The Central Bank of Nigeria (CBN) has said it will open more business opportunities in Nigeria through the National Collateral Registry (NCR).
The Acting Director, Corporate Communications, Isaac Okorafor in a statement on Monday in Abuja, said that the NCR would move to the next phase of its mandate of easing business practices in Nigeria.
Okorafor also said the efforts being put into strengthening the NCR by the CBN were a fall out of the recent World Bank report, which indicated Nigeria’s meteoric rise in the “Ease of Doing Business Index”.
The index had rated Nigeria 145th from a previous position of 169th, out of 190 countries.
Okorafor said that the CBN would do all within its mandate to strengthen the NCR in order to improve Nigeria’s present ranking of 6th on the “Getting Access to Credit” index.
On the role of the bank in ensuring a robust financial sector, he said the reduction of information asymmetry had assisted lenders in making sound decisions on credit solutions.
He also said that it had also improved access to credit by Micro, Small and Medium Enterprises (MSMEs).
Since its inception in 2016, the NCR has acted as a catalyst to credit improvement by significantly improving the credit culture in the Nigerian banking system.
The NCR equally made it possible for MSMEs to leverage significant portion of their moveable assets as collateral for loans from the financial institutions to grow their businesses.
The activities of the NCR have proved effective in complementing the Anchor Borrowers’ Programme (ABP) initiative of the bank for job creation and food sufficiency.