Consumer Credit Scheme: Matters arising

Additionally, it must be noted, however, that many individuals in the country lack access to formal financial services, which can limit their ability to invest in education, start businesses, or deal with unexpected expenses. Where there seems to be some succour to bridge the credit gaps, the cost of borrowing is extremely high, more than 30 per cent. As if that is not sufficient, the conditions attached are stringent and somewhat unattainable.

By the same token, “the PRA regulates around 1,700 of the largest financial firms, including banks, building societies, and major investment firms. The FCA has an over-arching strategic objective to ensure that the financial markets it regulates function well.” In all these, where is Nigeria? What system or institutional framework have we put in place to regulate the scheme? It is within the context of providing an answer to this that the consumer credit corporation may come in.

Prospectively, therefore, a well-designed consumer credit scheme can stimulate economic growth and promote financial stability in an emerging economy like ours. It goes without saying, that by providing individuals with access to credit, they can invest in assets, improve their living standards, and contribute to the overall economic development of their communities.

In optimizing the advantage of this opportunistic development, we need to avoid being bogged down by the sole consumption of foreign goods and services. This sounds a tall order, but it can be consciously and concertedly attained by ensuring that we place high premium on the production and provision of locally manufactured goods and services that are qualitatively competitive, cheaper and more affordable than the imported ones.

The North East Governors Forum has said the Federal Government is not considering region in the national infrastructure plan despite its consistent appeal to develop the region for economic viability. If fully explored, Kola has economic benefits for circular economy that can contribute to sustainable economic models and poverty reduction strategies in Nigeria and the African continent at large.

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