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

the experience to know all these requirements and that contribute to their frustration and lack ofinterest because it is time and cost consuming.Minimizing and simplifying regulatory and administrative procedures, as well asmaximizing the support needed to comply with them, will make it easier for young people tostart-up and run their business.2.7.8 Financing Youth Enterprise Development Programmes:The success of an effective promotion of youth entrepreneurship requires and dependslargely on adequate funding. The Ghana OICI which is used as a case study in this literature hasbecome sustainable over time by mixing their sources of funding. These sources include: thegovernment, the private sector, private foundations, internal investments, fund-raising activities,and so on. In LDCs, governments, donor agencies and NGOs are major sources of funding.This leads us to the conclusion that enterprise promotion programmes should seek fundingfrom a variety of sources to ensure their sustainabilityParticularly in least developed countries, there is also urgent need for a prioritization ofscarce resources. While the general view is that poor countries lack sufficient resources to investin the promotion of youth enterprise development, a review of the literature suggests that eventhat which is available is not properly used due to lack of priorities and strong accountabilitymechanisms. There is also very little research on the qualities and particular needs of youth whowant to become self-employed in both developed and developing countries. Especially indeveloping countries, there is currently a dearth of empirical data on the informal sector, and onthe participation of youth in the sector and the extent to which the existing policy and institutionalframework impacts on youth entrepreneurship (Chigunta, 2002).Figure 4: Success stories of youth entrepreneurship34