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31% YOUTHS LACK ACCESS TO BANK LOANS

31.7% youths lack access to bank loans for business -NBS

Nigerian youths

File copy: Nigerian youths


The National Bureau of Statistics says that 31.7 percent of youths in Nigeria lack access to bank loans to finance their businesses due to high interest rates.

The bureau said this in its National Youth Survey for 2020, obtained from its website in Abuja on Monday.

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According to it, the report is a collaborative effort between the Federal Ministry of Youth and Sports Development and the NBS.

It also said that stringent bank policies, government policies and other measures adopted by banking institutions make it difficult for youths to finance their businesses through bank loans.

Giving a breakdown of the result from the survey, the NBS said that stringent bank policies accounted for 24.8 per cent youths not having access to bank loans, 7.3 per cent attributed their challenges to government policies while 13.2 per cent of the youths gave other reasons.

At zonal level, youths from South-South 45.7 percent and South West 35.5 percent could not access bank loan due to high rate of interest rate; while youths from North-West 54.5 percent and North-Central 33.8 percent could not access bank loans due to stringent policies.

“Youths from South-South 15.7 per cent and North-East 13.3 per cent could not access bank loans due to government policies.”

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