NICA seeks migration to credit-based economic growth

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The National Institute of Credit Administration (NICA) has called on governments at all levels, individuals and businesses to migrate from cash-based to a credit-based economic system to drive resilient economic development.

A credit-based economy is a system in which individuals, businesses and governments use credit, or borrowed money, as a primary tool for conducting economic transactions.

In such an economy, credit is crucial in facilitating consumption, investment and overall economic growth. Announcing its maiden conference to be held in Lagos between 22nd October and 23rd, NICA Registrar, Prof. Chris Onalo, said the conference is designed to support the government to increase industrial output by domesticating the use of credit to build a resilient and people-centred economy.

Onalo noted credit system would stimulate jobs and promote sustainable growth. He said: “We need to redefine the economy to meet the needs of the people. The conference is a forum for stakeholders to discuss how credit should be governed.”

Onalo explained that building a credit economy is beyond banking and extends to how manufacturers and retailers among others access facilities that support their operations.

Also, the Chair and President of the institute’s Governing Council, Andy Ojei, urged stakeholders to take advantage of the conference to build a strong and credible credit economic system.

Ojei described the conference as the biggest gathering of credit industry stakeholders, saying Vice President Kashim Shettima will open the conference.

Expected at the event are Lagos State Governor, Babajide Sanwo-Olu; Acting Secretary of National University Commission, Chris Maiyaki and President of Nigeria Bar Association, Afam Osigwe.