The Nigerian banking system is not designed to support young people, AfDB President laments 

Speaking on Channels TV on Thursday, Adesina highlighted the systemic barriers that prevent young people from accessing the capital they need to turn their ideas into successful ventures, saying the banking system is not designed for young people.

Adesina, drawing from his experience as a banker, described the challenges faced by young Nigerians when seeking loans.

“You walk into the bank, and you see young people, 21 years old, coming in. In your risk assessment, the only thing you see is risk, risk, risk. And so you go ask them for securities that they need to bring to you,” he said.

He pointed out the unrealistic demands placed on young applicants, such as owning property or providing decades of tax records.

“‘(Do) you have a house, (do) you have a land, (do) you have this, (do) you have tax for the last 40 years?’. ‘I’m only 21 years old,’ And so the whole of the system is not designed for young people.” 

Adesina emphasized that the financial system is fundamentally ill-equipped to support the aspirations of Africa’s youth.

“The commercial banking system, the financial system, has failed young people in Africa.” 

“The ‘japa syndrome’ you mentioned—it’s a big loss for us out of Nigeria and many other countries,” he said.

Adesina challenged the prevailing approach to youth empowerment, arguing that young people need access to capital rather than tokenistic programs.

“First and foremost, is to recognize that young people don’t need freebies. We don’t need people just saying, ‘Oh well, I just want to give you a youth empowerment program.’ What does that mean?” he asked.

He emphasized that Africa’s youth possess the skills, knowledge, and entrepreneurial capacity to succeed, but lack the financial support to turn their ideas into thriving businesses.

“They need capital. They need you to put your money at risk on their behalf,” Adesina said, urging banks to take bold steps to invest in the future of young entrepreneurs.