NICA Advocates Credit Reforms for Nigeria's Industrial Growth

The Nigerian Institute of Credit Administration (NICA), led by Chief Executive Officer Prof. Chris Onalo, has called on the federal government to strengthen Nigeria's credit ecosystem to drive industrialization.

In an interview, Onalo emphasized the need for the government to recapitalize the Nigerian Consumer Credit Corporation and the National Credit Guarantee Company to improve access to credit for businesses. He stated that access to affordable credit is essential for entrepreneurship and economic development.

NICA advocates prioritizing lending to startups and small to medium-sized enterprises rather than focusing primarily on individual borrowers. Onalo highlighted the importance of establishing a national collateral registry to enhance lending confidence and reduce credit risk.

He also urged the government to expand access to credit products and to promote a culture of responsible borrowing. Furthermore, he called for the elimination of regulatory bottlenecks that hinder the implementation of economic programs and for improved transparency in credit-related policies.