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Buhari unveils National Institute of Credit Administration, bags award

By Jimisayo Opanuga
23 November 2022   |   5:36 am
President Muhammadu Buhari, yesterday, unveiled the National Institute of Credit Administration (NICA). The President was represented by Minister of Finance, Budget, and National Planning, Zainab Ahmed.

[FILES] Nigeria president Muhammadu Buhari

President Muhammadu Buhari, yesterday, unveiled the National Institute of Credit Administration (NICA). 

The President was represented by the Minister of Finance, Budget, and National Planning, Zainab Ahmed. 

In her address, the minister was “excited that through sheer determination and the painstaking commitments of critical stakeholders, we are here to witness yet another major milestone in our nation’s quest to institutionalise systems that would ensure steady growth, stability, and sustainability of our economy.”

Ahmed stated that the Institute of Credit Administration (ICA), which is now known as the National Institute of Credit Administration, signals an unprecedented foundation that has been laid for the transition of the Nigerian economy from a cash-based to a system that will serve as a catalyst for growth. 

According to her, NICA will ensure adherence to standards, check unethical conduct and abuse, and grow Nigeria’s economy to the point of creating wealth and jobs.

She noted that the institute would promote a creditable economy, adding that no economy grows without the use of credit management in any of the advanced countries. 

“It is, however, imperative to state that credit management, at any level or sector, if not properly managed, could spell doom for an economy. This is why the Federal Government took deliberate steps towards ensuring an enduring credit system within our economy by reputable professionals,” she said.

In his address, NICA President and Chairman of its Governing Council, Andy Ojei, said the institute will enhance, promote and protect the interest of business credit providers and guarantors. 

He said: “As the only nationally recognised body of expertise for all matters relating to credit management, NICA is responsible for setting professional and ethical standards and awarding professional qualifications in credit management. That includes testing and assessing those who wish to become members.”

According to Ojei, NICA will offer proper education to the Nigerian government on creditworthiness and issue accreditation to the state as it looks out for opportunities to access funds for infrastructure development and other forms of financing outside the country. 

The institute presented fellowship awards to the President, Ahmed, and Governors Yahaya Bello (Kogi State), Darius Ishaku (Taraba) and Adegboyega Oyetola (Osun).