The Presidency and the Senate have mapped out strategies to restructure the banking and financial services sectors with the aim of providing a friendly environment for investments to thrive in Nigeria.
Acting President Yemi Osinbajo made this known at a public hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions in Abuja.
Osinbajo, who was represented by Dr. Jumoke Wole, urged the upper legislative chamber to provide a legal framework that would facilitate credit information sharing between credit bureaus and lenders.
The acting President noted that repositioning credit facilities through legislation will facilitate credit information sharing between the credit bureaus and lenders such as banks and financial institutions.
He said this would lead to increase in the availability of credit at reduced cost.
He noted that to achieve the drive for a favourable business environment in which investments would thrive in the country, a Presidential and Business Environment Council was established by President Muhammadu Buhari in 2016 to help develop a favourable business environment in the country by removing the constraints and restrictions to business and for the development of the economy.
Also speaking at the event, Senate President Bukola Saraki said the 8th Senate has made the review of laws affecting the business environment the main plank of its legislative focus.
Said he, “This is in order to give the private sector a boost as the main driver of economic development.”
He said the Senate had passed three bills to improve the business climate, which include: The Legal Framework for Credit Bureau Services Bill 2017 (SB 205); The National Payment System Bill, 2017 (SB 005) and The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, CAP F34 LFN, 2004 (Amendment) Bill, 2017 (SB181).
Saraki explained that the purpose of the bills was to open up the country’s economic space to attract greater private sector investment, especially those that enable small and medium businesses to thrive and create more jobs for Nigerians in a friendly climate.