31.7% youths in Nigeria lack access to loans –NBS

The National Bureau of Statistics (NBS) said on Monday at least 31.7 percent of youths in Nigeria lack access to bank loans to finance their businesses.

The bureau disclosed this in its National Youth Survey for 2020 posted on its website in Abuja.

The report was a collaborative effort between the Federal Ministry of Youth and Sports Development and the NBS.

It said stringent bank polices including high interest rates, government policies and other measures adopted by banking institutions make it difficult for youths to finance their businesses through bank loans.

The agency said stringent bank policies were responsible for inability of 24.8 percent of the youths to secure loans while government policies stopped 7.3 percent from getting credit facilities in banks.

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The report said: “At zonal level, youths from South-South (45.7 percent) and South-West (35.5 percent) could not access bank loan due to high 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 percent) and North-East (13.3 percent) could not access bank loans due to government policies.”

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