The National Institute of Credit Administration (NICA) has expressed optimism about the growth of Nigeria’s credit economy under President Bola Tinubu’s administration. According to Prof. Chris Onalo, NICA’s CEO, the president’s credit policies are laying a solid foundation for the country’s economic stability and growth. The credit economy Professor explained in an excited mood that credit economy is essential for growth, noting that NICA believes a credit economy is crucial for Nigeria’s sustainable growth and development, citing no developed economy thrives without credit.
The administration’s credit policy addresses key challenges faced by Micro, Small, and Medium Enterprises (MSMEs), including establishing a guarantee system to absorb bankable risks and enhance financial inclusion, even as the consumer credit initiative of the government is designed to boost the economy and improve the living standards of Nigerians by increasing access to credit, thus emphasizing the importance of an economic stabilization system, whose anchor is on wealth concentration in citizens’ hands to enhance economic resilience.
NICA is committed to educating Nigerians on the benefits of credit and promoting best practices in credit management. The institute recognizes President Tinubu’s economic reforms and is working to support the growth of a credit-based economy in Nigeria.
By fostering a culture of responsible business and consumer credit transactions, credit management practices, Nigeria can unlock its economic potential, promote entrepreneurship, and improve living standards. NICA’s efforts aim to contribute to a robust credit ecosystem that supports sustainable economic growth and development.
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