The President of the African Development Bank, Akinwumi Adesina,has criticized commercial banks in Nigeria and across Africa for not adequately supporting young entrepreneurs.

In an interview with Channels TV on Thursday, he stated that the current banking system is not structured to help youth with innovative ideas access the capital they need.

Adesina emphasized that systemic barriers continue to hinder young people from launching successful ventures, despite their potential and creativity.

Adesina, reflecting on his background in banking, highlighted the difficulties young Nigerians face when trying to secure loans. He explained that most youths do not have the collateral, credit history, or steady income required by commercial banks.

“You walk into the bank, and you see young people, 21 years old, coming in. In your risk assessment, the only thing you see is risk, risk, risk. And so you go ask them for securities that they need to bring to you,” he said.

He highlighted the unrealistic demands placed on young applicants, such as owning property or providing years of tax records, which are often unattainable for many.

‘”Do) you have a house, (do) you have a land, (do) you have this, (do) you have tax for the last 40 years?’. ‘I’m only 21 years old,’ And so the whole of the system is not designed for young people,” he stated.

Adesina emphasized that the financial system is fundamentally unprepared to support the ambitions of Africa’s youth.

“The commercial banking system, the financial system, has failed young people in Africa,” he noted.

Adesina pointed out that Africa is home to over 465 million young people aged 15 to 35, yet the financial markets have not evolved to address their needs.

He questioned why it is surprising that many young Nigerians are leaving the country in search of better opportunities abroad, given the lack of support and opportunities at home.

“The ‘japa syndrome’ you mentioned—it’s a big loss for us out of Nigeria and many other countries,” he said.

Adesina challenged the current approach to youth empowerment, arguing that young people need access to capital, not just tokenistic programs. He emphasized that meaningful support for youth entrepreneurship comes from providing real financial resources, enabling them to turn their ideas into viable businesses.

“First and foremost, is to recognize that young people don’t need freebies. We don’t need people just saying, ‘Oh well, I just want to give you a youth empowerment program.’ What does that mean?” he asked.

He stressed that while Africa’s youth possess the skills, knowledge, and entrepreneurial drive to succeed, they lack the financial support required to turn their ideas into successful businesses.