FG, CBAN canvass for well-structured credit reporting system
The Federal Government, through the Presidential Enabling Business Environment Council (PEBEC) and the Credit Bureau Association of Nigeria (CBAN), has said that a well-structured credit reporting system will improve the ease of doing business in Nigeria and ultimately lead to a quick recovery of the country’s economy.
This is part of the submissions made at the 4th National Credit Reporting Conference organised by CBAN in Lagos with the theme ‘Credit Bureau and Nigerian Economic Recovery: Facilitating the Ease of Doing Business’.
Mrs Funmi Ilamah, Reform Leader, Enabling Business Environment Secretariat (EBES)/ Presidential Enabling Business Environment Council (PEBEC), represented Dr Jumoke Oduwole, the EBES Coordinator/Senior Special Assistant to the President (Office of the Vice President) at the conference. She said the presidential-level ‘Ease of Doing Business’ reform efforts demonstrated in clear terms the present administration’s readiness to support the improvement of credit infrastructure with all the political will available.
She said access to credit was critical to economic growth and considered to be the motor for driving private sector development, adding that regrettably in Nigeria more than 70 per cent of private enterprises, typically MSMEs, had no access to credit or had only very limited access.