Why YIEDP will fail

The Youth Innovative Entrepreneurship Development Programme, recently conducted a training program for over 1500 Nigerian youths. A program aimed at preparing them for the world of business management. The promises this program comes with sounds too good to be true, and like we know too good to be true, usually ain't good at all or may be good afterall.
YIEPD is to offer a maximum loan of 3million Nigerian Naira to startup and expanding youth business in Nigeria, on a collateral of certificates, a guarantor and other hidden policies.

We take a look at possible reasons why it could fail and a glance at why it may succeed.

Why we think it will fail.

Inadequate planning :
The three days training, conducted by CBN, Heritage Bank and NYSC takes 6 weeks in a normal proceedings, squeezed into less than 72 hours, I tell you these youths are as green as they came.  And the only thing anyone can boast was related, is just how to write a business plan.
Inadequate planning and training will be one factor to the failure of YIEPD.

Pressure :
Another factor will be the pressure to pay back. The majority of businesses presented were startup, and 97% do not have any experience what so ever on running some of the businesses they presented. By Statistics 70% of startups fail, even when starters are not under pressure as this young CEOs would be when they receive the loan.

Inflation rate in Nigeria:
Businesses are already failing, in Nigeria. Dollar floating, high cost of everything investors packing, impending threats of strike actions. Are these businesses not going to be established in Nigeria? What would have changed? When banks and oil firms are laying off workers, Nigeria are expecting startup businesses to resurrect the economy and reduce unemployment rate.

Why it will be a success.
YIEPD could revolutionalize the Nigerian economy, setup a class of African CEOs that can set Africa going.
There is no place anyone can get a single digit loan, in Nigeria or anywhere else.
Nigeria holds an opportunity untapped and a market of over 180 million people. With this recent inflation, Nigeria and Nigerians will be looking at something new, decent and innovative. This youths have a potential, they are creative, and are ambitious.
In a few years we all we thank CBN for this.