The National Institute of Credit Administration (NICA) chartered, has called on President Bola Tinubu to deepen collaboration with statutory professional bodies to accelerate Nigeria’s transition from a cash-based to a sustainable, credit-driven economy.
NICA made the call yesterday in Lagos in a joint statement by its Registrar/Chief Executive Officer, Prof. Chris Onalo, and its President/Chairman of the Governing Council, Dr Markie Idowu.
The statement said the institute was empowered by the NICA Act 26 of 2022 to support the Federal Government on matters of credit administration, credit management and ethical credit practices. the development of a functional credit economy required deliberate consultation and cooperation with specialists, professional institutions, warning that inadequate engagement could slow reforms and lead to avoidable policy errors.
According to NICA, Nigeria’s complex economy demands inclusive thinking and expert input in policy formulation and implementation. The institute noted that governments achieved better outcomes when they engaged credible professional bodies with statutory mandates. While acknowledging government’s efforts to expand access to credit, NICA expressed concern over gaps in policy design and an unclear implementation roadmap.
The institute said this could have been avoided through wider professional consultation. “Nigeria’s economy is complex and requires inclusive thinking that embraces experts input into policy formulation and implementation,” NICA said.
The statement said NICA had remained committed to training Nigerians, raising awareness nationwide and promoting values of honesty, integrity and trust, alongside advocating legal frameworks that supported effective credit default recovery.
It stressed that professional bodies were not funded by government but provided valuebased inputs essential to the success of public policy, adding that, globally, governments routinely sought such partnerships to strengthen reforms.
The institute congratulated Nigerians and the government for sustaining governance and economic reform momentum as the nation begins another year, 2026. NICA urged the federal government to institutionalise a culture of collaboration with key stakeholders to entrench a people-centred credit economy capable of creating jobs, building wealth and boosting gross domestic products growth.
