Following a recent proclamation of the credit management profession as a national profession by the Federal Government and the unveiling of qualifications for Credit Management, the Chief Executive Officer of the National Institute of Credit Administration (NICA), Lagos, Prof Chris Onalo, has said Credit Management now holds an esteemed place in the nation’s economic and academic landscape.

He said the proclamation had effectively boosted NICA’s role as the regulator of the credit management profession in Nigeria under the NICA Act, No 26 of 2022.

The statement read: “This development has formally and officially recognised the credit administration management profession in Nigeria. Credit management now holds an esteemed place in the nation’s economic and academic landscape. Members of NICA now enjoy elevated credibility and respect in both private and public sectors, as their expertise is considered crucial to economic growth and development. This new standing enhances their professional authority, affirms the value they bring to organisations, and solidifies the role of credit management as indispensable to a sustainable national and international economic development agenda.

“NICA’s federal recognition also empowers the institute to influence national economic transitioning policies, regulations, and standards, enabling NICA members and credit granting/providing communities to actively participate in developing frameworks that secure the country’s economic resilience. This growth will create vast opportunities for NICA members to contribute as credit economy consultants, advisors, managers, and educators, supporting organisations that prioritise strong credit practices and the stability of the national economy.”

He added that the development would give NICA members, credit-using entrepreneurs, business directors, managers, and educated persons in the country a competitive advantage when engaging with international bodies, as part of an institute respected by national and global entities.

According to him, NICA members are now better positioned to leverage their expertise and pursue opportunities on an international stage.

“We are excited about the journey ahead for NICA and the immense benefits to current and future members, who are committed to advancing and participating in credit economy management in Nigeria, Africa, and the rest of the world,” he said.