NICA boss, others stress importance of credit economy

• Published date: 08 January 2023
• Publication title: Nigeria - The Nation

Experts have made a case for a virile credit system, stressing that the economy would be better off if there is less emphasis on cash transactions.

Giving this charge was the Registrar/CEO of the National Institute of Credit Administration (NICA), Prof. Chris Onalo.

Onalo, who spoke at the Institute's industry awards ceremony which was held both virtually and onsite, said the importance of a virile credit system which engenders robust socioeconomic development cannot be overemphasised.

'In every economy, business and trade credit is the economy's largest source of business financing by volume which exceeds even bank loans, with literally billions of naira exchanged annually,' Onalo maintained.

The NICA boss, who spoke against the backdrop of the new status of the Credit Institute, said the NICA Act enables the Institute to promote the integrity and weigh the capacity of government at all levels to borrow for economic development against the backdrop of internal creditworthiness of the overall economy.

'With the robust curriculum that NICA has already developed for the study of credit management, the Institute is ready to train Nigeria, Africa, and the world, for the attainment of academic and professional qualifications in credit administration which will prepare individuals for credit management functions in the labour market. The curriculum adjudged to be at par with university standard will usher in formidable collaborative partnerships between NICA and Nigerian universities through their regulator.

'I therefore call on all key players to support the Institute to deliver its mandate for the development of a robust credit-based economy and to also take advantage of this Act to entrench professionalism and ethical...