By Victoria Ojeme

The Presidential Council on Industrial Revitalisation has established a Technical Working Group for Consumer Finance aiming to unlock economic potential and boost financial inclusion in the country.

This initiative marks a significant step towards building a robust and accessible consumer credit system in Nigeria.

“An efficient consumer credit system is vital for any thriving economy,” declared Dr. Doris Uzoka-Anite, Honourable Minister for Industry, Trade and Investment, at the inaugural meeting of the working group.

She said “It bridges the gap between consumption and productivity, empowering individuals to purchase ahead of their current capability, fueling market activity and fostering economic growth.”

Recognizing the current limitations, Dr. Uzoka-Anite highlighted the absence of a well-structured framework as a major barrier to financial inclusion and economic prosperity.

Despite an abundance of financial institutions and credit schemes, many Nigerians face insurmountable hurdles accessing credit due to factors like stringent eligibility criteria, high interest rates, fragmented data sources, and inadequate credit availability.

The newly established Technical Working Group, a diverse body encompassing representatives from the Central Bank of Nigeria, Federal Inland Revenue Service, National Identity Management Commission, and other key stakeholders, has set an ambitious five-month target to achieve its objectives.

These objectives are multifaceted, focusing on increasing consumer credit uptake, establishing a sustainable and globally-aligned credit ecosystem, and strengthening the supporting infrastructure – encompassing technology, data, financial institutions, and global partnerships.

“Our approach is to leverage the collective expertise of the entire credit ecosystem,” emphasized Dr. Uzoka-Anite, who serves as Vice Chair of the Presidential Council for Industrial Revitalisation.

“By understanding the nuances of the industry and collaborating in a holistic manner, we can unlock workable solutions that truly empower Nigerian consumers.”

This initiative, led by the Honourable Minister of Finance and Coordinating Economy, Mr. Olawale Edun, and co-chaired by Dr. Uzoka-Anite and Honourable Minister for Communications, Innovations and Digital Economy, Dr. ‘Bosun Tijani, signifies a bold commitment to revitalizing Nigeria’s industrial landscape.

By prioritizing improved access to consumer credit, the government aims to unleash the full potential of the Nigerian consumer, drive economic growth, and ensure the prosperity of all citizens.