In a bid to build a stronger, more transparent and sustainable credit system in Nigeria, the National Institute of Credit Administration (NICA), a chartered institute, has hosted the 2025 Credit Managers conference and the 10th Annual Nigeria Credit Industry Awards.
The conference, held on Wednesday at Vintano Hotel, Lekki, Lagos State, with the theme, “Credit Policy and Regulation: The Regulatory Frameworks and Policies That Impact Credit Management in Nigeria,” was graced by experts, policymakers and practitioners who are committed to advancing the practice of credit management, promoting ethical standards and contributing to the growth and stability of Nigeria’s economy.
The Guardian reports that the event features three segments, which include Nigeria industry credit awards, induction of new NICA members and the PSCFM-MCMAIP graduation ceremony.
The professional body established by the parliamentary Act No. 26 of 2022 was signed into law by the former President Muhammadu Buhari.
However, 22 October 2024 marks a monumental milestone for NICA and the Credit Management Profession in Nigeria.
Following the NICA Act Number 26 of 2022, the Federal Government of Nigeria officially proclaimed that Credit Management is a recognised National Profession in Nigeria, qualifications and certifications in Credit Management issued by NICA as nationally recognised, and the National Institute of Credit Administration (NICA) as the chartered regulator and supervisor of the Credit Management Profession in Nigeria, in full accordance with the NICA Act No. 26 of 2022.
The Registrar/Chief Executive Officer, Prof. Chris Onalo, while presenting a speech, stated that the conference provides valuable industry insights, helping credit management professionals to stay abreast of trends, regulatory updates and emerging risks in the credit landscape.
“The conference enhances participants’ knowledge in key areas such as credit risk management, regulatory compliance and the use of modern technology in credit administration management,” he noted.
Also, the President of the NICA governing council, Mr Andy Ojei, FICA, who was represented by Dr Makie Idowu, FICA, the Vice President of the governing council, stressed that credit management is crucial for economic growth, stability and development, citing that a functioning credit economy enables businesses to thrive, create opportunities for individuals and foster financial inclusion.
“Government cannot implement its economic development policies in isolation; collaboration with critically relevant stakeholders, including private sector entities and professional organisations like NICA, is crucial for success.”
Ojei further highlighted that NICA, with its expertise in credit administration management, is poised to support the government’s economic diversification agenda.
“Credit remains the lifeblood of commerce and enterprise. When properly managed, it fuels growth, investment and innovation; but when poorly managed and regulated, it weakens confidence and slows development.”
“The Institute has been working to promote credit culture, enhance credit access for MSMEs and drive financial inclusion in Nigeria,” he noted.
He urged the government to consider the importance of public-private partnerships in driving economic development and promoting sustainable growth, financial freedom and accelerated prosperity for national development.
Also, the guest speaker, Dr Biodun Adedipe, FICA, founder and Chief Consultant of B. Adedipe Associates Limited, expressed gratitude for the honour of speaking at the conference. He underscored the importance of credit management in a contemporary economy.
The professor highlighted the need to restructure and redesign the credit market to drive economic growth.
He identified five major deficits in developing countries: food deficit, energy deficit, manufacturing deficit, infrastructure gap and housing deficit.
The Honourable Minister of State Finance, Doris Uzoka-Anite, represented by Mrs Chinoyelum Ndidi, stated that credit is the engine of economic activities. It fuels entrepreneurship, supports small and medium enterprises, stimulates consumption and empowers households.
It provides governments and businesses with the financial lifeline they need to innovate, expand and remain competitive. It is therefore no exaggeration to say that the strength of a nation’s credit system is closely tied to the strength of its economic foundation.
She reiterated that the effectiveness of any credit system depends heavily on the strength, clarity and consistency of its regulatory frameworks; without well-designed policies and oversight mechanisms, credit markets become vulnerable to abuse, instability, systemic risk and unsustainable lending practices.
She commended the National Institute of Credit Administration for its consistency in shaping the future of credit practice. “Your work continues to support the government’s efforts to deliver financial stability, economic diversification and improved livelihoods of our citizens,” she noted.
The award promotes professionalism, encourages innovation and fosters the development of the Nigerian credit industry. It serves as a testament to the dedication and vision required to drive growth, strengthen industry standards and contribute meaningfully to the overall progress of credit and business management in Nigeria.
The individual citations and profiles of the award recipients, along with their photographs, are featured in the special awardee edition of NICA’s Credit Managers Magazine.
The awards were presented across several distinguished categories, including the Most Astute Managing Director/Chief Executive Officer of the Year, which recognises business innovativeness and tactical management; the Entrepreneur of the Year for outstanding business expansion and consolidation; and the Most Supportive Executive Director of the Year, which honours leadership that drives business growth, expansion and consolidation, among others.
Also, inductees took the oath of allegiance, emphasising their commitment and professional obligation to the National Institute of Credit Administration.
