The Secured Transactions in Movable Assets Act would enable young entrepreneurs access loans easily, the Senate President has said.
Early on Tuesday, Bukola Saraki said the Senate had been working to pass the bill which seeks to enhance access to funds for young entrepreneurs struggling to start a business.
“This Act, which has now been signed into law will allow young Nigerians to use their portable assets like cars and laptops as collateral for loans to start small businesses.”
Saraki explained in a tweet that inability to access credit from banks hindered young and unemployed Nigerians from starting their own businesses.
The inability to access credit from banks hinders millions of young and unemployed Nigerians from starting their own businesses. pic.twitter.com/Yjn7rPkAEM
— Bukola Saraki (@bukolasaraki) August 7, 2017
“This is why the Senate has been working to pass bills like the Secured Transactions in Movable Assets Act,” he said.
The Senate passed a number of new and amended bills recently, including one that reduces the age eligible to contest for public offices and independent candidacy.