Promoting youth entrepreneurship in Lagos, Nigeria - SNHU ...

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demand economic growth including macroeconomic policies, appropriate regulations, promotionof entrepreneurship and enterprise creation); Working conditions (regulations, legislation, and thebusiness cycle; and employability (training and education) (Ulrich, 2006).It is necessary to speak briefly about one of the building blocks on which youthentrepreneurship rests which is motivation. Youth entrepreneurship would be virtually impossiblewithout the existence of motivational factors for youth. There are two types of motivationaffecting the occurrence of youth entrepreneurship: necessity and opportunity. For the majority ofyouth in developing countries especially Nigeria, entrepreneurial activity is driven by theeconomic necessity to provide income for themselves and their families. Opportunity motivatesindividuals who have alternative options for employment, but choose to be self-employed (Ulrich,2006)The most prominent, is the barrier of access to financial capital. Ulrich lists many key constraints;however, the most remarkable ones include lack of personal savings and resources, lack ofknowledge of possibilities, and lack of successful micro lending funding. These three combinedoften make it virtually impossible for young adults to receive the capital they need to start theirventures. Many turn to family and friends for support, but often this is not enough to launch asuccessful venture with capacity to grow. Ulrich also provides some solutions to access issuessuch as providing start-up and business capital through grants, ‗free money,‘ facilitating debtfinancing, and fostering equity finance (Ulrich,2006). This information points to the necessity ofeither the organization or a partner organization implementing a micro lending program accessibleto youth.24
2.6 Current Status of the Field of Youth Entrepreneurship ProgrammingThe majority of international youth entrepreneurship programming occurs under theauspices of Microfinance institutions. Because availability of capital is crucial to the success ofany entrepreneurial venture, an entrepreneurship program for youth must be linked to, if nothoused within, a Microfinance organization. Microfinance institutions are documented as havinga large opportunity to positively impact the state of youth employment worldwide through savingsservices as well as indirect and direct lending. Youth represent only 20 percent of the totalnumber of MFI clients, most often taking out loans rather than utilizing savings or insuranceproducts (McNulty, 2005).Majority of MFIs do not cater or adapt their products to youth, as theyassociate youth with high risk and cost. Many MFIs simply do not have the human capital to staffa facility capable of handling youth services, which lends to the solution of partnering withadditional organizations.Entrepreneurship Development Center Lagos is one of the three Central Bank of Nigeria(CBN) centers managed and operated by African Leadership Forum (ALF) to expressly addressthe phenomenon of rising youth unemployment and its threats to political instability, socialcohesion and economic growth of the nation. . The program has been successful in providingentrepreneurial skills to out of school youths through coaching and mentoring. Another globalorganization, Opportunities Industrialization Centers International (OICI), Ghana program is amodel to show how successful microfinance could work interdependently with anentrepreneurship education programme. The Ghana OICI provides both financial as well as othernon financial services to its clients and this has contributed immensely in creating jobs forunemployed youth in Ghana. They utilize local board and staff members to provide non-formal25
Page 1 and 2: Promoting Youth Entrepreneurshipin
Page 3 and 4: 3.6 CNA Results: ..................
Page 5 and 6: List of TablesTable 1: Logical fram
Page 7 and 8: ACKNOWLEDGEMENTThis dissertation co
Page 9 and 10: 1.0 PROBLEM STATEMENTThe impact of
Page 12 and 13: During the early years of independe
Page 14 and 15: The main purpose of this literature
Page 16 and 17: loans due to the high interest rate
Page 18 and 19: Gambia and Nigeria in West Africa,
Page 20 and 21: Two are highlighted here as the mos
Page 22 and 23: successfully launching a new enterp
Page 26 and 27: skills training to young men and wo
Page 28 and 29: Treating youth as ‗clients‘ and
Page 30 and 31: students‘ personal environment (p
Page 32 and 33: children to go into businesses. The
Page 34 and 35: the experience to know all these re
Page 36 and 37: 3.0 COMMUNITY NEEDS ASSESSMENT REPO
Page 38 and 39: forms which cover areas such as mot
Page 40 and 41: fashion, poultry, fish farming, tra
Page 42 and 43: This study targeted both the employ
Page 44 and 45: Total 20 100%Figure 12: Type of fam
Page 46 and 47: Majority of the respondents are ope
Page 48 and 49: Figure 21: Factors the influences e
Page 50 and 51: 3.8.3 Important de-motivating facto
Page 52 and 53: The response here is very diverse.
Page 54 and 55: • It is helps to determine the ne
Page 56 and 57: 4.0 Project Description4.1 Host Org
Page 58 and 59: emerged ( morecreative, less riskav
Page 60 and 61: selection process1.0 Stakeholdersse
Page 62 and 63: 4.4.2 Implementation ReportThe proj
Page 64 and 65: 4.4.5 Group Formation:This activity
Page 66 and 67: Project Objective One: Improvements
Page 68 and 69: 5.0 Monitoring and Evaluation5.1 In
Page 70 and 71: 5.3 MonitoringThis project aimed at
Page 72 and 73: There was a reported percentage inc
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5.4 Evaluation5.4.1 Conceptual Fram
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awareness on youth entrepreneurship
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processes, knowledge practices (i.e
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are efficient. We hypothesized that
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elationship with the income level.
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6.0 Sustainability PlansThe sustain
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7.0 Lesson Learnt7.1 RelevanceThis
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8.0 RECOMMENDATIONSThe findings sug
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and are passionate to start busines
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9.0 REFERENCES:Australia Government
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United Nations. (2007, December 18)
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MFI (Stakeholder)for the youthThey
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Appendix 10.3: Detailed BudgetS/N E
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Percentageincrease inincome levelof
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dataPercentageincrease inYouth-rune
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entServicesandCounselingyouthreceiv
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Appendix 10. 7: Community Needs Ass
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4. Starting date: _________________
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13. In your opinion, what measures
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13.1 Other regulative barriers: The
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……………………………
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to seek the challenge (to compete w
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8. Workload:I am afraid of not bein
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What have been the major impediment
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Appendix 10. 8: Socio -Economic Sur
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Appendix 10. 9: Business Advisory a
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___________________________________
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Description Strengths Weaknesses Im
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Appendix 10.0: Stakeholder Analysis
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