The National Institute of Credit Administration (NICA) has highlighted the untapped potential of information held by the Corporate Affairs Commission (CAC), which could significantly enhance the credit industry in Nigeria. This assertion was made by Prof. Chris Onalo, the Registrar and Chief Executive Officer of NICA, during a press briefing marking the upcoming National Credit Managers Conference and the Nigeria Credit Industry Awards. Onalo emphasized the importance of this information, which encompasses corporate data for various business entities such as public limited companies, limited liability companies, and associations, all registered with the CAC. By drawing a comparison with developed nations, Onalo pointed out that credible information is critical for fostering an investment-friendly environment and facilitating business growth.
NICA’s annual conference, themed “Credit Grows Green Economy,” aims to provide a collaborative platform for industry stakeholders to discuss and offer solutions to enhance both the credit sector and Nigeria’s economy. During the conference, participants will engage in critical conversations regarding the current economic challenges facing the country, which have persisted since independence. Onalo underscored the need for a shift from Nigeria’s traditional “cash-and-carry” economy towards one that prioritizes credit mechanisms. By establishing a robust credit system, the nation can stimulate job creation and wealth generation, addressing pressing economic issues and fostering a culture of honor in financial dealings.
Significantly, Onalo addressed the ambitious goal set by President Bola Tinubu to achieve a $1 trillion economy by 2030, asserting that success is possible within a supportive environment. He articulated that genuine progress hinges on liberalizing the economy and enhancing access to credit, thereby empowering individuals and businesses to maximize their potential. Furthermore, Onalo stressed the necessity of cultivating a responsible mindset among citizens, encouraging them to adhere to their contractual obligations and financial commitments as a means of sustaining economic improvement.
At the same time, Franklin Oboneo, the Chairman of the Internal Planning Committee for the conference, acknowledged the current administration’s inclination toward a credit economy and emphasized the importance of this direction in improving Nigeria’s economic prospects. He urged for collective efforts from all stakeholders to ensure that the credit economy transcends mere agenda to become a reality by the end of the administration. By fostering cooperation among various sectors, Oboneo believes there is potential to drive meaningful change that will benefit all Nigerians and create a brighter future for the nation.
The conference, touted as the largest gathering of credit industry professionals in Nigeria, is set to attract key figures, including Vice President Senator Kashim Shettima, Governor of Lagos State Babajide Sanwo-Olu, the Acting Secretary of the National University Commission, and the President of the Nigerian Bar Association. This high-profile assembly of stakeholders signifies a critical moment for the credit industry, reinforcing the importance of synergy between government officials, industry leaders, and credit experts in realizing the objectives outlined at the event.
In conclusion, the insights shared by NICA’s leadership reflect a broader vision for Nigeria’s economic landscape, emphasizing the need for a robust credit infrastructure that can propel growth and development. The collaboration with CAC is seen as a crucial step forward towards establishing a strong credit environment that meets the needs of the Nigerian populace and stimulates investment. As the conference approaches, there is a growing sense of urgency and optimism among stakeholders regarding the potential to transform Nigeria’s economic framework through concerted efforts aimed at fostering a vibrant credit industry. Ultimately, achieving a $1 trillion economy and moving towards a sustainable future will depend on the collective commitment of government, industry, and civil society to create an enabling environment conducive to growth and innovation.
