The National Institute of Credit Administration of Nigeria (NICA) has stated that an enhanced credit economy will foster entrepreneurship and contribute to economic development.
The Registrar/Chief Executive Officer of NICA, Prof. Chris Onalo in a statement emphasised that Nigeria’s vast potential can be unleashed by transitioning from cash transactions to an economy that flourishes through credit.
Onalo said: “A credit based economy will give people equal opportunity to advance their entrepreneurship and personal skills development. Business opportunities are everywhere and the only way you can harness the resources that we have in this country is when you throw the economy open, and encourage people who don’t have access to finance to get the funds. Encourage people to buy and invest, not necessarily waiting for when they collect their salary, especially for those who are on fixed income.
“The small and medium scale enterprises that are the resilient factors that hold the economic plank of sustainability should have access to credit, and get very strong support from the government which can stand in place as collateral security.”
He said NICA is broadly open to addressing human needs and is helping to implement the government’s economic policy agenda for the country.
According to him, the cash economy has affected political values and encouraged unimaginable corruption.
He added: “We need to completely run the affairs of the country based on integrity. The beauty of credit economics is it institute’s values, institutes integrity, and the honest truth and reliability