Nigeria’s statutory body for the control, supervision, and regulation of the credit management profession, the National Institute of Credit Administration, has said that individuals and businesses should brace up for a new economic dimension in the country.
In a statement, the Chief Executive Officer of NICA, Prof. Chris Onalo, said the economy would develop faster, as productivity increased in the country.
Onalo encouraged a new economic dimension that would promote credit availability to individuals and businesses, to increase capacity for productivity in the economy.
He said, “In the new economic dimension, businesses should be driven strictly on credit. The new dispensation should promote buying and consumption that is going to be strictly credit-driven. With credit availability, there will be an increase in production because the capacity to produce in large quantities will be boosted as the producers will have credit to expand their operations.
“The new dispensation would enable access to credit from banks because the lending institutions will be willing to give out financial assets to producers of those goods and products for people to buy using credit.”
Onalo explained that a national credit guarantee system that is fully funded by the government would help to promote credit accessibility.
However, he added that when individuals and businesses have access to credit, it should be welcomed with integrity.
The NICA president noted, “On the part of Nigerians, it is not going to be business as usual because your track record relating to integrity and honesty will be the driving force. So, if you don’t have good conduct to keep your revenue and your source of income going, you will find yourself in stagnation.”
