The COVID-19 pandemic significantly impacted the economic livelihoods of women, exacerbating existing gender inequalities in Nigeria. This study explores the socio-economic challenges faced by women in both formal and informal sectors during and after the pandemic. In-depth interviews conducted with 60 women across six states in South-Western Nigeria reveal that women in the informal sector, particularly those engaged in petty trading, artisan work, and small businesses, were disproportionately affected by lockdowns, supply chain disruptions, and movement restrictions. The lack of social safety nets and limited savings led many to experience acute financial distress. Conversely, women in the formal sector, particularly those in white-collar jobs, had better access to labour protections, unemployment benefits, and remote work opportunities, though they, too, faced challenges such as increased workloads and work-life balance issues. Education emerged as a key factor influencing economic resilience, with higher-educated women better positioned for stable employment and adaptability. However, caregiving responsibilities placed a significant strain on women across all education levels. The study highlights the need for gender-responsive social protection systems and digital inclusion initiatives to address the diverse vulnerabilities faced by women in Nigeria, especially those in the informal sector.