the specific industry they operate in and the
annual revenue they generate. In most non-manufacturing
Investigate the impact of SMEs on assets acquired by businesses, an enterprise is classified as small if it has less
women in Oyo state. than 500 people. However, in most manufacturing industries,
the bar for being deemed small is having less than 1,500
D. Statement of Hypotheses employees.
The hypotheses for this study are stated in Null form:
SMEs do not impact assets acquired by women in Oyo
state.
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There are multiple definitions for SMEs. The III. EMPIRICAL REVIEW
categorisation of SMEs generally changes depending on the
economic magnitude of different nations. Hence, the phrase A study by Klapper et al. (2019) assessed the impact of
SMEs holds greater importance in the realm of economics support programs for women entrepreneurs within SMEs.
rather than in the domain of legality. Most nations recognise Their study found that targeted interventions, such as access
that the quantification of personnel is a commonly employed to training and networks, significantly contributed to
parameter for delineating small and medium-sized women's empowerment and improved business performance.
organisations (SMEs). The precise definition of small and These findings highlight the importance of tailored support
medium-sized enterprises (SMEs) and the specific criteria mechanisms in maximising the impact of SMEs on women's
employed to ascertain their size are subject to disagreement economic empowerment.
and debate. There are several viewpoints about the criteria
utilised to assess the magnitude of small and medium-sized The study conducted by Ab-Rahim & Mohamed (2019)
enterprises (SMEs) and the number of such enterprises. investigates how youth empowerment influences the
According to the World Bank, SMEs are categorised as connection between Small and Medium Enterprises (SMEs)
follows: micro-scale firms have fewer than 50 employees, and the Multidimensional Poverty Index (MPI) in Niger
small-scale enterprises have precisely 50 employees, and State, Nigeria. The study employed a survey methodology
medium-scale enterprises have between 50 and 200 and administered a questionnaire to gather data from 432
employees (Keskġn et al., 2010). small and medium-sized enterprise (SME) owners in 8
specifically chosen Local Government Areas in Niger State,
A. Empowerment Nigeria. PLS-SEM is employed to test hypotheses. The
Batool and Afzal (2021) define empowerment as findings indicated that individuals' participation in small and
acquiring control and mastery over one's own life. It involves medium enterprises (SMEs) activities, such as employment,
instilling positive transformations in one's convictions. It innovation, human capital development, and income, led to
mainly applies to individuals who feel lacking in authority, as favourable improvements in their socioeconomic status.
it empowers them to take control of their own lives without Additionally, the results demonstrated that youth
exerting control over others and accomplish their objectives. empowerment played a beneficial role in enhancing the
The phenomenon is latent, meaning it cannot be directly connection between SMEs and the multidimensional poverty
observed. However, its overall outcomes or impacts may be index (MPI).
evident despite the difficulty in examining its internal
dynamics. Adeyemi and Ogunnaike (2019) researched women's
entrepreneurship in Lagos State, Nigeria, focusing on the role
Empowerment can be defined as the process of of government policies. Their findings revealed that while
establishing a social atmosphere where individuals can government policies aimed at supporting women
independently or jointly make decisions and choices that lead entrepreneurs in SMEs existed, access to finance remained a
to social change. It enhances the inherent capacity by significant challenge. The study underscored the importance
acquiring information, authority, and experience. of addressing financial barriers to enhance women's
Empowerment grants someone the authority and ability to empowerment in SMEs.
think, act, and have independent control over their work. It
refers to the method via which individuals might attain A comprehensive study by Anderson et al. (2020)
authority over their fate and the conditions of their lives. examined the challenges and opportunities for women
Empowerment encompasses the authority to manage and entrepreneurs within SMEs. The research highlighted various
utilise various resources, such as physical, human, obstacles that women entrepreneurs face, including limited
intellectual, and financial assets, and influence and shape access to financing and networks. However, it also
beliefs, values, and attitudes (Magaji et al., 2022). It is not emphasised that women entrepreneurs who received support
just a sense of increased exterior control but also the and mentorship within SME ecosystems were more likely to
development of internal abilities, more self-assurance, and a overcome these challenges and achieve economic
change in one's mindset that allows one to overcome empowerment.
obstacles in obtaining resources or challenging traditional
beliefs (Dandona, 2015). Asfiah (2020) examines women's empowerment model
in SMEs, highlighting their significant role as critical
B. Economic Empowerment contributors to national economic growth, which has been
Economic empowerment centres around the acquisition demonstrated to endure even during global crises. The study
and utilisation of assets and resources and the recognition of aimed to analyse the models of women's empowerment in the
individuals' entitlement to do so. The key to economic work domain of The Association of Women SMEs. The
empowerment lies in possessing expertise, skills, and assets study's data was gathered through interviews with women
suitable for securing a secure and sustainable income and entrepreneurs and the use of the triangulation technique. The
standard of living (Luttrell et al., 2009). This study has triangulation technique aids in the simultaneous collection
prioritised economic empowerment. and analysis of data and its verification. The outcome reveals
the crucial characteristics of small and medium-sized
enterprises (SMEs). In order to ensure their existence,
women-owned small and medium enterprises (SMEs) must
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establish a framework for empowering women within the women's engagement in the workforce. This can be achieved
SME sector. by promoting the establishment of educational institutions for
women, particularly in rural areas, and by encouraging the
Islam (2020) conducted a study on promoting women's development of technical education. These measures will not
empowerment in Bangladesh through entrepreneurship only empower women but also enhance their employment
development. The study employed a Multivariate Analysis. prospects.
The study employed a combination of probability and non-
probability sampling methods to select 397 female business Nguse et al. (2022) investigate the augmentation of
entrepreneurs engaged in small and medium-sized enterprises women's economic empowerment using financial inclusion,
(SMEs) for interviews—analysed data using Exploratory focusing on small and medium-sized firms in Ethiopia. Their
Factor Analysis (EFA) and Structural Equation Modelling study employed an explanatory research design and utilised a
(SEM) methodologies. The findings indicate that various mixed research approach. This study employed a judgement
aspects related to the growth of women's entrepreneurship, sampling technique to choose participants from small and
such as the legal environment, entrepreneurship education medium-sized enterprises (SMEs) owned by women. Data
and training, the role of women's business associations, and was gathered from 324 SMEs in Ethiopia that women own.
the involvement of husbands in women's businesses, have a The research variables were subjected to measurement and
direct and significant impact on the development of women's structural analysis using SMART-PLS version 3.3.5. The
empowerment. The level of access to finance and market results indicate that government policies and laws have a
facilities did not substantially impact. Promoting clear and substantial impact on women's economic
entrepreneurship in the small and medium-sized enterprise empowerment, both directly and indirectly. In addition,
(SME) sector led to the creation of several aspects that financial inclusion has a direct and substantial impact on
empowered women, including economic empowerment, women's economic empowerment.
social empowerment, and the enhancement of women's
leadership capacities in entrepreneurship. In their study, Jacob, Munuswamy, and Firdaus (2022)
investigated micro-enterprises impact on women's
Okafor and Anyanwu (2021) did a study on the empowerment using a four-dimensional framework. The
enhancement of women's economic empowerment in Nigeria study employed a quantitative research approach and utilised
by focusing on small and medium-sized enterprises (SMEs). a cross-sectional research design. A survey research
Their research unveiled that female entrepreneurs had a methodology was employed to choose a sample of 384
pivotal part in enhancing the welfare of their families, individual respondents who are women entrepreneurs
encompassing the availability of education and healthcare. participating in the Kudumbashree Mission in Kerala, India.
The study highlighted the significance of empowering The data collected from a structured questionnaire was
women in small and medium enterprises (SMEs) as it utilised for confirmatory factor analysis, assessing the
benefited the broader society and contributed to achieving model's fit, and constructing a structural equation model to
sustainable development goals. examine the claimed link in the four-dimensional model of
women's empowerment. The study examines the connection
Abubakar and Danjuma (2021) investigate the impact of between the characteristics of small businesses and the
the government Enterprise Empowerment programme on the empowerment of women. The field data were examined via
performance of small and medium-sized enterprises (SMEs) the SPSS and AMOS software. The discovery demonstrates
in Gombe State, Nigeria. The study utilised a random sample that economic progress is contingent upon the empowerment
of 100 respondents from small and medium-sized enterprises of women.
(SMEs) operating in Gombe. The data was analysed using
Structural Equation Modelling (SEM) as the statistical IV. THEORETICAL FRAMEWORK
approach. The findings indicate that the three services, Trader
Moni, Anchor Borrower, and Youth Entrepreneurship This study's premise is a framework of the
Support, substantially impact the performance of small and Psychological Empowerment Theory.
medium-sized enterprises (SMEs).
Psychological Empowerment Theory can be closely
Riaz and Chaudhry (2021) examine the impact of small related to the concept of women's empowerment in Nigeria.
and medium enterprises (SMEs) on promoting women's This theory focuses on individuals' perceptions of control
empowerment and reducing poverty in Southern Punjab. The over their own lives, competence to achieve their goals, and
results indicated that factors such as the educational sense of having a meaningful impact on their environment.
attainment of women, involvement in small and medium When applied to women's empowerment in Nigeria, this
enterprises (SMEs), the index measuring skills development, theory can provide valuable insights into understanding and
the number of employed individuals in the household, the promoting women's empowerment in various aspects of their
value of physical assets, and indices measuring women's lives.
economic, familial, and social empowerment had a negative
and significant impact on poverty. On the other hand, Access to Resources and Services: An essential aspect
household size and family setup positively and significantly of women's empowerment in Nigeria is ensuring access to
influenced poverty. To mitigate poverty in Pakistan, essential resources and services. This includes access to
particularly in Southern Punjab, it is imperative to foster healthcare, education, financial services, and legal protection.
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When women have access to these resources, they are better Therefore, the sample size of 309 respondents (owners
positioned to exercise control over their lives and make and managers of SMEs) out of the entire population of 1,358
informed decisions. operators of SMEs in Oyo state would be chosen to
administer the questionnaire and in-depth interview
Applying Psychological Empowerment Theory to instrument.
women's empowerment in Nigeria can guide interventions The study employed the cluster sampling technique to
and policies to enhance women's agency, opportunities, and choose a representative sample from the population. Cluster
overall well-being. By addressing issues related to perceived sampling is appropriate when the sample to be selected is
control, competence, meaningful impact, and access to diverse within the clusters and similar between the clusters.
resources, stakeholders can contribute to a more inclusive and The study utilised the cluster sampling technique to choose
equitable society where women have the freedom and power small and medium-sized enterprises (SMEs) from the three
to shape their own lives and contribute to the development of senatorial zones of Oyo State. A simple random sample was
their communities (Zimmerman, 1995). employed to choose the population inside the selected
clusters. The questionnaire was sent using a primary random
V. METHODOLOGY sample method.
A. Population of Study C. Model Specification
The study population comprises female small and To evaluate the influence of small and medium-sized
medium-sized enterprise (SME) owners and operators in Oyo enterprises (SMEs) on the empowerment of women in Oyo
State. The study utilised the survey report to ascertain the state, Nigeria, the study utilised the Logit Probability Model,
study's population. The study's population comprises 1,358 which is presented as follows:
registered Small and Medium Enterprises (SMEs) currently
operating in Oyo State. These small and medium-sized Model One
enterprises (SMEs) were selected based on their official +µ
registration and recognition by appropriate authorities. Where:
= 1, if SMEs promote women's savings in Oyo state; (1-P),
B. Sample and Sampling Techniques if otherwise.
The sample size can be determined by employing the WMS = Number of Women's savings
Taro Yamani Formula. Therefore, the sample size for this
study was obtained using the Yamane (1967:886) formula for
D. Nature and Sources of Data
estimating sample size, which is as follows:
The study utilised primary data collected through the
delivery of questionnaires. A total of 309 questionnaires were
N
disseminated to small and medium-sized enterprise (SME)
n = ________
proprietors and operators in Oyo state. The selection of this
1+N (e)2
technique was made in order to mitigate the potential errors
that can arise from a limited population size. Furthermore, an
Where:
interview was undertaken to facilitate the researcher in
n= sample size
gathering additional information from individuals who could
N= population size
not articulate their thoughts well in written form.
e= sample error level of significance
1 = constant
E. Method of Data Analysis
Therefore;
The Logit model elucidates the data-producing process
for a stochastic outcome that assumes one of several distinct,
1,358
ordered outcomes. A binary logistic regression model,
= ________
otherwise known as "logit", is utilised for this research. The
1 + 1,358 (0.05)2
general function, specifically the general linear model, was
used. This model defined the dependent variables as a
1,358
binomial parameter with the family set to binomial. A
= ________
recommendation is represented by the probability P(Y = 1),
1+ 1,358 x 0.0025
whereas the absence of a recommendation is represented by
the probability 1 − P(Y = 1). This statistical approach is
1,358
designed for analysing data where the dependent variable has
= ________
just two possible outcomes. Therefore, X1, X2, [...], and Xn
4.395
(where n represents the number of independent variables) are
significant factors in determining Y. The logistic regression
= 309
method is employed to ascertain the likelihood ratio between
recommending and not recommending.
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The logit regression is derived from the logistic model, of engaging in economic activities. They can be considered
which is expressed as: active, nimble, and physically inclined towards pursuing
economic endeavours.
(1) Academic Qualification
As presented in Table 1, the result also showed that
48.8% of the respondents had NCE/OND qualifications,
25.8% had O'level qualifications, and 25.4% had BSC/HND
(2) qualifications.
Marital Status
(3) Table 1 reveals that most (57.6%) respondents were
divorced, 35.3% were married, and 7.1% were single. This
The above equation (3.3.3) is a cumulative logistic implies that most of the respondents in the study area were
distribution function, and the probability ranges between 0 divorced.
and 1.
Business Mode
VI. DISCUSSION OF FINDINGS Table 1 also revealed that most respondents (66.4%)
were sole proprietors while 33.6% were business
A. Demographic Data partnerships. This implies that most of the study area
respondents were sole proprietors.
Age
According to Table 1, 43.1% of the respondents fell Years of Operation
between the age range of 41 and 50, 37.8% were between 31 Table 1 also revealed that 43.8% of the respondents have
and 40, 15.5% were between 20 and 30, and 3.5% were 51 10-20 years of operation, 30.0% have 1-10 years of operation,
years old or more. The average age of 39.92 suggests that the and 26.1% have above 20 years of operation. This indicated
individuals are in their middle age and are physically capable that most respondents were experienced small and medium-
scale enterprises (SMEs).
Table 1: Demograghic Statistics
Variables Frequency Percentage Mean±std
Age
Between 20-30 44 15.5
Between 31-40 107 37.8
Between 41-50 122 43.1 40±0.78
Between 51- Above 10 3.5
Academic qualification
BSC/HND 72 25.4
NCE/OND 138 48.8
O’Level 73 25.8
Marital status
Single 20 7.1
Married 100 35.3
Divorced 163 57.6
Business mode
Sole Proprietorship 188 66.4
Business Partnership 95 33.6
Years of operation
1-10 85 30.0
10-20 124 43.8 10±0.75
20years& above 74 26.1
Source: Field Survey, 2023
B. Impact of SMEs on the Asset Acquired by Women in Oyo respondents in the study area feel that involvement in SMEs
State has empowered them economically and socially. Most
Table 2 shows that the majority (93.6%) of the (59.0%) of the respondents experienced economic conditions,
respondents agreed that involvement in SMEs has 17.7% experienced increased income from the SME, 14.5%
empowered them economically and socially, while 6.4% did experienced Business expansion opportunities, and 8.8%
not agree that involvement in SMEs has empowered them experienced access to credit or financing. This indicated that
economically and socially. This indicated that the most of the respondents in the study area experience
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economic conditions. Also, (61.5%) of the respondents Also, Table 2 showed that the majority (64.0%) of the
experienced deterioration, 16.6% were slightly improved, respondents believe that government or NGO programs and
11.7% experienced no significant change, and 10.2% support systems have been effective in facilitating asset
significantly improved. This indicated that most of the acquisition for women involved in SMEs in Oyo State, 25.4%
respondents in the study area experienced deterioration. The did not believe that government or NGO programs and
majority (83.7%) of the respondents used the acquired assets support systems have been effective in facilitating asset
for specific purposes, such as business expansion, home acquisition for women involved in SMEs in Oyo State. In
improvement, or education for themselves or family comparison, 10.6% were still determining if government or
members, while 16.3% did not use the acquired assets for NGO programs and support systems have effectively
specific purposes, such as business expansion, home facilitated asset acquisition for women involved in SMEs in
improvement, or education for yourself or family members. Oyo State. This indicated that the respondents in the study
This indicated that the respondents in the study area used the area believe that government or NGO programs and support
acquired assets for specific purposes, such as business systems have effectively facilitated asset acquisition for
expansion, home improvement, or education for themselves women involved in SMEs in Oyo State.
or their family members.
Table 2: Impact of SMEs on the Asset Acquired by Women in Oyo State
Variables Frequency Percentage ±std
Has your involvement in the SME empowered you economically and socially?
Yes 265 93.6 2.97
No 18 6.4
What factors have influenced your ability to acquire assets through your involvement in
the SME? (Select all that apply):
Increased income from the SME 50 17.7 1.17
Access to credit or financing 25 8.8
Business expansion opportunities 41 14.5
Economic conditions 167 59.0
How has your involvement in the SME influenced your ability to acquire assets?
Significantly improved 29 10.2 1.06
Slightly improved 47 16.6
No significant change 33 11.7
Deteriorated 174 61.5
Have you used the acquired assets for specific purposes, such as business expansion,
home improvement, or education for yourself or your family?
Yes 237 83.7 0.37
No 46 16.3
Do you believe that government or NGO programs and support systems have
effectively facilitated asset acquisition for women involved in SMEs in Oyo State?
Unsure 30 10.6 0.59
Yes 181 64.0
No 72 25.4
Source: Field Survey, 2023
C. Hypothesis One around 51.9% to 52.5% of the variations in the dependent
variable.
SMEs do not Impact Assets Acquired by Women in Oyo
State. According to the Omnibus test, the Chi-square value is
Table 3 presents the output results of the dependent and 5.508, with three degrees of freedom and a p-value of less
explanatory factors in the study. It indicates that participation than 0.0001. This indicates that the explanatory variables
in small and medium enterprises (SMEs) has economically employed in the model have made a substantial contribution
and socially empowered the respondents and influenced their compared to those without predictors.
level of involvement in obtaining assets inside the SMEs.
Though women's involvement in asset acquiring in
The likelihood ratio test value is 128.505, indicating that SMEs has positively and significantly improved, inversely, it
the model's overall fit is good and statistically significant. The has slightly improved and has not changed significantly.
Cox and Snell R-square value is 0.519, while the Nagelkerke These variables showed no significant improvement in the
R-square value is 0.525. These values indicate that the model acquisition of women's assets in SMEs in the study area due
is effective and that the explanatory variables account for to their involvement in SMEs. Their p-values are 0.998,
0.244, and 0.472 respectively.
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Table 3: Binary Logistic Regression Model Results on Hypothesis One
Variables B SE. Wald df Sig. Exp(B)
Significantly improved 18.406 7.464 .000 1 .998 9.850
Slightly improved -.669 .574 1.357 1 .244 .512
No significant change -.495 .688 .518 1 .472 .610
Constant 2.797 .326 73.751 1 .000 16.400
- 2 Log likelihood 128.505
Cox & Snell R square 0.519
Nagelkerke R square 0. .525
Omnibus Tests of Model
(Chi-square) 5.508 3 .0001
Source: Field Survey, 2023
Table 3 is a classification table that displays the The government can facilitate networking events and
dependent variable, women's engagement in asset acquisition opportunities for women to connect with mentors, peers,
in small and medium enterprises (SMEs), with a binary and leaders in the SMEs. If implemented, this can
option of yes or no. The classification table serves as an positively improve their asset acquisition.
alternative method for assessing the precision of the logistic
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