Business

31.7% Youths Lack Access To Businesses Loans – NBS

Published

4 years ago

October 6, 2021

The National Bureau of Statistics (NBS) says that 31.7 per cent 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.
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 polices, 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 per cent and South West 35.5 per cent could not access bank loan due to high rate of interest while youths from North-West 54.5 per cent and North-Central 33.8 per cent 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.”
It however said that for those that had access to bank loans, nationally, 55.1 per cent female youths had access than their male counterparts put at 44.9 per cent.
Analysing major challenges facing youths in businesses, the report said that the survey indicated different types of challenges faced by youths in their business enterprises.
According to it, nationally, 86.1 per cent of youths faced the challenge of access to fund to finance their businesses, while 4.9 per cent faced the challenge of inconsistency in government policies.
It said that another 4.6 per cent faced the challenges of obsolete equipment while three per cent faced the challenges of lack of proper training in relation to their businesses.
“At zonal level, most youths from all the zones reported the challenge of financing their businesses; youths from South-West (100 per cent) top the list followed by North-East at 93.6 per cent while youths from South-East (78.1 per cent) were least.
“However, youths from North-Central (9.2 per cent) faced the challenge of obsolete equipment for their businesses followed by youth from South-East (3.5 per cent).
“Meanwhile, youths from South- East (10 per cent) reported inconsistencies in government policies as a major challenge affecting their businesses.”
For sources of business funding, the survey reported that youths across the six geo-political zones source for funds to set up their businesses enterprises through personal savings, loans, family sources, cooperative/Esusu, grants and other sources.
It said that nationally, 34.5 per cent of youths sourced fund through government grants to set up their business enterprises, while 29.7 per cent of youths used their personal savings.
The report added that 15.1 per cent sourced funds through cooperative thrift and 2.4 per cent of the youth obtained loan to start up their business enterprises.
“The results on zonal level shows that 96.6 per cent of youths from South-South obtained grants to start-up businesses and 49.2 percent of youths from North-Central also obtained grants to start-up their businesses.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

1 week ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

1 week ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

1 week ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi