The 2025 National Credit Managers Conference, hosted annually by the National Institute of Credit Administration (NICA), chartered, raised experts voice on Wednesday, 26th November 2025, called for sweeping reforms in Nigeria’s credit regulation framework, interrogating that a vibrant and well-regulated credit system must be put in place for the country to achieve its $1 trillion economy by 2030.
The event which was held at Vintano Hotel, Lekki Phase 1, in Lagos, highlighted the importance of professionalism, innovation, and strong leadership in credit management.
Speaking at the event, the Lagos State Governor who was represented by the Permanent Secretary of Lagos State Debt Management Office, Alake Sanusi, emphasised, “NICA’s work to professionalize credit management is now protected in law and is helping to raise standards across the economy. When credit flows well, shop shelves stock, factories run, farmers plant, and entrepreneurs scale.”
While stressing that credit is crucial to sustain economic growth, the conference called on the Central Bank of Nigeria (CBN) to review and update the credit regulatory framework and enforce laws on excessive lending rates while monitoring digital lenders’ behaviour more strictly.
Discussing the conference theme: ‘Credit Policy and Regulation: The Regulatory Frameworks and Policies That Impact Credit Management in Nigeria’, featuring Nigeria Credit Industry Awards, induction of new National Institute of Credit Administration (NICA) members and course completion graduation ceremony, the conference questioned what it described as one-size-fits-all regulations by the apex regulator, arguing that commercial banks, mortgage banks, and microfinance banks operate under significantly different conditions that current regulatory frameworks need to address.
While highlighting some gaps in the CBN’s current policies, the conference noted that the liquidity ratio policy continues to shrink the lending space and push banks to channel more of their investable funds into fixed income securities.
Describing the policy as confusing, the conference observed that while the CBN has defined and raised the loan-to-deposit ratio (LDR) to encourage lending, it simultaneously imposes liquidity and reserve requirements that drive lending institutions toward liquid assets instead of credit expansion.
The Credit management professionals further urged the CBN to redefine its mandate to include price stability, job creation, and financial system stability, inspired by the United States Federal Reserve, noting that about 90 per cent of Nigerian adults patronise the informal credit market, stressing the need to deepen the informal sector through greater access to credit, and strong engagement to perpetrate a robust credit cultured society.
The Minister of State for Finance, Dr Doris Uzoka-Anite, echoed a similar sentiment, saying the strength of a nation’s credit system is closely tied to the strength of its economic foundation. She observed that the country’s credit markets have become vulnerable to abuse, instability, systemic risk and unsustainable lending practices.
She however noted that these challenges require a coordinated approach where regulators, practitioners, policy makers, financial institutions, technology providers and academia will need to collaborate to ensure a robust solution.
NICA’s President, Andy Ojei, in his remarks underscored the profession’s recent legal recognition. “October 22nd, 2024, marks a monumental milestone. The Federal Government of Nigeria officially proclaimed: Credit Management as a recognised National Profession in Nigeria.”
The president of the institute recalled the sacrificial effort of Professor Chris Onalo and urged the Nation’s leadership to ensure that NICA’s vision which is to internationalize credit management profession, fulfills the dream of its founder, Professor Chris Onalo, who has been instrumental to the development of credit management profession in Nigeria, spanning over three decades.
Ojei called for greater public-private partnerships to promote sustainable economic growth, noting, “NICA is poised to support the government’s economic diversification agenda and promote financial inclusion in Nigeria.”
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