Nigerian Credit Infrastructure Reform

Nigeria has made significant advances in strengthening its financial infrastructure in recent years with the aim to increase access to finance for previously excluded individuals, and micro, small, and medium enterprises. By establishing a National Collateral Registry in 2016 and the enactment of the Secured Transaction in Movable Asset Act and the Credit Reporting Act in 2017, the Central Bank of Nigeria has laid the foundation for a modern credit infrastructure framework.

This report provides a snapshot of the impact that these reforms and initiatives have had, based on a survey of financial institutions and their clients in 2021. The research suggests that the credit infrastructure reforms are beginning to positively change borrowers’ access to finance and to give greater comfort to lenders to offer credit against movable property or credit history.