National Institute of Credit Administration (NICA) has called on President Bola Tinubu to deepen collaboration with statutory professional bodies to accelerate Nigeria’s transition from a cash-based to a sustainable, credit-driven economy.

NICA made the call yesterday in Lagos in a joint statement by its Registrar/Chief Executive Officer, Prof. Chris Onalo, and its President/Chairman of the Governing Council, Dr Markie Idowu.

The statement noted that the institute was empowered by the NICA Act 26 of 2022 to support the Federal Government on matters of credit administration, credit management and ethical credit practices.

It said the development of a functional credit economy required deliberate consultation and cooperation with specialists, professional institutions, warning that inadequate engagement could slow reforms and lead to avoidable policy errors.

According to NICA, Nigeria’s complex economy demands inclusive thinking and expert input in policy formulation and implementation.

The institute noted that governments achieved better outcomes when they engaged credible professional bodies with statutory mandates.

While acknowledging government’s efforts to expand access to credit, NICA expressed concern over gaps in policy design and an unclear implementation roadmap.

The institute said that could have been avoided through wider professional consultation.

The statement said NICA had remained committed to training Nigerians, raising awareness nationwide and promoting values of honesty, integrity and trust, alongside advocating legal frameworks that supported effective credit default recovery.