Microinsurance accessibility and growth of female owned businesses In Lagos State, Nigeria

Abstract

Entrepreneurship or entrepreneurial activities are essential for economic development of any nation which is one of the crucial mechanisms for a nation’s  sustainable economic development. It could be seen as a key engine that accelerates economic growth and employment opportunity creation. It is important to note that vulnerability to risk is a reoccurrence factor in the lives of the poor and a major cause of persistent poverty in developing countries like Nigeria, of which Lagos state with its high GDP is inclusive. The worst affected is the female entrepreneurs). Microinsurance is a form of insurance that protects the risks of the poor in the society and as such will be useful in protecting the risks of the female entrepreneurs who are still within the poverty margin. It is believed that micro insurance offers one major window to mitigate such risk in the society. Micro insurance is designed to cover the poor and the business activities hence, it is good for small scale enterprises, especially those being owned by women. The main objective of this study is to establish the role of micro insurance in the growth of female owned enterprises. Descriptive survey research design was used for this study to empirically investigate the impact of micro insurance on performance of female entrepreneurs in Lagos State using a total of 227 respondents for the study. The results from the study showed that Micro-insurance has a role to play in the management of female owed enterprises in Lagos, Nigeria; through this, women can use it to fight poverty. Hence, the microinsurance companies should create more awareness of their products for women entrepreneurs.