On, 18 th May, 2023, the Nigerian Office for Trade Negotiations (NOTN), in collaboration with
AELEX, a leading International Trade Law firm organised a workshop titled: "Bankruptcy and
Debt Collection in Nigeria; Creating a Credit-Oriented 21 st Century Economy for Nigeria",
at the Wells Carlton Hotel, Asokoro, Abuja.
The workshop brought together International trade experts, legal practitioners, bankers, financial
regulatory agencies, debt collection agencies, trade unions, civil society organisations, the mass
media and several other stakeholders with the objective of developing the legal and institutional
framework necessary to regulate business behaviour, and create a credit-based economy for
The Director-General/Chief Trade Negotiator for Nigeria, Ambassador Yonov Fred Agah Ph.D,
in his opening address stated that Nigeria will better grow her economy, create wealth and jobs
by adopting a credit-based trading system. He also said from the industrial manufacturers,
retailers to Small and Medium Scale producers, exporters, service providers and especially
consumers will benefit from the guarantees inherent in a structured credit-based system.
Also, the Honourable Minister, Industry, Trade and Investment, Otunba Richard Adeniyi
Adebayo CON, in his address declaring the workshop open, applauded the initiative of the
Ambassador Agah led NOTN, and called on participants to make use of the opportunity to
strategise towards developing a credit-based trading system approved by the Federal Executive
Council (FEC) in 2022 as part of the Trade Policy Action Plan of Nigeria 2022-2026. He
reiterated that the administration regarded trade as a veritable tool for the promotion of socio-
economic development of Nigeria.
In simple terms, when operational any credible Nigerian, with verifiable source of income (credit
score/ratings) can walk into a shop/retailer (car, house, electronics) and make a deposit, then
drive away with a car or move into a new house, or even fund their education and thereafter
make periodic payments till fully liquidated as obtained in advanced and developed economies.
This aligns with the current administration’s policy direction as captured in His Excellency,
President Bola Ahmed Tinubu’s (GCFR) inaugural address where H.E. mentioned that
Government will continue to take proactive steps to champion a credit culture…. This will
promote consumer credit and stimulate industrial production as manufacturers and retailers will
have sufficient credit to access larger markets, with sustainable value chains, create jobs and
stimulate economic growth and development.