Conclusion: Or Why There Is Still Much Work to Do

Abstract

This chapter identifies what the spoilers to the reform of secured transactions law in Nigeria would be and thus proffers solutions to them. It argues that the sufficient availability of credit for borrowing is not the end of the story in the secured transactions law reform. Instead, certain vital infrastructures ranging from socioeconomic to politics and culture must also be rightly put in place before the availability of credit could be of any meaningful assistance in revamping the Nigerian dwindling economy. For instance, there is an urgent need to create a synthesized national database that contains the details of citizens and residents, which would be shared among relevant agencies and sectors to ensure accountability of individuals. In the case of banks, a credit reporting system is necessary to know about the borrowing history of any potential debtor so as to know the level of risk of default. In addition to this, the political landscape has to be smoothened—political will to revise or create a favorable legal framework for credit can only materialize if the gatekeeper laws are tightened to only allow credible politicians to occupy political positions. Lastly, there is need for cultural change—certain cultural practices like marriage and burial are so financially consuming that most youths cannot afford to save and do business, or rather, priority is not in doing business but in satisfying some culturally imposed tasks, notwithstanding the present harsh economy.