Recognizing the catalytic effect of consumer credit on economic recovery and growth, President Tinubu has initiated efforts to establish consumer credit as a pivotal component of the economy.
The Presidential Council on Industrial Revitalisation established a Technical Working Group (TWG) on December 20, 2023, to develop a framework enhancing consumer credit in Nigeria.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, emphasized the importance of consumer credit in improving market efficiencies and addressing gaps in consumption and productivity.
The absence of a well-structured consumer credit system has been identified as a significant impediment to financial inclusion and economic prosperity.
The TWG, consisting of members from various government agencies, aims to propose an institutional and regulatory framework to open up the consumer credit landscape.
With a five-month timeline, the government aims to launch a comprehensive consumer credit system by May 2024, promoting economic growth, supporting local industries, and providing Nigerians with easier access to credit for purchasing goods.
This initiative aligns with President Tinubu's commitment to economic reforms and enhancing the competitiveness of the business environment, as outlined in his New Year National Broadcast.