The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has lamented that the lack of access to credit had stifled economic growth, leading to a decline in investment and job creation.
Adebayo stressed the need to promote the institutionalisation of a vibrant and sustainable credit system in the country, which should sufficiently incentivise financial institutions to lend to especially Micro, Small and Medium Enterprises . According to him, the purpose of the commission and its debt collection offices is two-fold – to provide an effective legal and institutional framework to regulate business behaviour, with a view to ensuring that only viable concerns continue to operate – as well as to ensure that customers pay their trade debts on time, thereby significantly reducing the current challenges associated with the enforcement of trade -debt contracts in the regular courts.
He said this will positively contribute to financial stability and enhance trade and economic growth, adding that the government remained committed to promoting financial literacy and consumer protection to enhance the confidence of both investors and consumers.
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Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Source: THISDAY LIVE - 🏆 14. / 51 Read more »