CAPE TOWN — Presidential aspirant Peter Obi has sharply criticized Nigeria’s banking industry for its heavy reliance on physical collateral, arguing that the system hinders the growth of talented citizens. Speaking at the Spier Dialogue 2026 in South Africa, Obi shared his own experience in the United Kingdom to illustrate the difference between transactional and institutionalized governance.

Accessing Capital Through Education

Drawing on his professional history in London, Obi explained that British financial institutions prioritized his credentials over physical assets when assessing his creditworthiness.

“I lived in the UK, my brother. I did business in the UK. Very successful business. I went to the bank. I told them the schools I was from, Cambridge and Oxford, and they gave me money. They didn’t ask me about my parents. They gave me this loan based on my intellectual capital, and I paid them back.”

Obi contrasted this with his experience in Nigeria, noting that the same potential for growth is often blocked for Nigerians without generational wealth or immovable property.

“In my country, I wouldn’t get that type of loan. They would have asked me to go and bring my dead mother and father, their properties and all of that.”

Building Functional Institutions

For Obi, the disparity in lending practices is a symptom of a larger problem in Nigeria: a political culture focused on transactions rather than the creation of functional institutions.

“People always believe that every politician is the same because they believe governance is all about transactions,” Obi observed. “What we want is people that will make the society work.”

The Spier Dialogue, which brought together leaders to discuss governance, economic inclusion, and leadership, served as a stage for Obi to reiterate his campaign’s core message. He argued that Nigeria’s future depends on a fundamental shift from a consumption-based economy to one of production, guided by political leadership built on competence and institutional integrity rather than patronage.

The Nigeria Democratic Congress presidential aspirant contrasted foreign lending standards with Nigeria’s asset-dependent banking sector while addressing the Spier Dialogue 2026.