The National Institute of Credit Administration (NICA) has highlighted the potential in President Bola Ahmed Tinubu’s economic policies, particularly his focus on building a cornerstone credit economy for Nigeria.

While giving a professional assessment of the policies in a statement signed by its Registrar, Chief Executive Officer, Prof. Chris Onalo, the institute states that many Nigerians remain unaware of the the current administration is steering the economy.

It believes that the President's vision holds the potential to reshape Nigeria’s economic future for the better.

In his early economic policy statements, Tinubu highlighted the importance of developing a consumer credit culture as the foundation for his economic growth agenda.

NICA, as the statutory body entrusted with regulating and advising on credit management in Nigeria, recognizes the importance of this approach. For years, NICA observes, Nigeria has struggled under the weight of economic policies that have failed to prioritize the economic needs of ordinary citizens, especially in terms of productivity, entrepreneurship, and wealth creation.

The current hardship many Nigerians face is a direct result of these past failures, it adds. The Tinubu administration’s efforts to lay the groundwork for a robust credit economy, despite its gradual pace, present an opportunity for Nigeria to transition to a more resilient and prosperous economy, it states.

According to NICA, access to credit, particularly for Micro, Small, and Medium Enterprises (MSMEs), is crucial for economic growth. By empowering Nigerians with greater access to loanable funds, these businesses can drive industrialization, create jobs, and boost government revenues.

President Tinubu’s vision goes beyond mere credit expansion. Through initiatives such as the Nigerian Consumer Credit Corporation (CREDICORP), launched in the third quarter of 2024, Nigerians are being given the ability to purchase essential consumer items on credit, without immediate cash outlays.

This creates opportunities for improved living standards and greater economic participation. NICA urges Nigerians to be patient Additionally, the establishment of the National Credit Guarantee Company (NCGC) is a critical step in addressing the challenges MSMEs face in securing financing.

The NCGC will tackle the barriers posed by lack of collateral and enable these businesses to access credit, thereby promoting growth and economic diversification.

NICA urges Nigerians to be patient with the government as it works to transition away from the long-standing cash-and-carry system that has hindered growth.

The vision for a credit-based economy will support the entrepreneurial spirit of Nigerians and ultimately establish Nigeria as a thriving economic powerhouse for its people, both at home and in the diaspora.

Legit.ng earlier reported that the National Institute of Credit Administration (NICA) has urged credit management professionals across industries in Nigeria to observe ethics and transparency in handling customer credit appraisal processes.

NICA, Nigeria’s supervisory and credit regulator, made the call recently. According to NICA’s Registrar and Chief Executive Officer, Chris Onalo, these attributes are necessary for a sound credit system.