Nigeria House passes bill to establish credit corp
Nigerian lawmakers advanced legislation on Monday that would formally establish a consumer credit agency and create a dedicated development fund to expand access to borrowing for workers. The House of Representatives approved the Nigeria Consumer Credit Corporation bill at second reading after Speaker Abbas Tajudeen and Representative Wale Hammed argued that citizens need regulated alternatives to predatory informal lenders.
The proposed law transforms an existing private company into a statutory body with authority to oversee credit providers, protect borrowers and manage guarantee programs. Hammed told colleagues the framework supports President Bola Tinubu’s 2024 initiative to shift the economy from cash transactions toward structured lending that helps households buy homes, vehicles and education.
The bill requires cooperation between the Central Bank, the Finance Ministry, and consumer protection agencies to standardize credit rules nationwide. Supporters claim the measure will let workers build payment histories while stimulating domestic demand and job growth through expanded purchasing power.
Parliament must complete additional readings before the proposal becomes law and authorizes the regulatory corporation to enforce fair lending practices and data privacy standards.
