The Presidential Council on Industrial Revitalization has established a Technical Working Group with members from the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC) and the Federal Competition and Consumer Commission (FCCPC) to develop a framework to enhance consumer credit in Nigeria.
Other members of the Technical Group were also drawn from the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS).
According to a statement released on Wednesday by the Minister of Industry, Trade and Investment, Dr Doris Nkiruka Uzoka-Anite, the Committee has a five-month timeline to achieve its objectives.
The specific objectives of the Committee include increasing consumer credit uptake in Nigeria, enabling a sustainable credit system for the country in line with global best practices, and enhancing the supporting infrastructure (technology, data, financial institutions, global partners) to boost credit operations and equip players in the industry.
Speaking during the inaugural meeting of the Technical Working Group for Consumer Finance held earlier in the week, the Trade Minister said: