The Chief Justice of Nigeria, Justice Tanko Muhammad, on Tuesday stressed the benefits of quick resolution of disputes in commercial or financial disputes to the country’s economy.
The CJN, who said this at the World Bank/CBN specialized two-day virtual workshop for judicial officers, called on the judiciary to be involved in credit reporting reforms in Nigeria.
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He said small businesses in the country required access to credit to thrive and the rights of the relevant parties to a transaction must be protected.
“As access to credit is necessary for the economic development of Nigeria, it behoves the judiciary to protect parties to a transaction and ensure fair and ethical standards.
“The purpose of both Laws is to facilitate and promote access to credit and enhance risk management in credit transactions.
“The protection of the rights of parties in a credit transaction would promote responsibility in the market and encourage responsible borrowing,” he said.
