REFORM OF BANKRUPTCY AND DEBT COLLECTION IN NIGERIA

In view of the importance of a trade friendly credit environment as identified in the Federal
Executive Council (FEC) Approved Trade Policy Action Plan for Nigeria 2022-2026, the
Nigerian Office for Trade Negotiations (NOTN) organised the National Workshop on the
Reform of Bankruptcy and Debt Collection in Nigeria held on 18 th May, 2023 at the Wells
Carlton Hotels and Apartment, Abuja. It was a collaboration between NOTN and AELEX with
the theme “Creation of the 21 st Century Credit-Based Economy.” The Workshop provided an
avenue for stakeholder discussions, insights, expert presentation, observations and
recommendations for reforming Nigeria’s bankruptcy and debt collection framework. The key
recommendations were made for Government and their MDAs; Stakeholders, Lenders and Debt
Collectors. Among such was the establishment a multi-stakeholder Working Group (WG) to
champion the creation of a 21 st century credit-oriented economy in Nigeria. As a follow-up to the
National Workshop, the Work Group (WG) held its First Stakeholders' Preparatory Meeting on
Tuesday, 27 th June, 2023 at NOTN Conference Room, Maitama, Abuja, attended by various
public and private sector stakeholders. The Meeting identified key issues flowing from the
national workshop, deliberated on them, received technical guidance from the DG/CTN and
created four (4) workstreams on the actionable issues. Thereafter, the workstreams agreed on
their scope of work and timeline towards developing a draft Bill for a Bankruptcy Commission
with debt collection powers and proposed implementation roadmap. This aligns with the
Government’s vision for ‘championing a credit culture to discourage corruption’ among other
things.

FRIST INTER-AGENCY COORDINATION MEETING ON THE DIAGNOSTIC
TRADE INTEGRATION STUDY FOR NIGERIA

The Diagnostic Trade Integration Study (DTIS) is a comprehensive trade integration strategy
constituting an important item of the Federal Executive Council (FEC) approved Trade Policy
Action Plan for Nigeria 2022-2026. The DTIS therefore constitutes one of the identified
activities aimed at improving policy coherence for sustainable economic growth and
development. In furtherance of this objective, the Nigerian Office for Trade Negotiations
(NOTN) held the First Inter-Agency Coordination Meeting on the Diagnostic Trade Integration
Study (DTIS) for Nigeria on Tuesday, 23 rd May, 2023 at the Wells Carlton Hotels and
Apartment, Abuja. The participants included trade Ministries, Departments and Agencies
(MDAs), the private sector/businesses and other stakeholders such as the International Trade
Centre (ITC), Nigeria's Trade Office to the World Trade Organisation (WTO) and the Food and
Agricultural Organisation (FAO). The Meeting provided an avenue for stakeholders to discuss
key recommendations for the DTIS Report, including its methodology, structure and workplan.