Towards Reforming the Legal Framework for Secured Transactions in Nigeria

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This book serves as a comprehensive guide to secured transactions, examining Nigerian, Canadian, and U.S. perspectives. It highlights how a debtor's ability to provide collateral affects borrowing costs and lenders' willingness to extend credit. The author argues that enhancing access to credit and reducing its cost can significantly spur 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 simplifying the creation, priority, perfection, and enforcement of security interests in personal property, ensuring that the interests of both secured lenders and debtors are protected. This would promote the availability of affordable credit and encourage borrowing and business activity. The author also points out that the current preference for real property over personal property by lenders stems from an outdated legal framework, leading to unpredictability in commerce and limited credit access. Through comparative research using UCC Article 9 and Ontario PPSA as benchmarks, the book offers law reformers a collection of effective secured-transactions law solutions, which will be beneficial for Commonwealth countries in Africa and the broader business community facing secured transaction challenges.