Solomon Enilolobo, a young serial entrepreneur, has called for a reduction in interest rates for young Nigerian entrepreneurs and their counterparts across Africa.
He made this appeal during the World Bank 2025 Spring Meetings at the World Bank/International Monetary Fund Headquarters in Washington, D.C.
Speaking at the session on Access to Finance in Sub-Saharan Africa, which was attended by notable figures such as the Nigerian Minister of Finance, Mr. Wale Edun, Central Bank Governor Mr. Yemi Cardozo, Prime Minister of Niger Ali Lamine Zaine, and United Nations Deputy Secretary-General Amina J. Mohammed, Enilolobo criticized the high interest rates on commercial bank loans in the region.
He emphasised that such rates are discouraging to young, enterprising Africans.
Enilolobo, who serves as the Nigeria Coordinator for the Commonwealth Alliance of Young Nigerian Entrepreneurs – Africa (CAYE-Africa) and South West Coordinator for the Alliance of Young Nigerian Entrepreneurs (AYNE), urged the World Bank, IMF, and African policymakers to intervene by providing single-digit loan facilities to young entrepreneurs across the continent.
He highlighted that young entrepreneurs have the potential to achieve great success, pointing to the remarkable achievements of Nigerian youths in music, film, fashion, and sports as evidence of what they can accomplish when provided with the right financial support and a conducive environment.
“We will do more in even in Business if given the right environment”, he said
Earlier in 2017, Enilolobo had made similar calls when he spoke at the Youth Forum of the World Bank and the Commonwealth Head of Government Meeting (CHOGM) held in London.