Background of the Study
Youth unemployment remains a significant challenge in Nigeria, with adverse implications for economic growth and social stability. The Nigerian government has introduced several initiatives to address this issue, including the N-Power Programme, designed to empower young entrepreneurs through skill development and access to loans. According to Adebayo and Omisakin (2023), the N-Power Programme has provided critical support to youth entrepreneurs, fostering job creation and innovation.
Despite its potential, questions remain about the programme's effectiveness in achieving its objectives. Challenges such as inadequate funding, poor implementation, and limited monitoring mechanisms have hindered its impact. In Oyo State, where youth unemployment is particularly pronounced, understanding the programme's effectiveness is essential for improving policy outcomes.
This study evaluates the effectiveness of government loan schemes under the N-Power Programme, focusing on their accessibility, utilization, and impact on youth entrepreneurs in Oyo State.
Statement of the Problem
While the N-Power Programme aims to promote youth entrepreneurship, its effectiveness in achieving these goals is unclear. Many participants report difficulties accessing loans, citing bureaucratic bottlenecks and inadequate support. Additionally, the lack of a robust monitoring framework raises concerns about the sustainability of funded businesses.
Existing studies often provide general insights into government loan schemes without addressing the unique challenges faced by specific regions such as Oyo State. This gap in knowledge limits the ability to assess the programme's success and identify areas for improvement. Hence, this study seeks to critically evaluate the N-Power Programme’s effectiveness in fostering youth entrepreneurship in Oyo State.
Objectives of the Study
1. To assess the accessibility of government loans under the N-Power Programme for youth entrepreneurs in Oyo State.
2. To evaluate the impact of the N-Power Programme on business sustainability and job creation.
3. To identify challenges and propose strategies for improving the programme’s effectiveness.
Research Questions
1. How accessible are government loans under the N-Power Programme to youth entrepreneurs in Oyo State?
2. What is the impact of the N-Power Programme on business sustainability and job creation?
3. What challenges hinder the effectiveness of the N-Power Programme, and how can they be addressed?
Research Hypotheses
1. H₀: Government loans under the N-Power Programme are not significantly accessible to youth entrepreneurs in Oyo State.
2. H₀: The N-Power Programme does not significantly impact business sustainability and job creation.
3. H₀: Addressing implementation challenges does not significantly improve the programme’s effectiveness.
Scope and Limitations of the Study
The study focuses on the N-Power Programme’s loan schemes in Oyo State, evaluating their accessibility and impact on youth entrepreneurs. Limitations include limited access to government data and participant bias during interviews.
Definitions of Terms
• Youth Entrepreneurs: Individuals aged 18–35 engaged in business ventures.
• N-Power Programme: A Nigerian government initiative aimed at providing skills, training, and financial support to unemployed youth.
• Loan Accessibility: The ease with which individuals can obtain loans.
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