Towards Reforming the Legal Framework for Secured Transactions in Nigeria

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This book serves as a comprehensive guide to secured transactions, focusing on perspectives from Nigeria, Canada, and the United States. It highlights how a debtor’s ability to provide collateral impacts both the cost of borrowing and lenders' willingness to extend credit. The author argues that improving access to credit and reducing its cost can significantly enhance economic development. This can be achieved by reforming the legal framework for secured transactions in Nigeria and similar countries to allow personal property and fixtures as collateral. The book advocates for a simplified and supportive framework for creating, prioritizing, perfecting, and enforcing security interests in personal property, ensuring that both secured lenders' and debtors' interests are protected. It addresses the preference for real property over personal property among lenders, attributing this to Nigeria's outdated legal framework, which has led to unpredictability in commerce and limited access to credit. Through comparative research using UCC Article 9 and Ontario PPSA as benchmarks, the author offers valuable insights and solutions for law reformers in Commonwealth countries and the business community, addressing the challenges associated with secured transactions.