Nigeria

Nigeria operates the National Collateral Registry (NCR), an electronic registry for security interests in movable assets. The NCR was established by the Central Bank of Nigeria (CBN) under the Secured Transactions in Movable Assets Act 2017 (STMA Act).

The registry is a modern, web-based system that allows lenders to register their security interests in movable property and enables borrowers and other interested parties to search for existing registrations.

Key features:

• Centralised electronic registry — operated by the Central Bank of Nigeria
• Notice-filing system — consistent with international best practices
• Broad asset coverage — tangible and intangible movable assets, including inventory, equipment, accounts receivable, and agricultural products
• Priority rules — based on time of registration

The NCR was developed with assistance from the International Finance Corporation (IFC) and the World Bank, and aims to facilitate credit access by enabling the use of movable assets as collateral, particularly for micro, small, and medium enterprises (MSMEs).