Senator Uba Sani Moves To Introduce Factoring Bill

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By Chibuike Nwabuko

Abuja (Sundiata Post) – The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Ubah Sani informed that he is taken steps to introduce ‘Factoring ’ to grow import and export businesses Nigeria. 

The Kaduna central Senator expressed hope that the proposed Factoring will strategically serve as a catalyst for financial flow the sector as well as complementing the giant efforts of diversifying the nation’s economy.

Speaking at a meeting with the Factoring Group at the in Abuja,  the lawmaker was “delighted at the opportunity to robustly engage the Working Group on Factoring and of the African Working Group on the promotion of Factoring in Nigeria”.

He stated:  “As we are all  aware, Factoring is an essential component in international and plays a significant role in the promotion of export and import activities of a country by providing the needed for businesses to accelerate their cash flow.

“Factoring , if passed into will also the integration of Nigeria into the global Factoring and enhance contributions of Small and Mediums Enterprises. 

“SMEs to non-oil export , particularly within the context of African Continental Free Area, thus hoping to support the diversification, objectives of the Federal of Nigeria under the Economic and Growth Plan”.

The meeting which was aimed at engaging strategically and forging a partnership to quicken the passage of the Factoring Bill had  the managing , Intra-African Trade Initiatives, African Export-Import Bank, Secretary General of Factor Chain International (FCI), MD, Export-Import Bank and representative of the Central Bank of Nigeria.