In a strategic move to bolster the consumer credit landscape in Nigeria, the Presidential Council on Industrial Revitalization has established a Technical Working Group. This group has been tasked with developing a comprehensive framework to facilitate consumer credit in the country, a crucial component for successful economies.
“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,” stated Dr. Doris Uzoka-Anite, the Trade Minister, emphasizing the pivotal role of an effective consumer credit system.
The lack of a well-structured consumer credit system has been identified as a hindrance to financial inclusion and overall economic prosperity in the country.
To address these challenges, the government has established a Technical Working Group under the auspices of the Presidential Council on Industrial Revitalization. This group, comprising members from key institutions such as the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), National Identity Management Commission (NIMC), National Insurance Commission (NAICOM), National Institute of Credit Administration (NICA), Federal Competition & Consumer Protection Commission (FCCPC), and the Bank of Industry (BOI), among others, is tasked with developing a comprehensive framework for improving consumer credit.
The Technical Working Group has set ambitious objectives for the next five months, aiming to increase consumer credit uptake, establish a sustainable credit system aligned with global best practices, and enhance the supporting infrastructure. This infrastructure includes technology, data systems, financial institutions, and global partnerships to boost credit operations and equip industry players.
The government’s commitment to improving consumer credit accessibility is underscored by its holistic and consultative approach. The Technical Working Group is leveraging the expertise and experience of stakeholders within the credit ecosystem to understand industry challenges thoroughly and develop effective solutions.
In a pivotal role within the Presidential Council on Industrial Revitalization, Dr. Doris Uzoka-Anite, CFA, serves as the Vice Chair. The Council is chaired by the Minister of Finance and Coordinating Economy, Mr. Olawale Edun, with the Honourable Minister for Communications, Innovations, and Digital Economy, Dr. ‘Bosun Tijani. This concerted effort by the Federal Government signals a proactive stance towards improving consumer credit accessibility, fostering financial inclusion, and contributing to the overall economic development of Nigeria