Дата публикации: 18-07-2026 00:00:00

Consumer credit transactions facilitate access to financial resources for individuals
and enterprises, serving as a catalyst for economic expansion, financial inclusion,
and enhanced purchasing capacity. However, despite its importance in Nigeria
there are ancillary provisions or various statutes that are applicable to consumer
credit transactions such as the Federal Competition and Consumer Protection Act
2018, Banks and Financial Institutions Act 2020, Credit Reporting Act 2017,
Secured Transactions in Movable Assets Act 2017, CBN Act 2007, the Consumer
Protection Agency Law 2012 of Lagos alongside guidelines like the FCCPC Fair
Lending and Debt Collection Guidelines (2024) and CBN Guidelines on
Responsible Digital Lending (2024). Without a comprehensive regulatory
framework, the path for sustainable economic development is plagued by
enormous challenges in regards to consumer protection, capital stability and
equitable access to credit. This paper critically examines the relationship between
Consumer Credit Transactions and Economic Sustainability in Nigeria, analyzing
the legal and regulatory framework to facilitate sustainable development. It
examined the existing regime of consumer credit in Nigeria by critically
scrutinizing several legislative instruments. Additionally, the paper tackles the
regulation of money lending activities. Comparative perspectives from developed
economies, such as the United States with its strong consumer credit laws are
drawn to enrich the analysis. The paper discusses the need for Nigeria to adopt
tailor made consumer credit regulations in line with international best practices, in
order to achieve sustainable development. The study concluded by proposing
actionable legal and regulatory recommendations such as strengthening oversight
of digital lenders through proactive monitoring and sanctions and Promoting
financial literacy to empower consumers.

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