The Senate has approved the Factoring, Assignment and Receivables Financing Bill, 2026, aimed at enhancing financial access for Micro, Small and Medium Enterprises (MSMEs) in Nigeria. This legislation introduces a comprehensive legal and regulatory framework for debt factoring, which allows businesses to convert their receivables into immediate cash flow. By facilitating this financing arrangement, the bill is expected to bolster both domestic and international trade, thereby contributing to the overall economic growth of the country. The passage of this bill marks a significant step towards supporting the MSME sector, which plays a crucial role in job creation and economic development.
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