The Registrar/Chief Executive Officer, Professor Chris Onalo, of the National Institute of Credit Administration (NICA) chartered, Nigeria’s most respected credit economist, remarked yesterday that credit is the energy source for an economy.
In a training on strategic credit management held in Lagos at the NICA office, the Professor, popularly dubbed as “Mr. Credit”, informed the participants about the incredible things that the credit driven business environment does for the people and economy.
He explained that credit provides the necessary funds for businesses to invest, expand and innovate, driving economic growth, credit facilitates transactions, allowing individuals and businesses to purchase goods and services they might not otherwise afford, credit stimulates consumption, as individuals and businesses take advantage of credit options to acquire goods and services, credit provides entrepreneurs with the necessary capital to start and grow their businesses, and credit drives economic multiplier effect, as borrowed funds are spent and re-spent, thereby generating economic activity.
Just like energy source that powers machines and industries, credit powers economic activities, making it a vital component of a functioning economy and society, he said.
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