By Modupe Gbadeyanka

The federal government is considering the integration of National Identification Number (NIN) and credit scores of Nigerians to make borrowing seamless.

The Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Mr Uzoma Nwagba, disclosed this in Abuja on Tuesday.

He explained that linking citizens’ credit scores to NIN would create a robust database of every Nigerian’s credit history, ensuring every citizen is accurately scored based on their borrowing and repayment behaviour.

“We aim to tie consumer credit to the purchase of locally manufactured goods. That way, we support local producers, drive demand, and create jobs—ultimately building a sustainable economy,” Mr Nwagba informed newsmen, noting that this would consolidate credit information across all financial institutions, including banks, FinTechs, and microfinance outfits, into a centralised national credit bureau.

“This is a fundamental shift in how credit works in Nigeria. Your NIN will now serve as the anchor for your credit profile. Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will now be traceable and carry real consequences,” he stated.

Mr Nwagba said the days of loan evasion are fast drawing to a close, as the new system will enforce strict accountability.

“If you default on your loan, it could affect your ability to renew your passport, your driver’s license, or even rent a house. There will be no hiding place,” he stressed.

“More importantly, consequences for defaulters will be structured and deterrent, but not predatory. We are building a system that encourages responsible borrowing and rewards financial discipline,” he added, noting that the effort will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult.

“The ultimate goal is for everyone to have a credit score. This is not optional. We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour,” he said.

“The goal is to improve the quality of life. This is President Tinubu’s vision—to give Nigerians access to resources that can uplift their living conditions. The second is to address corruption. Many civil servants and young professionals turn to unethical practices because they lack access to capital to meet life’s basic demands.

He called on all financial institutions to commit to the national credit framework, warning that the magnitude of the country’s credit gap—estimated at N183 trillion—requires full private sector participation.

“No government in the world can provide that kind of money. Financial institutions must step up. With the right infrastructure and transparency, lenders will be more confident, interest rates will drop, and Nigerians will finally have access to affordable credit,” he urged.

By Modupe Gbadeyanka

The recently concluded Nigeria-China Investment Dialogue in Changsha presented an opportunity for Nigeria and China to deepen economic ties.

The Director General of the Nigeria-China Strategic Partnership (NCSP), Mr Joseph Tegbe, said the platform allowed both countries to explore new pathways for bilateral engagement.

Referencing President Bola Tinubu’s renewed foreign policy vision, the DG described the evolving Nigeria-China relationship as a deliberate alignment of interests and values.

He urged both nations to move beyond transactional engagements toward deeper, trust-based collaboration, saying, “Let us build a bridge between the Dragon and the Eagle—not only for trade and technology—but for trust, shared values, and a collective commitment to prosperity.”

He outlined a bold and forward-looking vision for a long-term partnership anchored on shared values, strategic alignment, and mutual respect.

Describing Nigeria and China as nations bound by ambition, ingenuity, and a collective will to rise, he drew a compelling parallel between the Eagle and the Dragon—national icons symbolizing strength, vision, and global leadership, noting that Nigeria and China, standing side by side, are not merely emerging economies but purposeful partners shaping the future of global development.

He commended the selection of Changsha as the host city for the dialogue, calling it both symbolic and strategic.

Citing its revolutionary legacy and its transformation into a modern industrial hub, the Director-General drew comparisons with Nigeria’s own developmental trajectory.

Just as Changsha contributed to the rise of modern China, he said, Nigeria’s future is being driven by visionary leadership and a vibrant, youthful population determined to build a strong and prosperous nation.

Mr Tegbe emphasized that Nigeria is not just a land of untapped potentials but a country firmly grounded in purpose. With a population of over 220 million, a GDP exceeding $400 billion, and a median age of just 18, Nigeria is strategically positioned to lead Africa into a new era of digital innovation, agricultural transformation, and industrial growth.

In agriculture, he highlighted Nigeria’s vast comparative advantage, noting that while China feeds 19 per cent of the world’s population using only 7 per cent of global arable land, Nigeria possesses over 70 million hectares of cultivable land—much of it yet to be utilized.

As one of the world’s leading producers of cassava, yam, palm oil, and sorghum, Nigeria offers a robust platform for agribusiness investment that can respond to global food security challenges.

Turning to technology, the DG noted Nigeria’s emergence as Africa’s leading innovation hub. With more than 122 million internet users and a thriving start-up ecosystem, the country accounted for over a quarter of the continent’s venture capital funding in 2024.

Citing companies like Paystack, Flutterwave, and Opay, he underscored Nigeria’s growing influence in the global digital economy. He described the country as a strategic entry point for Chinese investors looking to engage with Africa’s rapidly evolving tech landscape, underpinned by a youthful, tech-savvy population.

Mr Tegbe also pointed to ongoing macroeconomic reforms aimed at creating a more competitive and investor-friendly environment.

Efforts to improve the ease of doing business, streamline regulatory processes, and offer targeted tax incentives have been complemented by focused investment in priority sectors such as healthcare, education, housing, and retail.

These reforms, he explained, are part of a broader strategy to ensure inclusive, long-term development.

“The Nigerian spirit does not falter in the face of adversity. It adapts. It endures. It triumphs,” he affirmed.

By Aduragbemi Omiyale

The four tax reform bills have been transmitted to President Bola Tinubu by the National Assembly for assent after harmonisation by the Senate and the House of Representatives.

Chairman of the Senate Committee on Media and Public Affairs, Mr YemiAdaramodu, confirmed this development to newsmen in Abuja on Tuesday.

“Yes, the bills have now been transmitted. They are out of our hands and on their way to the executive [for asset],” Mr Adaramodu declared.

Recall that the tax reform bills almost divided the parliament after some lawmakers from the north kicked against them, arguing that the bills do not favour the region.

One of the most controversial parts of the bills was an initial proposal allowing tax-generating states to retain 60 per cent of Value Added Tax (VAT) revenue.

The clause triggered fierce opposition, especially from lawmakers representing Northern states who raised concerns over regional economic disparities.

However, a compromise was later reached, reducing the retention rate to 30 per cent and replacing the term “derivation” with the more neutral “place of consumption.”

The bills, comprising the Joint Revenue Board (Establishment) Bill, the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill, were submitted to the legislative arm of government by the executive in November 2024.

They were designed to modernise tax collection processes, broaden the tax base, and enhance coordination across all levels of government.