Stakeholders in Nigeria’s monetary credit score sector are advocating a strong regulatory framework, an moral lending tradition and strengthened collaboration amongst trade gamers to construct a resilient and inclusive credit score economic system for the nation.
The decision was made on the Credit score Managers Convention and Business Awards organised by the Nationwide Institute of Credit score Administration (NICA) in Lagos on Wednesday.
Talking on the occasion, the registrar/CEO of NICA, Prof. Chris Onalo, described the convention as a convergence of specialists, policymakers and practitioners dedicated to advancing the apply of credit score administration and contributing to the steadiness of Nigeria’s economic system.
He said that, the theme of the occasion was well timed, particularly, because the nation’s economic system continues to evolve amid new regulatory, monetary and technological realities.
In response to Onalo, the gathering supplies alternatives for information alternate and trade partnership.
“The convention supplies monumental networking alternatives, enabling individuals to attach with friends, trade specialists and companions to foster collaboration and promote enterprise development,” he mentioned.
He added that, “this occasion additionally recognises trade professionals who’ve demonstrated distinctive innovation, professionalism and integrity in advancing the apply of credit score administration.”
The NICA boss burdened the necessity for a robust credit score tradition to assist nationwide growth.
He mentioned, “Allow us to be reminded that each dialog here’s a step towards constructing a extra resilient, inclusive and affluent credit score economic system for Nigeria.”
In the meantime, Onalo expressed optimism that the deliberations would result in new partnerships and improved dedication to moral credit score practices throughout the sector.
On his half, Lagos State governor, Babajide Sanwo-Olu, represented by the everlasting secretary of the Lagos State Debt Administration Workplace, Mrs. Alake Sanusi, reaffirmed the federal government’s dedication to selling accountable lending and client safety.
In response to him, “Credit score is essential to each enterprise and family. When credit score flows properly, outlets inventory cabinets, factories run, farmers plant, and entrepreneurs scale.”
Sanwo-Olu warned that, weak lending practices create systemic threat, stressing that, “when credit score is badly managed, when loans go dangerous, when guidelines are unclear, or when debtors and lenders will not be protected, everybody loses.”
He pointed to present reforms resembling prudential guidelines, client safety requirements and strengthened credit score reporting techniques, promising continued collaboration with NICA to make sure credit score ecosystem helps innovation, protects shoppers, and drives financial growth.
Commenting, the president of NICA’s Governing Council, Andy Ojei, lauded graduates, inductees and awardees, stating that their accomplishments mirror the true spirit {of professional} excellence.
He mentioned, the NICA Act No. 26 of 2022 empowers the institute to manage and advance the career nationwide whereas emphasising that nationwide financial stability can’t be pushed by the federal government alone. “Authorities can not implement its financial growth insurance policies in isolation; collaboration with stakeholders {and professional} organisations like NICA is essential for achievement,” he cautioned.
He highlighted that credit score stays the lifeblood of commerce, noting that, when correctly managed, it fuels development, funding and innovation, however when poorly managed and controlled, it weakens confidence and slows growth.
He acknowledged present gaps in credit score enforcement and data techniques however mentioned expertise was opening new frontiers.
Ojei, nevertheless, noticed that, developments in digital scoring and data-driven lending current alternatives to enhance transparency, effectivity and credit score entry throughout sectors.
The NICA president reaffirmed the institute’s ongoing reforms, saying, “Our mission stays clear: to make credit score work for sustainable financial development.”
He urged trade individuals to transform concepts from the convention into actionable reforms that strengthen Nigeria’s credit score panorama and increase monetary inclusion for households and companies nationwide.
