The National Institute of Credit Administration says President Bola Tinubu’s administration is laying a solid foundation for Nigeria’s economy. Chris Onalo, NICA’s registrar and CEO, said this in a statement on Wednesday.
According to him, Mr Tinubu’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.
Mr 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 Mr Tinubu’s credit policy addresses MSMEs’ key challenges, adding that establishing a guarantee system helps absorb bankable risks and enhances financial inclusion.
Mr Onalo stated that the National Credit Guarantee Company will resolve the long-standing issue of collateral.
“Lack of security has historically hindered MSMEs’ access to bank financing. 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.
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.
He noted that Mr 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 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,” Mr Onalo stated.
He said prioritising people’s empowerment would drive industrialisation. He said this would create jobs, improve living standards, and increase government revenue streams.
Mr Onalo also emphasised that MSMEs drive national prosperity, as indigenous business owners would evolve into conglomerates, blue-chip companies, and multinational corporations.
(NAN)
