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Acting President Yemi Osinbajo on Tuesday signed into law two Acts of Parliament that had earlier been passed by the National Assembly. According to a statement by the Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, the Acts signed into law will ultimately facilitate access to more affordable credit for Nigerians.
The assented Acts are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as the Collateral Registry Act) and the Credit Reporting Act, 2017. According to the statement, the Collateral Registry Act ensures that the Micro, Small and Medium Enterprises in Nigeria can register their movable assets such as motor vehicles, equipment and accounts receivable in the National Collateral Registry, and use same as collateral for accessing loans.
“This in turn will increase their chances of accessing financing and tackle one of the major obstacles faced by the MSMEs,” Akande said.
