National Institute of Credit Administration (NICA) has said President Bola Tinubu administration is laying a solid foundation for Nigeria’s economy. NICA’s Registrar and Chief Executive Officer, Prof. Chris Onalo, said this in a statement at the weekend.

According to him, the administration’s ongoing loan schemes aim to make it resilient against shocks. He urged Nigerians to support the government’s efforts, saying the initiatives would bring prosperity to small businesses and citizens.

According to Onalo the ‘cash and carry’ approach slows economic growth, while ‘buy now, pay later’ creates opportunities for small businesses to thrive and expand.

Tinubu’s credit policy, according to him, addresses MSMEs’ key challenges, adding that establishing a guarantee system helps to absorb bankable risks and enhances financial inclusion. Onalo emphasised that the National Credit Guarantee Company (NCGC) would resolve the long-standing issue of collateral.

“Tinubu is quietly and carefully laying a cornerstone for economic stability. A credit economy is essential for sustainable growth and development,” he said.He explained that no developed economy thrived without credit, stressing that access to credit was crucial for resilience and long-term economic sustainability.

Onalo noted that the consumer credit initiative, led by the Nigerian Consumer Credit Corporation (CREDICORP), would boost the economy and improve Nigerians’ living standards.

He stated that NICA was committed to educating Nigerians on the benefits of credit, stressing that credit access was vital for citizens’ well-being and overall economic growth.

“This government is restructuring Nigeria’s economy. It aims to create a well-shaped, sustainable system that supports hardworking and creative Nigerian entrepreneurs.

“When fully implemented, Nigeria will become a thriving economy. It will attract Nigerians in the diaspora and black people worldwide,” he added.