Nigeria: A Lever for Consumer Lending

28 August 2019

The decision by the Central Bank of Nigeria and the Bankers' Committee to introduce a clause in all offer letters and loan agreements, whereby a borrower undertakes that upon taking a loan, he would repay within the agreed period, will stimulate consumer credit, writes Obinna Chima

A report by McKinsey & Co, a global management consulting firm, had stated that Nigeria has the potential to be one of the world's top 20 economies by 2030, with a consumer base that will exceed the current population of France and Germany.

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