The President and Chairman of Governing Council, National Institute of Credit Administration (NICA) chartered, has advised Nigerians to embrace credit economy for financial freedom, accelerated prosperity and national development.
Mr. Andy Ojei, in an interview with journalists in Lagos on Sunday said credit has potential to unlock access to funds needed to improve living and livelihoods. He explained that credit acts as fuel for growth, investments and job creation.
According to him, credit management or credit in itself multiplies money in circulation, encourages innovation, particularly for startups. Ojei added that credit is known to temporarily help with income gaps to help individuals and businesses get things needed within a short period of time.
“You don’t need to wait for 10, 15 years to be able to furnish your house or to get a car or buy a house for that matter. “Credit is really an engine for growth because you borrow to invest from your investment, you create job opportunities,” he said.
He said credit can help grow everybody and the country, citing an example, the NICA President said credit is like using an elevator to the 20th floor of a building instead of choosing to go through the steps.
“If you go through the steps, it’s going to take you a much longer time and you’re going to get there really exhausted, but if you get to take an elevator, you get there in minutes. In this case, he said, “Credit propels you. Credit enables you to begin to do what you will not be able to do if you were waiting to save up to start a business, buy a car or a house”.
“So, credit kind of speeds up processes for everybody,” he said.
Speaking about the institute, the institute’s president said, NICA is the brainchild of Prof. Chris Onalo, and has been in existence for over 30 years. He praised Professor Onalo who is the Registrar and Chief Executive Officer, whose efforts ensured NICA got signed into law on November 26, 2022 to promote best practice in credit management.
He added that NICA is empowered by law to control, supervise and regulate credit management profession in Nigeria, and was proclaimed as a national profession by the President Tinubu-led federal government.
“I became a member of the Institute in 2010, became a council member in 2015, and then I became the President and Chairman of Council in 2022,” he said.
Ojei stressed the need for Nigerians to embrace credit economy as well as membership of the institute which is open to all.
He however added that, intending members must go through the institute’s Mandatory Credit Management Academic Improvement Programme (MCMAIP) and after that, go through the Professional Certification Programme.
“And the beauty of these courses are that they are conducted virtually by the Postgraduate School of Credit and Financial Management,” he said.
The President assured that members who go through the membership authentication and certification programmes become experts and will be able to defend credit economy management issues and give credit advice globally.
He said although the minimum entry level is a first degree, there are programmes for people with less qualifications to bring them at par to the other senior professionals to take all the certification programmes of the institute.
He added that there are three levels of professional certification programmes namely: associate, member and fellow.
He said the institute has a programme for startups, SMEs and everybody – a quarterly credit roundtable that invites people from all spheres of life including industries to share thoughts.
He said apart from the quarterly conferences, NICA pays visits to institutions to give credit advise to their managements.
“And in addition to that, we deliberately pick some institutions, some corporates and pay them visits, sit down with the executive management to discuss, to introduce the institute and discuss what credit can do to their business and what credit can do to the economy,” he said.
He hinted that the NICA will on August 25th take its advocacy visit to the executive management of Masters Energy Oil and Gas Ltd.
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