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Consumer credit, mortgage financing can help fight corruption

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We bring you the readers’ reactions to some issues raised on this columnOyeye:

By Omoh Gabriel

Kudos to the author of this article as it really makes sense to someone like me that lived in the United States for almost three decades. Providing credit facilities will certainly discourage corruption to a large extent and stimulate the economy. However, the practical approach for actualising this strategy is still missing as banks have no way to track borrowers. The BVN that is ongoing may help in that direction, including the National ID that some selfish Nigerians have been suppressing for political reasons up till now.


If the Buhari administration is ready to move this country forward, the National ID card must become compulsory for all Nigerians, including every child born daily. And in combination with the BVN, banks can begin to give out loans with the hope of tracking people they give loans to; and credit ratings for individuals and institutions can commence thereafter. The National Assembly should commence legislation for this as soon as possible.

DanielOsazuwa:I completely agree with you. But the miss-norma here is the so called private sector- driven economy. Planning for our economy to be private sector-led is like trying to place a 24-wheeler truck fully loaded on top of a Kia Picanto and expect it to move.

Even in countries where listed companies are sometimes 800% of their GDP, the government still funds the mortgage sector like the Fannie Mae and Freddie Mac. If the Government can bail out the banks and connect private borrowers with more than N4 trillion through AMCON, it can create a sort of Fannie Mae and Freddie Mac here in Nigeria. Trying to fight corruption when civil servants are not sure of their future wellbeing is wasting of time or “noise-making”.

Emmanuel Kalu: Most sensible Nigerians continue to beat their head against the wall, because we can’t solve simple problems that have been solved across the world. There is no problem facing Nigeria today that has not  been  experienced by other countries. Nigeria only needs to study it, copy it and refine it to fit Nigeria, yet we continue to fail to do this.

And the reason is simple, money is still flowing from oil and we have useless leaders. Developing mortgage scheme and consumer credit would take Nigerian economy to new height, and yes, like the writer said, it would reduce corruption. How can you stop corruption when the average worker is not getting paid well enough, and the little he gets  is delayed by months? Our leadership has failed us, and if we don’t understand that and make the necessary change, we would continue to be in the same spot 55 years from now.

Banfi: Very correct, only Nigerians like big things. Instead of building a one, two or three-bedrroom flat like in overseas they will go for duplex above their income thereby leading to corruption.We have a long way to go.

The kind of ministers Nigeria needs now

Emmanuel kalu: Very good article and straight to the point. No matter what anyone said, our last agriculture minister was a minister that knew how farming worked, and was ready to get down. We need ministers like that, ministers that know how to make Nigeria work, ministers that would find local solution to our problems, instead of wasting money on foreign import.

Truth forever: The author has beamed the light on the right spot but our economic drivers in Nigeria are theorists  who gallivant on news headlines parading our street in several guises blabbing nonsense on what I call “routine administration – a trial by error type of a government”- the rabble rousers .

One quick lesson that quickly comes to register on people’s mind after the election was the body language by the presidency that removed what is called federal character from national service and replaced it with a determined ‘North must control every sector of Nigerian life at all cost.’ And the moment people  noticed the sudden change of the presidency especially on his first list of aides appointed at the Villa, the spirit of working-together for Change suddenly fell, and the rest is history.

Yes, people have lost hope in this government of change, which hopefully was expected to be national with all intent and purposes, but now only Baba’s crusade alone- yes only Mr President is running the show.

The issue at the NASS, ministerial embarrassing list, sleazes here and there reported on our ex-governors who are actually the front-line army for the change, militants unleashing terror at will, kidnapping going unabated, economy squeezing without notice- naira having the heaviest fall in decades, the only formal economic activity – oil – yet to take structure within national, regional and international trades and with worst selling reports in decade – currently at $48 per barrel.

And lastly, probing of past leadership remaining selective – the administration for Change promised probing only the immediate past government but recent development indicates the post has shifted.


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