Senate Passes Bankruptcy & Insolvency Bill...

For many Nigerians businesses, the issue of credit has become a severe problem challenging the will of the creditors to give loans and the receiver of loan products. 

So in a bid to contain the inevitable problem associated with accessing credit for business by Nigerians,the Nigerian senate has passed the Bankruptcy & Insolvency Act, (Repeal & Re-enactment) Bill, 2016.
The lack of a functional bankruptcy and insolvency law has significantly raised the risk and therefore the cost of borrowing to an unsustainable level, creating the environment where we have very high levels of non-performing loans.
This state of affairs has in turn severely restricted availability of credit to key businesses and raised cost of borrowing. 
With the passage of the bill, banks would, with other things considered be in a better position to give loans to business at more manageable cost.