INFLUENCE OF GRADUATE ENTREPRENEURSHIP FUND ON YOUTH ECONOMIC INCLUSION
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INFLUENCE OF GRADUATE ENTREPRENEURSHIP FUND ON YOUTH ECONOMIC INCLUSION
ABSTRACT
The purpose of this study was to investigate the impact of the Graduate Entrepreneurship Fund (GEF) on youth economic inclusion. a case study of chosen BOI recipients in Awka L.G.A. The study’s objectives include evaluating the services (financial and non-financial) provided to youths who are GEF programme beneficiaries,
determining the effect of the GEF programme on graduate level of income after participation in the GEF programme, and investigating the GEF program’s efforts to facilitate small scale enterprise among graduates.
Determine the obstacles that prevent graduates from participating in the programme. A descriptive survey study design was used to choose one hundred respondents using simple random selection, and a structured questionnaire was administered. The collected data was analysed using simple percentage, mean, and frequency tables.
According to the report, some of the services provided to youngsters by the GEF programme include loan allocation, funding for small enterprises, and export promotion incentives. Economic development, foreign exchange conservation, and an improved standard of life are all efforts made by the GEF programme to facilitate the establishment of SMEs among graduates.
Graduate participation in the GEF programme is hampered by a lack of finance facilities, security concerns, poor planning, and a deplorable state of the country’s infrastructure.Based on the findings,
it was recommended that the government encourage the growth of small businesses by providing them with the necessary assistance in terms of fund raising and advising them on how to effectively use it, as well as ensuring adequate provision of credit facilities through various financial institutions to aid entrepreneurship.
CHAPTER ONE: BACKGROUND OF THE STUDY
The active role of government agencies in the development of small and medium-sized firms is a driving force in achieving emerging countries’ growth and development goals.
These businesses have a significant impact on the lives of everyone in society. Small independent enterprises can be found everywhere and in every sector of work, as well as in every neighbourhood.
This is an age-old trade. As a result, almost everything done in life involves the aspect of business, and small and medium-sized businesses play an important role in today’s business operations or system. However, in our economic history, small and medium enterprises have been one of the distribution and contribution (Akingunola, 2011).
According to Basil (2005), any effort towards economic reform that does not place a special emphasis on the development of small and medium-sized businesses is unlikely to be successful in the long run. Because small and medium-sized businesses control the direction and scope of the country’s economic development, they are vital organisations.
In Nigeria nowadays, there are both huge and small businesses. Because of their critical contribution to the nation’s economy, small businesses must now enjoy greater reputation than ever before.
Government agencies are tasked, among other things, with carrying out tasks utilities as they may be regulated from time to time on behalf of the government in order to raise the standard of living (Aremu and Adeyemi, 2011).
The National Youth Service Corps (NYSC) and the Bank of Industry (BOI) have a Graduate Entrepreneurship Fund (GEF) initiative for corps members to aid them in founding small and medium firms to improve the lot of entrepreneurs in Nigeria. While SMEs may not be major businesses that can employ the nation’s youth on a broad scale, a vast number of these small businesses will assure the economy’s continuous growth.
Money invested in SMEs will eventually result in a more developed economy and more equitable wealth distribution (Adeoye, 2016). The Bank of Industry is tasked with providing medium and long-term finance through equity placement,
loan and lease financing, guarantees, investment in corporate bonds, business development services, co-financing, working capital finance, and promotion of small and medium-sized enterprises.
The following are the goals of the graduate entrepreneurship fund scheme:
Encouraging graduates of educational institutions who are currently enrolled in the one-year NYSC programme to start their own businesses and become employers of labour rather than job seekers.
Address the lack of entrepreneurship capacity among NYSC members, who are required to create bankable company proposals.
Ensure the long-term viability of the eventual load beneficiaries’ businesses by efficient supervision by the NYSC Directorate and the BOI (Olagunju, 2016).
1.2 Statement Of the Problem
Several studies have identified financial restrictions as the most significant impediment to good small and medium firm development in developing nations such as Nigeria. Most government agencies have been reorganised, particularly banks of industry (BOI), which impacts their forces and activities, resulting in ineffective performance and a lack of sufficient oversight over their activities.
The most visible problems confronting society are the most fundamental economic problems, such as what to produce, how much to produce, for whom to produce, how efficient of resources to use or providing efficient financial resources technical assistance,
how much to consume and save, and the problem of unemployed resources, among others. Security on loan offered to client SMEs analysing financed projects, which may take longer than promised at the outset.
The project financing process entails making a loan to a new corporation formed specifically to own or operate a project. How well are small and medium-sized companies (SMES) utilising the services provided by the Bank of Industry (BOI)?
Also, are they capable of dealing with the policies implemented by these agencies (BOI) in acquiring loans and other services supplied, such as interest rates on capital collateral facilities and the role of the government?
1.3 Research Questions
The researcher prefers to employ the following questions for research findings based on the subject matter;
What are the issues confronting small and medium-sized businesses?
What are the duties of small and medium-sized businesses?
Are industrial banks the sole financiers of small and medium-sized businesses?
1.4 Objective of The Study
The study’s overarching goal is to assess the impact of the GEF on youth economic inclusion in Anambra State’s Awka South LGA.
The study’s specific goals are as follows:
Evaluate the services (financial and non-financial) provided to youth beneficiaries of the GEF programme.
Determine the impact of the GEF programme on graduate income levels after participation in the GEF programme.
Examine the GEF program’s attempts to facilitate small-scale enterprise among graduates.
Determine the obstacles that prevent graduates from participating in the programme.
1.5 Significance of the Research
The study is intended to serve as a reference material for other students or researchers such as scholars, management, the general public, researchers, academic and banking professional bodies, and other individuals who may be interested in writing on or conducting research on a similar topic,
as well as to serve as a recommendation to the bank of industry (BOI) in discharging its functions to their customers as well as mode of rendering services to their customers SMEs.
1.6 Scope of The Study
This research will look at the government agency’s (BOI) operations and involvement in growing small and medium-sized firms (SMEs) and their performance in the economy.
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