The National Institute of Credit Administration (NICA) has commended President Bola Tinubu's administration for its economic policies, particularly in supporting small businesses through credit initiatives.
Chris Onalo, NICA's registrar and CEO, stated that Tinubu's loan schemes are strengthening Nigeria's economy, making it more resilient against financial shocks. He urged Nigerians to support these initiatives, which he said would spur MSME growth and economic prosperity.
Onalo noted that a "cash and carry" system limits economic expansion, while "buy now, pay later" models create business opportunities. He highlighted the importance of Tinubu's credit policy, which includes the National Credit Guarantee Company to ease MSME access to financing by addressing collateral challenges.
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He also praised the Nigerian Consumer Credit Corporation (CREDICORP) for advancing consumer credit, which he believes will improve living standards and economic stability.
According to Onalo, NICA remains committed to educating Nigerians on credit benefits, as credit access is crucial for sustainable development. He emphasized that empowering people financially will drive industrialization, job creation, and government revenue.
"Tinubu is laying the cornerstone for economic stability. A credit-driven economy is key to national prosperity," Onalo stated.
