Intro
Preface
Acknowledgments
Contents
Abbreviations
List of Legislation
List of Cases
1 Introduction
1.1 Background of the Study
1.2 Research Question
1.2.1 Neoliberalism
1.2.2 Consumer Credit/Debt
1.3 Significance of the Study
1.4 Research Methodology
1.4.1 Background to Interviews
1.4.1.1 Interview Sample
1.4.1.2 Sampling Technique and Limitations of Study
1.4.2 Summary of Interview Findings
1.5 Overview of Book
2 Rationale for Consumer Credit Regulation
2.1 The Utility of Consumer Credit
2.2 The Schools of Thought

2.2.1 Credit as Lubricant: The Permanent Income Hypothesis Theory (PIH)
2.2.2 The PIH and Consumer Borrowing in Nigeria
2.2.2.1 Future Incomes Will Continue to Grow
2.2.2.2 Demand for Credit Is a Choice
2.2.2.3 There Is an Endless Pool of Lenders to Borrow From
2.3 Consumer Credit as a Perilous Product
2.3.1 Consumer Credit Hurts More Than It Helps Low-Income Consumers
2.3.2 Consumer Credit as a Smokescreen for Rolling Back the Welfare State
2.3.3 Consumer Credit Distorts Resource Allocation Within the Economy
2.4 Rationale for Regulating Consumer Credit

2.4.1 Market Construction
2.4.2 Correcting Market Failures
2.4.2.1 Monopoly and Coordination
2.4.2.2 Information Failures
2.4.2.3 Credit Rationing and Adverse Selection
2.4.2.4 Moral Hazard
2.4.3 Prevention of Systemic Risk and Externalities
2.4.4 Behavioural Economics (BE)
2.4.4.1 Hyperbolic Discounting
2.4.4.2 Overconfidence
2.4.4.3 Framing Effects and Status Quo Bias
2.5 A Human Right Rationale for Consumer Credit Regulation
2.5.1 Economic Rights and Human Capability
2.5.2 Consumer Credit as a Human Capability
2.5.2.1 A Right to Consumer Credit

2.5.2.2 Consumer Protection as a Human Right
2.5.3 An American Case Study: The Community Reinvestment Act 1977
2.6 Summary
3 Sources of Consumer Credit Regulation in Nigeria
3.1 An Overview of the Nigerian Legal System
3.1.1 Statutory Law
3.1.2 Case Law/Common Law
3.1.3 International Law
3.2 Legislative Sources of Consumer Credit Regulation in Nigeria
3.2.1 Market-Wide Regulation/Legislation
3.2.1.1 The Central Bank of Nigeria Act 2007
3.2.1.2 Banks and Other Financial Institutions Act 2020
3.2.1.3 Corporate and Allied Matters Act 2020

3.2.1.4 The Asset Management Corporation of Nigeria Act (as Amended) 2010 (AMCON)
3.2.1.5 The Credit Reporting Act 2017
3.2.1.6 The Secured Transaction in Movable Assets Act 2017 ('STMA')
3.2.1.7 Federal Competition and Consumer Protection Act (FCCPA) 2018
3.2.1.8 Arbitration and Conciliation Act LFN 2004
3.2.1.9 Sheriff and Civil Process Act LFN 2004
3.2.1.10 Investment and Securities Act 2007
3.2.1.11 Evidence Act 2011
3.3 The Structure of Lending in Nigeria
3.4 Formal Sector
3.4.1 Commercial Banks
3.4.2 Microfinance Institutions
3.5 Semi-Formal Sector