The National Institute of Credit Administration (NICA), chartered, has urged businesses across Nigeria to develop a strong credit-ready and creditworthy culture, saying access to funding in the emerging liberal economic environment will increasingly depend on a business’s ability to demonstrate financial discipline, transparency and capacity to repay.
The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, made the call in a statement issued in Lagos, according to a report by the News Agency of Nigeria (NAN) published on August 30, 2026.
NICA is the statutory professional body responsible for the control, supervision and regulation of the credit management profession in Nigeria.
Prof. Onalo described credit as a primary driver of growth in the emerging economic order, noting that businesses could no longer depend solely on personal connections, collateral or political patronage to secure funding.
He identified conscientiousness, trustworthiness, honesty and integrity as four cardinal virtues businesses must cultivate to build and sustain creditworthiness.
According to him, conscientiousness requires businesses to maintain proper records, exercise financial discipline and fulfil their obligations when due. Trustworthiness, he explained, involves building a reputation capable of inspiring confidence among lenders, suppliers, investors and other business partners.
He further noted that honesty requires truthful disclosure in financial statements, loan applications and other business dealings, while integrity involves maintaining ethical standards even when there is no external supervision.
Prof. Onalo stressed that these qualities had moved beyond being mere moral ideals and had become important determinants of access to both financial and business-to-business credit.
Creditworthiness as a Business Asset
The NICA Registrar noted that with banks undergoing recapitalisation, Development Finance Institutions deploying funds and suppliers increasingly extending trade credit, businesses must position themselves to demonstrate that they can responsibly manage and repay credit.
“Capital will only flow to those who can be trusted to manage it and return it,” he said.
He warned businesses against maintaining opaque financial records and engaging in dishonest practices, stressing that the emerging economy would increasingly reward transparency while penalising financial recklessness.
According to him, a poor credit reputation can severely undermine a business, while a strong credit reputation can become one of its most valuable assets.
Prof. Onalo also disclosed that NICA was deploying systems, education and professional certification to help measure and attest to creditworthiness.
He highlighted the institute’s CreditAcademy as one of the platforms available to equip Nigerians with the technical competence and ethical foundation required to operate effectively within a credit-driven economy.
He therefore called on business owners, traders, Micro, Small and Medium Enterprises (MSMEs), corporate organisations and entrepreneurs to reposition their operations and deliberately build businesses that can be trusted by banks, suppliers and the wider economy.
The call reinforces the growing importance of professional credit management, responsible borrowing and transparent business practices in strengthening Nigeria’s credit economy.
Source: News Agency of Nigeria (NAN), “NICA urges businesses to embrace credit ready culture,” published August 30, 2026.
Writer: Joy Oyerinde, NAN
Editor: Grace Alegba, NAN
NO. 71
