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Highlights of the 60-Day National Action Plan on Ease of Doing Business in Nigeria

On Getting Credit

The following reforms are being driven by both the NASS and the CBN to enhance credit transactions secured by movable property in Nigeria:


Identified Challenges

Reforms (Ongoing & Completed)



The use of movable assets to secure credit transactions is presently undeveloped and underutilised.

National Assembly set to pass relevant legislation to ease access to credit, such as the Secured Transactions in Movable Assets (Collateral Registry) Bill and the Credit Bureau Services Bill. 

  • Usage of movable assets as collateral to be enabled/ enhanced. 

  • Enhancement of the legal framework for operation of Credit Bureaus and Collateral Registry.



Many Nigerians do not have their credit history/profiles captured; hence lenders do not have enough data to make informed decisions. 

Support credit bureaus to expand coverage and provide credit scoring.

  • Expanded coverage of adult population regarding credit data/history to enable credit decision making.

  • Increased credit information sharing between Credit Bureaus and lenders.

  • Increased sensitisation and utilisation of Credit Bureau Services; including credit scoring, to enable credit decision making.


The National Collateral Registry is under-utilized by financial institutions despite the fact that it has been operational since May 2016.

Online searches of movable assets to be made available to the public and the digital collateral registry made fully operational.

  • Online searches of movable assets can be undertaken by interested parties.

  • Online registrations, amendments and cancellations can be done by lenders seamlessly.

The overall impact of the above reforms is that Micro, Small and Medium Enterprises will have more access to credit and ultimately at cheaper rates.