NICA Affirms President Tinubu’s Credit Policies Bolster Economy

The National Institute of Credit Administration, NICA, says President Bola Tinubu-led administration is laying a solid foundation for Nigeria’s economy.

In a statement, NICA’s Registrar and Chief Executive Officer Prof. Chris Onalo said President 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 President Tinubu’s credit policy addresses MSMEs’ key challenges, stressing that establishing a guarantee system helps absorb bankable risks and enhances financial inclusion.

Onalo also emphasised that the National Credit Guarantee Company (NCGC) would resolve the long-standing issue of collateral.

“Lack of security has historically hindered MSMEs’ access to bank financing.

“President 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 and 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) would boost the economy. It will also improve Nigerians’ living standards.

According to him, 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 said.

He stressed the importance of an economic stabilisation system, adding that wealth should be concentrated in citizens’ hands to enhance economic resilience.

Onalo noted that Tinubu identified “consumer credit culture” as a key pillar of his economic growth strategy upon assuming office.

He attributed current economic hardships to past governments’ failures.

“A lack of people-centred policies hindered productivity, entrepreneurship, job creation, and industrialisation.

“NICA, as an independent professional entity, recognises President Tinubu’s economic reforms. Though slow, they are laying the foundation for a resilient economy.

“A nation with strong credit access, particularly for MSMEs, will experience exponential economic growth,” Onalo stated.

He said prioritising people’s empowerment would drive industrialisation.

According to him, this will create jobs, improve living standards, and increase government revenue streams.

Onalo also emphasised that MSMEs drive national prosperity, as indigenous business owners would evolve into conglomerates, blue-chip companies, and multinational corporations.

NAN/ Mercy Chukwudiebere