Protocol.
1. I am honoured to join you today at the 2025 National Credit Managers Conference. I congratulate NICA for convening this timely conversation under the theme, “Credit Policy and Regulation: The Regulatory Frameworks and Policies that Impact Credit Management in Nigeria.” NICA’s work to professionalise credit management is now protected in law and is helping to raise standards across our economy.
2. Credit underpins every business and household in Lagos and across Nigeria. When credit flows well, shops stock shelves, factories run, farmers plant, and entrepreneurs scale. But when credit is badly managed, when loans go bad, when rules are unclear, or when borrowers and lenders are not protected, everyone loses. That is why good policy and clear regulation matter so much: they shape how banks, microfinance institutions, and finance companies lend, how they assess risk, and how they protect consumers.
3. Today, regulators like the Central Bank of Nigeria have issued prudential rules and consumer protection standards that require institutions to have strong credit policies, proper loan classifications, and fair treatment of customers. These rules are designed to keep our financial system safe while also ensuring ordinary Nigerians have access to responsible credit. Recent regulatory moves, from changes to permissible collateral to sector recapitalisation measures, show how fast the landscape can change and why credit managers must stay ahead.
4. Also, credit bureaus and the Credit Reporting Act provide mechanisms to share credit information so that good borrowers are rewarded and risk is priced fairly. When credit data is accurate and shared, lenders can lend more confidently and at lower cost and borrowers build reputations they can use for the future.
5. For us in Lagos, we remain committed to supporting policies that improve financial inclusion, strengthen credit reporting, and encourage ethical lending practices. We will continue to collaborate with institutions like NICA to ensure our credit ecosystem supports innovation, protects consumers, and drives economic development.
6. As we gather here today, l urge all of you to think critically about how we can improve our credit policies. How can we make credit more accessible to our small businesses and entrepreneurs, what measures can we implement to ensure greater transparency in lending practices, and how can we support our regulators to strike a balance between necessary oversight and the flexibility that businesses need to thrive?
7. Let us work collaboratively to develop frameworks that reflect the realities of our communities. Together, with the expertise and insights gathered in this room, we can pave the way for a robust credit system that uplifts every Nigerian and strengthens our economy.
8. Thank you for your attention, and I wish you fruitful discussions today.
Mr Babajide Olusola Sanwo-Olu
Governor of Lagos State
26th November, 2025
NO. 24
