The Nigerian Government to Link Entire Borrowing History to Your NIN
Sunday 22nd June 2025
I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.
The Nigerian government has moved to implement a unified national credit system that links individuals' credit scores to their National Identification Numbers (NINs), allowing financial institutions to access comprehensive and traceable credit profiles of loan applicants.
Uzoma Nwagba, Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), announced the announcement during a press conference at the State House in Abuja on Tuesday, June 17.
He stated that all financial institutions, including banks, fintechs, and microfinance, must report citizens' credit history, including loan repayment, based on their NIN. Nwagba added that the move will improve credit accessibility by encouraging inclusive and responsible borrowing while rewarding financial discipline.
Afreximbank targets 'billions of dollars' in funding deals at its 2025 Annual Meetings in Abuja
The African Export-Import Bank (Afreximbank) says it expects to close "billions of dollars" in funding deals during its 32nd Annual Meetings (AAM2025) from the 25th to - 27th of June 2025 in Abuja, Nigeria's capital.
The disclosure came in a statement shared with Nairametrics on Friday by Vincent Musumba, Manager of Communications and Events at Afreximbank.
According to the statement, the bank will facilitate significant billion-dollar trade and investment deals, including Memoranda of Understanding (MoUs) and public-private partnerships.
Nigeria targets 70% infrastructure-to-GDP by 2043
President Bola Tinubu stated on Tuesday that Nigeria aims to increase its infrastructure stock to 70% of its GDP by 2043, following the federal government's long-term development strategy.
The president, who Vice President Kashim Shettima represented at the 2025 Nigeria Public-Private Partnership (PPP) Summit in Abuja, stated that the National Integrated Infrastructure Master Plan remains the administration's framework for increasing infrastructure investment.
President Tinubu’s representative made the following comments;
“The National Integrated Infrastructure Master Plan (2020 to 2043) remains our blueprint. It is our compass to raise infrastructure stock from the current 30 to 35% of GDP to at least 70% by the year 2043.”
He stressed that plans alone are not enough to deliver impact.
He further stated;
“Blueprints do not build roads. Policies alone do not generate megawatts. These goals require collective action.”
FCMB Group Deliberates Debt-to-Equity Swap to Meet CBN’s Forbearance Conditions
FCMB Group will explore a debt-to-equity swap among the mix of options at its disposal to satisfy an order from the Central Bank of Nigeria (CBN) demanding that lenders that received regulatory relief during the COVID-19 crisis regularise the problem loans on their books.
According to a statement issued Tuesday, the financial services organisation expects to bring credit facilities above the allowable threshold for a single borrower under control soon to avoid the regulator's rebuke.
According to the document, First City Monument Bank, the group's commercial banking arm, has a customer in this category with a performing loan, even though the exposure exceeds the statutory limit.
Such efforts are critical to FCMB Group's plan required by the CBN to limit its total lending to a single borrower or group to no more than 20% of equity.
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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.
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