Abuja, Dec. 20, 2023 – The Presidential Council on Industrial Revitalisation has set up a technical working group to develop a framework to enhance consumer credit in Nigeria.
The committee members were drawn from the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC) and the Federal Competition and Consumer Commission (FCCPC).
Other members were drawn from the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS).
A statement by Dr Doris Nkiruka Uzoka-Anite, the Minister of Industry, Trade and Investment on Wednesday, said the committee had five months to conclude its assignment.
Its assignment includes increasing consumer credit uptake in Nigeria, enabling a sustainable credit system for the country in line with global best practices, and enhancing the supporting infrastructure (technology, data, financial institutions, global partners) to boost credit operations and equip players in the industry.
Speaking during the inaugural meeting, Uzoka-Anite said: “An efficient consumer credit system is a highly essential component of successful economies, as it works to improve market efficiencies and fill in gaps in consumption and productivity by providing consumers immediate access to credit allowing them to purchase ahead of ability.
“The absence of a well-structured consumer credit system has been a significant impediment to financial inclusion and economic prosperity.”
“Nigeria has numerous financial institutions and credit schemes, but many Nigerians still face substantial hurdles in accessing credit due to stringent eligibility criteria, high-interest rates, identity-related challenges, fragmented data sources for proof of livelihood and financial worth, lack of awareness or understanding of credit processes, and inadequate credit available for lending,” (GBN)
