The National Institute of Credit Administration has urged the Federal Government to strengthen Nigeria’s credit ecosystem through increased funding for key institutions to accelerate industrialisation.
The Registrar/Chief Executive Officer of NICA, Prof. Chris Onalo, gave this advice in an interview with the News Agency of Nigeria on Sunday in Lagos.
Onalo said the government should recapitalise the Nigerian Consumer Credit Corporation and the National Credit Guarantee Company.
He said both institutions would improve access to credit for businesses and support the Federal Government’s ambition of building a one trillion-dollar economy.
According to him, access to affordable credit remains the lifeblood of entrepreneurship, business expansion and sustainable economic development.
He said government policies should prioritise lending to startups, small businesses and medium-sized enterprises instead of focusing mainly on individual borrowers.
“When businesses grow, the individuals behind them will build assets, create jobs and improve their living standards,” he said.
The NICA
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