Youth unemployment, Credit market, Startup, Economics
Unemployment generates welfare loss from lowered output, income, and wellbeing which impedes social progress in a nation. Youth unemployment is a major problem currently confronting Nigeria (Nwogwugwu & Irechukwu, 2015). However, in developing economies jobs are created through small businesses. Nevertheless, unemployed youths with small business ideas experience financial constraints and lack access to startup capital. The intent of this study was to explore the experiences of some owners who succeeded with small business initiatives despite challenges from lack of access to formal and informal sources of capital. Semi-structured interviews with 15 successful small business owners located in Lagos who started as unemployed youths, yielded data for the study. Participants were purposefully selected while data was analyzed thematically and the results showed that : (a) inability to provide collaterals, (b) reliance on insufficient private funds and short term overdrafts, and (c) bureaucracy, were the critical challenges facing small business owners. The results may become a basis for future interventions and support programs by governments and leaders of youth organizations
Akaeze, Christian O. and Akaeze, Nana A.
"Exploring startup funding for small business sector growth, job creation and reduction of youth unemployment in Nigeria,"
Bullion: Vol. 42:
2, Article 3.
Available at: https://dc.cbn.gov.ng/bullion/vol42/iss2/3