National Institute of Credit Administration (NICA), at the weekend, welcomed President Bola Tinubu’s plan to boost credit culture in Nigeria. The President, in his inauguration address last Monday, promised that his government would champion a credit culture to discourage corruption, while strengthening effectiveness of various anti-corruption agencies.
Reacting to Tinubu’s vision, founder/Registrar of NICA, Prof. Chris Onalo, said the promise was something to cheer. He eulogised the President for what he described as his bold leadership example and quest to move the country away from cash-based economy to a credit system.
According to the don, the inaugural speech dwelt extensively on consumer credit, where Tinubu domesticated benefits of a consumer credit system in transforming the economy.
His words: “President Tinubu’s deep understanding of this area is highly commendable, as the institute has continuously shared the same agenda over the years.”
Justifying the need for credit culture, Onalo assured Nigerians that his organisation would lead the way in the nation’s quest to institutionalise systems that ensure steady growth, stability and sustainability of the economy.
“No economy grows without the use of credit, and there is no example of any advanced society where credit is not in use. This is why your administration is taking these deliberate steps towards ensuring an enduring credit system within our economy to be managed by reputable credit professionals,” he stated.
Onalo reiterated that NICA looks forward to working with the three tiers of government and corporate organisations in putting Nigeria’s economy on sound footing.
He went on: “We eminently look forward to collaborating with Mr. President in developing a consumer credit system that will further boost investment in local manufacturing, agribusiness, real estate and general retailing in the country.
“That the new administration is looking to go the way of credit economy is to say the least a bold step towards achieving an enduring legacy of honesty and integrity cultured society. These two traits are the critical pre-requisites for a healthy credit cultured economy. To access or manage credit of any form, including business credit and consumer credit, honesty and integrity characters are critical requirement. To situate our beloved country in this pathway for the type of economy you have in mind demands consultation, collaboration, and cooperation with expert institutions.
“The institute firmly believes that a credit economy is capable of providing equal growth and participatory opportunities to all members of the society, and thus, we engage in our mission of promoting credit management profession for benefit of the economy as a whole. In light of the fact that no economy has ever achieved growth without credit, and that credit usage is prevalent in all advanced societies, it is reasonable to assert that credit business practices that work elsewhere in the world can be applied in Nigeria. By educating and familiarising more individuals and homegrown corporate organisations about credit responsibilities and practices, we can empower millions of Nigerians and businesses to benefit from our regulatory, supervisory and promotional activities. This is our statutory duty as a national body committed to maintaining the integrity of credit business in Nigeria.”
