The Presidential Council on Industrial Revitalization has set up a Technical Working Group, which includes the Federal Competition and Consumer Commission (FCCPC), the Central Bank of Nigeria (CBN), and the National Identity Management Commission (NIMC). Their job is to develop a plan to improve consumer credit in Nigeria.
The National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS) also sent people to the Technical Group.
The Minister of Industry, Trade and Investment, Dr Doris Nkiruka Uzoka-Anite, said on Wednesday that the Committee has five months to reach its goals.
The Committee’s specific goals include getting more Nigerians to use credit, making sure that the country’s credit system is sustainable and in line with best practices around the world, and improving the technology, data, financial institutions, and global partners that help credit operations and give players in the industry what they need.
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Credit system efficiency
During the inaugural meeting of the Technical Working Group for Consumer Finance earlier in the week, the Trade Minister said, “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 with immediate access to credit that allows them to purchase ahead Not having a well-structured consumer credit system hinders financial inclusion and economic growth.
She added that the Presidential Council on Industrial Revitalization’s Technical Working Group is timely and strategic, proposing and implementing a viable institutional and regulatory framework to improve consumer credit.
Nigeria has many financial institutions and credit schemes, but many Nigerians still struggle to get credit due to strict eligibility criteria, high-interest rates, identity issues, 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.
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To achieve its goal, the Committee has taken a holistic consultative approach that uses the credit ecosystem’s experience, knowledge, and expertise to identify industry concerns and develop solutions.
The Presidential Council for Industrial Revitalization is chaired by Mr. Olawale Edun, Minister of Finance and Coordinating Economy, and Dr. Bosun Tijani, Minister of Communications, Innovations, and Digital Economy.