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The Senate during plenary
The Nigerian Senate has passed the Bill for an act to provide for transaction in movable assets.
The Bill, according to the Senate, would stimulate the economy and give young Nigerian entrepreneurs access to funds.
The intendment of the bill, which seeks to establish the National Collateral Registry will provide unfettered access to finance for SMEs across the country and thereby accelerate economic growth.
The Bill was passed during the plenary on Tuesday after a Clause by Clause consideration of its provisions in the committee of the whole Senate.
Equally, the House of Representatives is on the verge of passing the same bill.
The legislation, according to the President of the Senate, Bukola Saraki, “is all about addressing credit availability for Small and Medium Enterprises.”
According to the World Bank, there are about 37 million micro, small, and medium-size enterprises (MSMEs) in Nigeria who contribute a lot to economic growth, development and job creation. However, many of these small businesses struggle to gain access to the capital they need to grow and prosper since they lack traditional collateral such as land and buildings.
