President Muhammadu Buhari said, Nigeria has kickstarted the process of transiting from a cashless economy to a credit-based economy.

Buhari stated this yesterday at the public unveiling of the the National Institute of Credit Administration (NICA) as a charter, in Victoria Island, Lagos.

The president, who was represented by the minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, stated that, the event signaled that an unprecedented foundation has now been laid by the present administration for the transition of Nigeria’s economy from a cash-based to a credit-based system that would serve as catalyst for economic growth and development.

While charging NICA to ensure that bad management of trade credit, unethical handling of consumer credit, and unprofessional treatment in business credit dealings with Small and Medium Enterprises(SMEs) are reduced to the barest minimum, Buhari commended the efforts of patriotic Nigerians and professional institutions like NICA as well as and particularly, Mr. Chris Onalo, who is a Professor of credit management who has over the last three decades championed the course of seeing that credit management becomes a distinct profession in the country.

Applauding the National Assembly for the consistent support to his administration to deliver on its promises through enacting laws critical to the successes it has recorded recorded so far, he called on all key players to support the institute to deliver its mandate for the development of a robust credit-based economy.

Moreover, the registrar/CEO,, NICA, Prof Chris Onalo, while appreciating the president for signing NICA bill into law and for accepting to unveil it publicly, stressed that, credit is the driver of any economic growth, saying, he was happy Nigeria is toeing this part.

Onalo stressed that, with the economy now largely cashless, the next journey to become a credit-based economy must start now.

He promised that his institute will champion this course, working with relevant stakeholders, including the government to ensure that the economic future of Nigeria is built on credit.

The assumption of credit, he said, allows companies to produce today on credit with the motive of paying back tomorrow, noting that, no economy, anywhere in the world, develops without credit, urging Nigeria to borrow a leaf from developed economies..

Similarly, the president, NICA, Mr. Andy Ojei, said credit industry are fully aware that credit activities are dynamic, hence, making credit administration a tough task.

“Everyone needs credit to start, grow or expand existing businesses. Credit professionals touch every aspect of business, hence, credit administration is the mother of all profession,” he pointed out.

The Act that establishes NICA, he said, empowers the body to enhance ethics and professional conducts in the discharge of credit administration.

He disclosed that the institute has developed a robust curriculum, which can compete with any University curriculum, will educate people on the best ways to discharge and manage credit.

Promising that the body would work with several universities to ensure they teach students credit administration across the nation’s higher institutions, he noted that, credit empowerment is critical to economic growth and development.

Stating that the quality of credit demands that professionals are the ones to administer it, he added that , the body will accredit government agencies that have exemplified themselves in administration of credit in the country.

“We are looking to work with FG, States, corporate bodies and relevant stakeholders to put Nigeria on the part of credit growth,” he said.

[REGISTER] 2023 IDRI Programmes On Arbitration, Mediation And Negotiation