By Haruna Salami
A day to the resumption of the National Assembly from Christmas and New Year recess, the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani has expressed the hope that the proposed Factoring Bill will strategically serve as a catalyst for more financial flow in the trade sector as well as complementing the giant efforts of government in diversifying the nation’s economy.
The chairman who spoke Monday at a meeting with the Nigerian Factoring Group at the National Assembly in Abuja was “delighted at the opportunity to robustly engage the Nigerian Working Group on Factoring and members of the African Working Group on the promotion of Factoring in Nigeria”.
“As we are all aware, Factoring is an essential component in international trade and plays a significant role in the promotion of of export and import activities of a country by providing the needed platform for businesses to accelerate their cash flow in much quicker manner, particularly in export related activities”.
Considering the current financial difficulties in the country, Senator Sani said the proposed Nigerian Factoring Bill, if passed into law will promote the integration of Nigeria into the global Factoring market and enhance contributions Small and Mediums Enterprises, SMEs to non-oil export trade, particularly within the context of African Continental Free Trade Area, thus hoping to support the diversification objectives of the Federal Government of Nigeria under the Economic and Growth Plan”.
The meeting which was aimed at engaging strategically and forging a partnership to quicken the passage of the Nigerian Factoring Bill had in attendance the managing Director, Intra-African Trade Initiatives, African Export-Import Bank, Secretary General of Factor Chain International (FCI), MD, Nigerian Export-Import Bank and representative of the Central Bank of Nigeria.