The National Institute of Credit Administration (NICA) says President Bola Tinubu-led 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.
According to him, the Tinubu-led 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.
Onalo stated that the ‘cash and carry’ approach slows economic growth. In contrast, ‘buy now, pay later’ creates opportunities for small businesses to thrive and expand.
He highlighted that Tinubu’s credit policy addresses MSMEs’ key challenges, adding that establishing a guarantee system helps absorb bankable risks and enhances financial inclusion.
Onalo emphasised that the National Credit Guarantee Company (NCGC) will 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 thrives without credit, stressing that access to credit is crucial for resilience and long-term economic sustainability.
Onalo noted that the consumer credit initiative led by the Nigerian Consumer Credit Corporation (CREDICORP) will boost the economy. It will also improve Nigerians’ living standards.
He stated that NICA is committed to educating Nigerians on the benefits of credit. Credit access is 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.
Onalo stressed the importance of an economic stabilisation system, adding that wealth should be concentrated in citizens’ hands to enhance economic resilience.
