NICA predicts an enhanced economic outlook
The National Institute of Credit Administration (NICA), Nigeria's regulatory body for overseeing the credit management profession, has indicated a forthcoming shift in the country's economic landscape. According to the Chief Executive Officer, Prof. Chris Onalo, the economy is poised for accelerated development with increased productivity.
Onalo advocates for a new economic paradigm that encourages widespread access to credit for individuals and businesses, aiming to bolster overall productivity in the economy. He envisions a scenario where businesses operate predominantly on credit, fostering a consumption pattern driven by credit availability. This shift is expected to result in heightened production levels, as businesses, equipped with credit, can expand their operations significantly.
"The emerging era will facilitate access to credit from banks, as financial institutions will be inclined to provide monetary resources to the producers of goods and services. This allows people to make purchases using credit," clarified Onalo.
He elaborated that a government-funded national credit guarantee system would play a crucial role in enhancing credit accessibility. Nevertheless, he emphasized the importance of embracing credit with integrity when individuals and businesses gain access to it.
The President of NICA emphasized, "For Nigerians, the norm will be different, as your reputation for integrity and honesty will be the determining factor. Therefore, those without a commendable track record in maintaining ethical conduct to sustain their revenue and income sources may face stagnation."
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