By David Akinmola
The National Institute of Credit Administration (NICA) has called on governments at all levels, individuals, and businesses for the need to adopt a credit-based economic system from the cash-based presently in use to drive resilient economic development.
A credit-based economy is a system in which individuals, businesses, and governments use credit, or borrowed money, as a primary tool for conducting economic transactions.
In such an economy, credit plays a crucial role in facilitating consumption, investment, and overall economic growth.
Speaking on the development at the pre-event conference, to announce
(NICA’s) maiden credit conference and yearly investiture of Nigeria credit industry awards to be held in Lagos between 22nd October and 23rd, 2024, the NICA Registrar, Prof. Chris Onalo, said the conference is designed to support the government to increase industrial output by domesticating the use of credit to build a resilient and people-centered economy.
Onalo noted credit system will stimulate jobs and promote sustainable growth.
He said: “ We need to redefine the economy to meet the needs of the people. The conference is a forum for stakeholders to discuss how credit should be governed”.
Onalo explained that building a credit economy is beyond banking, and extends to how manufacturers, and retailers among others access facilities that support their operations.
Also, the Chair and President of the institute’s Governing Council, Andy Ojei, urged stakeholders to take advantage of the conference to build a strong, credible credit economic system.
Ojei, described as the biggest gathering of credit industry stakeholders, said the conference will be opened by Vice President Kashim Shettima.
Expected are Lagos State Governor, Babajide Sanwo-Olu; Acting Secretary of National University Commission, Chris Maiyaki; President of Nigeria Bar Association, Afam Osigwe, and others.
