Senate passes bill to unlock funding for small businesses

The Nigerian Senate has approved a significant piece of legislation aimed at supporting small businesses. This new bill creates a legal structure for receivables financing, a method that allows companies to use their outstanding invoices as collateral for loans. This development is expected to provide much-needed capital to small and medium-sized enterprises across the country.

This bill matters because it addresses a critical funding gap for small businesses, which are vital to Nigeria's economic growth and job creation.