The Factoring Regulation Bill 2024, a crucial piece of legislation aimed at addressing the persistent challenge of delayed payments faced by small businesses in Nigeria has passed second reading.
Senator Asuquo Ekpenyong Jnr (Cross River South Senatorial District), who sponsored the bill, however led the debate on the floor of the senate at plenary on Wednesday, highlighting the bill’s potential to unlock over $1 billion annually for small businesses through factoring.