• Abiru: Nigeria’s share of continental market is under 1%
Sunday Aborisade in Abuja
The Senate yesterday passed the Factoring Assignment and Receivables Financing Bill, 2026, opening the door for Nigerian micro, small and medium enterprises to tap into a continental debt factoring market worth over $50 billion from which the country currently captures less than one per cent.
The upper chamber concurred with the House of Representatives on the proposed legislation, which establishes a legal and regulatory framework for debt factoring, a financing mechanism that allows businesses to convert unpaid invoices and credit sales into immediate working capital without resorting to conventional bank loans.
Leading the debate, Senate Leader Opeyemi Bamidele, said the legislation would create an enabling environment for alternative financing and strengthen liquidity for businesses nationwide.
