SPECIAL PURPOSE VEHICLES AND THE PROMOTION OF ENTREPRENEURSHIP IN NIGERIA: THE CASE OF YOUWIN IN KADUNA STATE

SPECIAL PURPOSE VEHICLES AND THE PROMOTION OF ENTREPRENEURSHIP IN NIGERIA: THE CASE OF YOUWIN IN KADUNA STATE

Abstract:

Entrepreneurship is regarded as powerful engine of economic growth through its several multiplier effects of employment creation, income generation and improvement in welfare thus leading to a decline in poverty. This is why efforts have been made by successive Nigerian government to promote entrepreneurship through the establishment of legal entities purposefully and specially created. These legal entities are known as Special Purpose Vehicles (SPVs). Recently, the government in its drive to achieve the cause of entrepreneurship promotion through SPVs established the Youth Enterprise with Innovation in Nigeria (YouWiN) in 2011. This study therefore examined Special Purpose Vehicles and the promotion of entrepreneurship in Kaduna state using YouWiN as a case study. Survey design was used to collect information. Four hundred and forty-five (445) respondents were purposively sampled. Three hundred and eighty-five (385) of these respondents were non beneficiaries, thirty (30) training beneficiaries and thirty (30) grant beneficiaries. Data were analysed using frequency tables, percentages, cross-tab, multinomial logistic regression and the chi-square statistics. The study found that the promotion of entrepreneurship by YouWiN is at various stages. The first stage is at the level of BPC where about eighty-two percent (82.9%) of the participants confirmed that they had acquired vast knowledge about the business they competed for and they have also acquired entrepreneurship skills such as business writing skills in the course of writing their business plan. The second stage is at the level of the entrepreneurial training organized by YouWiN. Although, people in this category did not get the grant as aboutninety three percent (93.3%) of them agreed they further improved on the entrepreneurship skills they had as the training provided them with good business writing skills, resource management skills, financial management skills, staff management skills, marketing skills as well as customer relationship skills. The third stage is the final stage, where funds were given to the YouWiN beneficiaries. From the Regression result, there was indication that past experience does not ensure high profitability. However, there were indications that the jobs provided by YouWiN have significant positive welfare implication.

SPECIAL PURPOSE VEHICLES AND THE PROMOTION OF ENTREPRENEURSHIP IN NIGERIA: THE CASE OF YOUWIN IN KADUNA STATE

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