- Credit Access Vital to Economic Recovery
The Minister of State for Industry, Trade and Investment, Aisha Abubakar, says the Federal Government is aware of the enormous role the private sector plays in economic recovery process and is therefore committed to creating an enabling business environment in the country.
She listed some of the economic reforms the government had introduced in recent months to enhance the economic recovery drive.
Specifically, Abubakar said the government had carried out credit sector reform to enhance financial inclusion and ensure that the Micro, Small and Medium-scale Enterprises have better access to credit at affordable rates.
The minister spoke during the fourth National Credit Reporting Conference organised by the Credit Bureau Association of Nigeria in Lagos.
The conference had various stakeholders from the financial services industry and agricultural sector among others in attendance.
The theme of the conference was, “Credit bureau and Nigeria’s economic recovery: Facilitating the ease of doing business”
Abubakar said, “Nigeria is committed to creating an enabling environment to facilitate private sector-led growth and development. Credit sector reform is one of the identified seven indicator areas that are considered impactful and achievable in the near future.
“Of special interest to government reform issue is the getting credit parameter with focus in ensuring that the Micro Small and Medium-scale Enterprises have better access to credit and at affordable rates.”
She noted that the getting credit parameter in particular would aid the usage of credit information and create more awareness on the use of credit instrument by all financial and non-financial institutions.
Abubakar explained that the passage of enabling legislation by the National Assembly had led to increased utilisation of the National Collateral Registry for online registration.
According to her, the increased utilisation of credit bureau services will enhance informed credit decision making.
The CBAN Chairman and Managing Director, XDS Credit Bureau, Mrs. Mobolanle Adesanya, said the conference presented opportunity on how the credit industry subsector could be partaker of the various efforts made by the government to restore the economy.