The President, Major General Muhammadu Buhari (Rted), has urged credit institutions to support the National Institute of Credit Administration on its mandate to develop the country’s credit system.
Buhari, who was represented by the Minister of Finance, Mrs Zainab Ahmed, spoke during an event to unveil the NICA Act in Lagos.
She said, “On this note, it is my pleasure to on behalf of the President of the Federal Republic of Nigeria, unveil and present the enabling National Institute of Credit Administration Act, 2022 to the nation’s credit management professional community spread across all sectors of Nigerian economy.
“I therefore call on all key players to support the institute to deliver its mandate for the development of a robust credit-based economy and to also take advantage of this Act to entrench professionalism and ethical conduct in the management of credit for the growth and development of our nation.”
According to her, no economy grows without the use of credit and there was no example of any advanced society where credit was not in use.
The minister said it was imperative to state that credit at any level or sector, if not properly managed could spell doom for an economy.
“This is why the Federal Government took deliberate steps towards ensuring an enduring credit system within our economy to be managed by reputable professionals,” she said.
The President & Chairman of Governing Council, NICA, Mr Andy Ojei, said, by attaining membership of NICA, members have the opportunity to participate regularly in informative round table discussions of credit types, as well as share concerns about credit management procedures and techniques.
“Membership of NICA cuts across virtually every industry, from advertising to construction, from food supply to industrial supply, from agriculture to steel, from manufacturing to distributive sectors, from financial Institution to oil and gas, from exporters to importers, from multilateral lending agencies to those in need of funding for infrastructural development projects, just to mention a few,” he said.
The Registrar/Chief Executive Officer, Prof. Chris Onalo, expressed gratitude to Buhari.
“I must say, Mr President, that your affection, trust and support will be our Institute’s greatest strength in discharging its mandate and responsibilities to the nation’s credit industry, as well as professionalisation of credit management in Nigeria,” he said.