The Technical Working Group, established by the Presidential Council on Industrial Revitalization under the Ministry of Industry, Trade, and Investment, is set to create a comprehensive framework for enhancing consumer credit in Nigeria. The initiative, driven by the need for a robust institutional and regulatory setup, aims to address existing challenges and significantly improve the consumer credit landscape.
Highlighting the importance of an efficient consumer credit system for successful economies, the statement acknowledges the hurdles faced by many Nigerians in accessing credit. These challenges include stringent eligibility criteria, high interest rates, identity-related issues, fragmented data sources, lack of awareness about credit processes, and insufficient credit availability for lending.
Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, emphasized at the inaugural meeting of the Technical Working Group that the absence of a well-structured consumer credit system has been a major obstacle to financial inclusion and economic prosperity.
The Technical Working Group comprises members from various 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). They have set a five-month timeline to achieve their objectives.
The committee’s specific goals include increasing consumer credit uptake in Nigeria, establishing a sustainable credit system aligned with global best practices, and enhancing supporting infrastructure (technology, data, financial institutions, global partnerships) to boost credit operations and equip industry players. The committee will adopt a holistic consultative approach, drawing on the expertise of the credit ecosystem to understand industry issues and develop practical solutions.
Dr. Doris Uzoka-Anite, CFA, serves as the Vice Chair of the Presidential Council for Industrial Revitalization, chaired by Mr. Olawale Edun, the Minister of Finance and Coordinating Economy, with Dr. ‘Bosun Tijani, the Minister of Communications, Innovations, and Digital Economy.
Quest :Emmanuel kelvin