Like any other country, Nigeria is making efforts at self-development. And although it may look like there are no corresponding improvements, we sometimes come across some internationally-recognized accomplishments that reinforce the faith of those of us who are ardent believers.
Take for example, Nigeria’s performance in the Ease of Doing Business report recently released by the reputable World Bank, titled “Doing Business 2018: Reforming to create jobs”. The report reveals that out of 190 countries, Nigeria currently holds the 145th position; this is a significant step up from the 169th position that she held in the previous year’s report. Isn’t this exciting? If you read further about the details of this report here, you will be convinced that the Federal Government of Nigeria is actually making efforts to improve the country’s economy through sustainable initiatives that are gradually producing valuable results like easier access to credit.
Sefton Fross is particularly proud of this development because the firm, represented by its Managing Partner, supported the National Assembly Business Environment Roundtable (NASSBER) and the Presidential Enabling Business Environment Council (PEBEC) to achieve this ranking for Nigeria. The Managing Partner of this prestigious Law firm, was a key member of the National Assembly Technical Committee on Financial Law Reform, the committee that worked assiduously on the Credit Reporting Bill and saw it to enactment into an Act earlier this year.
The Act, now known as the Credit Reporting Act 2017, is generally deemed as an “Original” because its contents are not transplanted from other jurisdictions. This Act enables potential lenders to access the credit history of applicants, thereby reducing some of the risks they have had to bear in times past. And in addition to protecting lenders, the Act also protects borrowers by keeping their data private and ensuring that they’re not taken undue advantage of due to the unfortunate limitations of ignorance.
While celebrating this exceptional milestone, Sefton Fross continues to work with PEBEC and other notable industry stakeholders to establish more reforms that will further simplify the processes of doing business in Nigeria.