Appraisal of Laws on Consumer Credit Transactions in Nigeria

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dc.contributor.authorOlatubosun Ayodeji ALOBA
dc.date.accessioned2025-10-03T10:38:53Z
dc.date.available2025-10-03T10:38:53Z
dc.date.issued2024-12
dc.description.abstractThere is clear evidence that Consumer credit offered or extended to an individual, family or household to finance purchases of goods and services is a major economic growth driver. The need for consumer credit facilities arises from the inability of the consumer to make immediate payment for goods and services he needs either personally or for household use. It is believed that the need for credit in today’s consumer-based society is undoubted and as such its role in the society is quite enormous. Thus, there is more of a need to regulate available products and the relationships between creditor and debtor in order to avoid any unfair conduct on the part of either party. The regulatory structures for moneylending, hire purchase and consumer protection put in place some years ago, are not the same as the regulatory structures required today; the previous rules governing consumer credit relationships are significantly outmoded and outdated, and are in dire need of updating and reworking to meet the needs of a modern society. The motivation for this research is to underscore the importance of consumer credit backed by adequate legal framework to the growth of the nation's economy and the need for effective enforcement of provisions of enabling laws. It is agreeable that restrictions imposed by law almost a century ago, are not commercially expedient at the present day in addressing inherent consumer credit transaction challenges. Therefore it will be no exaggeration to say, that the width of application of the law has done much to impair business efficacy thereby forcing parties to adopt other means outside the legal framework of the law to do their business. This research adopting doctrinal research methodology, examined primary and secondary sources on the subject matter in the light of their objectives and concluded that available legal framework is not conducive to the achievement of these objectives. Key words: Consumer credit, Moneylending, Hire purchase, Pawnbroker, Regulatory Word count: 302
dc.identifier.citationKate Turabia
dc.identifier.otherLL.M
dc.identifier.urihttps://repository.lcu.edu.ng/handle/123456789/1156
dc.language.isoen
dc.publisherLead City University, Ibadan
dc.relation.ispartofseriesLL.M
dc.subjectConsumer credit
dc.subjectMoneylending
dc.subjectHire purchase
dc.subjectPawnbroker
dc.subjectRegulatory
dc.titleAppraisal of Laws on Consumer Credit Transactions in Nigeria
dc.typeThesis

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