Enilolobo canvasses low interest rates for young African entrepreneurs

A young entrepreneur, Solomon Enilolobo, has canvassed for the reduction on interest rates for young entrepreneurs in Nigeria and Africa.

According to the Nigeria Co-ordinator of Commonwealth Alliance of Young Nigerian Entrepreneurs -Africa (CAYE-Africa), the interest rates from the commercial banks are unaffordable for the emerging young entrepreneurs in the continent.

Enilolobo, who made the call while participating at the World Bank 2025 Spring Meetings held at the World Bank/ International Monetary Fund Headquarters in Washington DC, described the current interest rate in Africa as alarming and unacceptable.

The South West Co-ordinator of Alliance of Young Nigerian Entrepreneurs (AYNE) explained that the high interest rate on commercial bank loans in Sub Saharan Africa is forcing many young entrepreneurs out of their businesses.

He added that the ugly development can be addressed through the timely intervention of the financial policy makers such as World Bank, the International Monetary Fund (IMF) among others.

According to him, the Policy makers should make single digit loans available to young entrepreneurs in Africa in order for them to thrive.

"young entrepreneurs in Africa would do more if given the right, conducive environment as being witnessed among Nigeria youth had done well in Music, Movies, Entertainment, Fashion and Sport.

“We will do more in Business if given the right environment”, he said

Recall that Enilolobo had made similar calls in 2017, when he spoke at the Youth Forum of the World Bank and the Commonwealth Head of Government Meeting (CHOGM) held in London.

At the session on Access to Finance in Sub- Sahara Africa, which was attended by Wale Edun, Nigerian Minister of Finance and Coordinating Minister of the Economy; Yemi Cardozo, Central Bank of Nigeria Governor; Ali Lamine Zaine, Prime Minister of Niger; Amina Mohammed, Deputy Secretary-General of the United Nations; World Bank Executive Director for Africa Group 3 Constituency, representing Angola, Nigeria and South Africa, as well as Central Bank Directors from different countries, among other delegates.