✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

FG sets up committee to improve consumer credit

The Presidential Council on Industrial Revitalisation says it has established a Technical Working Group to develop the needed framework to enhance consumer credit in Nigeria. …

The Presidential Council on Industrial Revitalisation says it has established a Technical Working Group to develop the needed framework to enhance consumer credit in Nigeria. 

According to a statement by the media unit of the Minister of Industry Trade and Investment in Abuja yesterday, the committee is to ensure that Nigerians access credit seamlessly and also improve the consumer landscape.

“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,” Dr Doris Uzoka-Anite, the trade minister said at the inaugural meeting of the Technical Working Group for Consumer Finance held earlier in the week.

Speaking further, she said, “The establishment of the Technical Working Group by the Presidential Council on Industrial Revitalisation is timely and strategic – an initiative aimed, among other things, at proposing and implementing a viable institutional and regulatory framework that can significantly improve the consumer credit landscape.

Calabar Carnival: NSCDC deploys 1,800 personnel in C’River

I will divorce my wife if she pays me N1m – Bizman tells court

“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,” the minister said.

The Technical Working Group draws its members from the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), National Identity Management Commission (NIMC), the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Federal Competition & Consumer Protection Commission (FCCPC), the Bank of Industry (BOI), among others, and agreed on a five-month timeline to achieve its objectives. 

The specific objectives of the committee include 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.

 

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.