Source of Funding
Table of Contents
- Personal savings:
Most self employ people normally raise the initial capital from savings they have made over a period of time.
- Gifts from friends and relations: some self employed people get their funds or capital from their relations or close friends.
- Loans from banks: self employed people do approach banks particularly micro-finance banks to get initial capital for their business.
- Plough-back profit: part of profit made by self employed are sometimes used to expand their business instead of spending on personal needs.
- Government assistance: sometimes individuals who receive vocational training from government agencies are financially supported to start off. It could be in cash or in kind.
GOVERNMENT AGENCIES PROMOTING SELF-EMPLOYMENT
National Poverty Eradication Programmed (NAPEP)
Government started initiating some poverty alleviation programmes among which was the establishment of national poverty eradication programmed in 2001. Its primary responsibility is the coordination and monitoring of all poverty eradication programmes in Nigeria.
FUNCTIONS OF NAPEP
- It encourages mass participation in economic reform process.
- It assists state and local governments to develop direct anti-poverty programmes. These are micro-finance and micro-credit programmes.
- Its helps in building strategic public and private sector partnership.
NATIONAL DIRECTORATE OF EMPLOYMENT
This agency was established by National Directorate of Employment Act 1989.
- Designing and implementing programmes to combat unemployment.
- Articulating policies aimed at developing work programmes with labour intensive potentials.
- Obtaining and maintaining data bank an employment and vacancies.
- Implement and other policy.
- Promoting skill acquisition through its National Open Apprenticeship Scheme.
Women development centres and government technical colleges across the country also served as centre for airing training in various Vocational and Technical Education. This will serve as feeder to our growing industries as well as Youth Empowerment Programmes.
- List five sources of funds for self employed people.
- State the full meaning of NAPEP.
- What are the functions of NDE?