Jobs are generated by initiating and growing small businesses within underdeveloped economies.
Unemployment among youths is a critical problem confronting Nigeria (Nwogwugwu & Irechukwu,
2015). Unemployment leads to less growth and a drop-in consumer spending. Increased unemployment
generates lowered business output. Unemployment results in welfare loss from lowered output, income,
and wellbeing which hinder social progress of nations. Nevertheless, unemployed youths with small
business initiatives experience financial constraints and lack access to startup capitals. The purpose of
this study was to explore experiences of some owners who succeeded despite lack of access to formal
and informal sources of initial capitals. Data was collected through semi-structured interviews with 15
small business owners in Lagos who started as unemployed youths. We purposefully selected
participants, used thematic for data analysis, NVivo 10 software for coding and interpretation.
Findings revealed 3 critical challenges to access initial capitals for startups by unemployed youths
including: (a) inability to provide collaterals, (b) Reliance on insufficient private finance and short
term overdrafts, and (c) bureaucracy. Result may become basis for future interventions and support
programs. Authorities and youth leaders could use information for training and support programs to
help unemployed youth access startup capitals for small business.
DR NANA, A (2019). Small Business Startup Funding for Youth Employment in Nigeria. Afribary.com: Retrieved January 21, 2021, from https://afribary.com/works/small-business-startup-funding-for-youth-employment-in-nigeria
AKAEZE, DR NANA. "Small Business Startup Funding for Youth Employment in Nigeria" Afribary.com. Afribary.com, 04 Apr. 2019, https://afribary.com/works/small-business-startup-funding-for-youth-employment-in-nigeria . Accessed 21 Jan. 2021.
AKAEZE, DR NANA. "Small Business Startup Funding for Youth Employment in Nigeria". Afribary.com, Afribary.com, 04 Apr. 2019. Web. 21 Jan. 2021. < https://afribary.com/works/small-business-startup-funding-for-youth-employment-in-nigeria >.
AKAEZE, DR NANA. "Small Business Startup Funding for Youth Employment in Nigeria" Afribary.com (2019). Accessed January 21, 2021. https://afribary.com/works/small-business-startup-funding-for-youth-employment-in-nigeria