The Federal Executive Council has given the green light for the urgent establishment of Consumer Credit.
The Chief of Staff; Femi Gbajabiamila, will head a committee comprising the Budget Minister; Abubakar Bagudu, Attorney-General; Lateef Fagbemi, Coordinating Minister of the Economy and Finance; Wale Edun, to implement the programme effectively.
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, a lack of awareness or understanding of credit processes, and inadequate credit available for lending.
Its objectives include increasing consumer credit uptake in Nigeria, enabling a sustainable credit system for the country in line with global best practises, and enhancing the supporting infrastructure (technology, data, financial institutions, and global partners) to boost credit operations and equip players in the industry.
