At the World Bank 2025 Spring Meetings in Washington, D.C., Solomon Enilolobo, a passionate serial entrepreneur, made a powerful appeal for reduced interest rates to support young Nigerian and African entrepreneurs.
During the Access to Finance in Sub-Saharan Africa session, attended by prominent figures such as Nigeria’s Minister of Finance, Mr. Wale Edun, Central Bank Governor Mr. Yemi Cardozo, and UN Deputy Secretary-General Amina J. Mohammed, Enilolobo highlighted the crippling effect of high interest rates on commercial bank loans.
As the Nigeria Coordinator for the Commonwealth Alliance of Young Nigerian Entrepreneurs (CAYE-Africa) and the South West Coordinator for the Alliance of Young Nigerian Entrepreneurs (AYNE), Enilolobo urged the World Bank, IMF, and African policymakers to step in and offer single-digit loan facilities to young entrepreneurs, stressing that the current financial landscape is discouraging to the youth.
Enilolobo pointed to the success of young Nigerians in music, film, fashion, and sports as evidence of the immense potential young Africans possess when given the right financial support and a supportive environment.
“We will do more in business if given the right environment,” Enilolobo stated, emphasizing the need for policies that foster growth.
This was not Enilolobo’s first time addressing the issue. In 2017, he made similar calls at the Youth Forum of the World Bank and the Commonwealth Heads of Government Meeting (CHOGM) in London, reaffirming his commitment to advocating for young African entrepreneurs.
