By Ebenezer Ishola
Across-section of experts have made a case for the continuous drive towards a viable credit system, saying that this will bode well for the economy in the short, medium to long term.
This was the submission made at the public forum in Lagos to commemorate the 30th anniversary and Business Networking Dinner Night of the National Institute of Credit Administration (NICA) Chartered, recently.
While making a case for credit economy, Lagos State Governor, Babajide Sanwo-Olu impressed on the board of the NICA, the need to continue to promote credit management profession in the country.
Sanwo-Olu, represented by the Commissioner of the Ministry of Youths and Development of Lagos State, Mr Mobolaji Ogunlende, while lauding the enviable heights attained by the forerunners of the Institute in terms of achievements and milestones achieved thus far, underscored the pivotal role played by credit in any system.
The governor said that over the past few decades, this institute played a role in shaping and equipping professionals with the knowledge and skills needed to navigate the ever-changing landscape of finance.
“We are also here to commemorate the transition of the institute to one of the professional bodies’ powers of control, supervision and regulation of credit management in Nigeria,” he said.
The President and Chairman, Governing Council of the National Institute of Credit Administration, Mr Andy Ojei, emphasised the importance of a sound credit management system for sustainable economic growth.
He said it would eliminate the global economic crisis caused by inadequate credit management skills.
“Our steadfast commitment to aiding governments in shaping policies and advocating for implementation in matters of credit management is a source and pride to us,” he said.
NICA, he added, aimed to contribute to the ease of doing business in Nigeria by fostering international collaborations and partnerships, thereby attracting trade and investment into the country.
Echoing similar sentiments, the Registrar/Chief Executive Officer of NICA, Prof. Chris Onalo, said, it was celebrating its satisfaction as NICA clocked three decades in existence, and its recent achievement as a national chartered professional body for credit management knowledge, education, and certification in Nigeria.
He noted that hard work, passion, diligence, and dedication were the only mantra in the journey to success.
“The idea was conceived, and the vision delivered not only to navigate but to orchestrate the best possible economic growth model and a systematic paradigm for Nigeria as a better economic future approach,” he said.
The NICA founder who attempted a historical excursion back in time to the early days of the Institute remarked that it was heartening that the charter bill passed and signed into law on the 16th of August, 2022, by the Administration of former President Muhammadu Buhari.
“This is a milestone for Nigeria, this is a milestone for credit management profession, and this is a milestone for the credit economy, credit business, consumer credit, trade credit and financial credit industries locally and internationally, As I speak to you, Nigeria’s NICA is globally rated as the third largest credit management Institute in the world after the United States of America and the United Kingdom. NICA is the largest in Africa.”
Pressed further, Onalo hinted that NICA’s two next immediate projects is to build a world class credit management headquarters at the cost of N3.5billion to be located in Lagos even as he urged the Lagos state government to lend her support towards the noble cause.
Besides, he also desires that credit administration becomes a course of study at degree levels in all Nigerian universities.