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Small Nigerian businesses will be able to use movable assets to get a loan

Do you or someone you know own the small business? Get ready to hear the great news – now it will become easier for you to get a loan! Read more about new opportunities here.

small Nigerian businesses

Getting a loan will become much easier for Nigerians now!

A group of institutions including The Credit Bureau Association of Nigeria, International Finance Corporation and Central Bank of Nigeria is working on it right now.

There was a workshop that took place in Kaduna where the representatives gathered together to discuss the usage of movable assets.

They believe that by introducing the programme it will be easier for the small Nigerian businesses to get a loan.

The new infrastructure will be called Collateral Registry and Credit Reporting System, according to Mr Ubong Awah. With the new initiative there will be a possibility for the movable assets to be used as collateral.

So this information might be useful for those who own the small or medium businesses in Nigeria. Now you have the opportunity to register your security interest!

The Nigerian Federal Government has set up the registry that works according to the rules of CBN. The representatives state that this programme will make the lives of Nigerian businessmen a lot easier.

Farmers, individuals and entrepreneurs will be among those who will benefit from it the most.

So in case they will have a need to get a loan for livestock, some kinds of equipment and other things that are integral parts of their businesses, it will become much easier for them.

small Nigerian businesses

One of the reasons why it is becoming so simple to do this procedure is because the history of your debts on credits that you had in the past will be now available in digital format.

This way a lot of organizations will be able to track the credit history of those who will ask for a loan. It won’t take that much time to decide whether they will give out the loan or not.

READ ALSO: How to make a business plan?​​​​​​​

So the main goal of the workshop that took place on Wednesday was to let the others know about the decision of the government and to explain how the system will be working from now on.

The authorities of Kaduna were really enthusiastic about the new plans and they were the second in the country to have hosted this idea.

small Nigerian businesses

 Moreover, they also discussed the condition of Nigeria’s economy. They say that one of the reasons why the country is going through the sever crisis is that the importance of big businesses is overestimated.

And if the enterprises of small and medium level are ignored it creates a huge gap and both the economy and the people have to deal with the consequences.

The experts say that about the half of the small businesses are simply not able to deal with the pressure and neglecting. What is more, it’s quite obvious that not all Nigerians are engaged in business.

The situation is actually completely different – most of them show no economical activity at all.

A lot of other researchers are sure that if the situation with the businesses doesn’t change there is no way that the economical instability would end.

small Nigerian businesses

Another terrible fact is that only 1% of the country’s enormous population is able to get loans. And it sounds totally wrong and unfair towards the residents.

But the banks simply refuse to a lot of their potential clients. So it was definitely a great decision to let even those people who have nothing to do with big enterprises get some money from the government.

The loans that will be given to small enterprises will be very beneficial. Hopefully, the rejection rate will also decrease a lot.

If the new programme introduced by IFC and CBN will work, the economy’s condition in Nigeria will surely get better. Moreover, the unemployment rate will decrease.

It’s certainly great news that there are at least few steps that are taken to end the crisis.

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