Minister Anite Spearheads Efforts to Boost Consumer Credit Accessibility in Nigeria

In a recent development, Dr Doris Uzoka Anite, Nigeria’s Minister of Industry Trade and Investment, has championed the creation of a Technical Working Group focused on bolstering the country’s consumer credit framework.

An efficient consumer credit system, according to Dr. Anite, is pivotal for a thriving economy, serving to enhance market efficiency and bridge consumption and productivity gaps.

Highlighting the absence of a robust consumer credit system as a hurdle to financial inclusion and economic growth, the Minister stressed the need for a structured framework to ease credit access.

The Technical Working Group comprises members from key institutions like the Central Bank of Nigeria, the Federal Inland Revenue Service, and the National Identity Management Commission.

They’ve set a five-month timeline to develop strategies for improving credit accessibility by addressing challenges such as stringent eligibility criteria, high interest rates, identity verification issues, fragmented data sources, lack of credit awareness, and limited lending availability.

This initiative by the Presidential Council on Industrial Revitalization aims to lay the groundwork for a more inclusive and prosperous economy in Nigeria.