Lagos: National Institute of Credit Administration (NICA) Chartered, says access to responsible credit, financial inclusion, risk governance and institutional integrity will shape Nigeria’s economic future. Dr Markie Idowu, the newly inaugurated President and Chairman of Council, NICA, said this during her investiture ceremony in Lagos. Idowu noted that strengthening credit systems and promoting ethical lending practices would be critical to unlocking productivity, supporting small businesses and expanding economic opportunities across the country. She emphasised that a well-structured credit ecosystem would enhance financial inclusion, improve risk management and drive sustainable national development.
According to News Agency of Nigeria, NICA was born from a vision, the bold foresight of its founder, Prof. Chris Onalo, whose pioneering leadership established credit as a professional discipline. Dr Idowu expressed her commitment to advancing these principles during her tenure. She acknowledged the importance of NICA’s recent memorandum of understanding with the Office of the Vice President through the Presidential Committee on Economic and Financial Inclusion, highlighting the national recognition of structured and inclusive credit as central to economic advancement.
Dr Idowu pledged to focus her administration on elevating professional standards, deepening credit education, and embracing digital innovation in credit practice. She underscored the necessity of ethical discipline across the industry, aiming to transform credit into a tool that fosters productivity and sustainable growth. Additionally, she highlighted the significance of leadership in reinforcing institutional growth and public trust, committing to leave NICA stronger and more impactful.
Mr Andy Ojei, the immediate past President of NICA, noted the importance of President Bola Tinubu’s formal unveiling of the institute’s charter, which marked a national commitment to professional credit management. This move underscored credit management’s role as a catalyst for economic growth. The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, encouraged stakeholders to prioritize professionalism and credit literacy, asserting that credit management is central to Nigeria’s economic transformation.
In a presentation, Prof. Biodun Adedipe, an economist, stressed the necessity of resetting Nigeria’s credit ecosystem to achieve economic transformation. He emphasized the need for a comprehensive shift in the economic system to facilitate inclusive and sustainable growth. Governor Babajide Sanwo-Olu of Lagos commended NICA for its role in advancing credit culture, expressing confidence in Dr Idowu’s leadership to further credit education and sustainable growth initiatives. He reiterated Lagos State’s commitment to initiatives that enhance access to finance, particularly for Micro, Small and Medium Enterprises, and collaboration with professional bodies like NICA to strengthen credit governance and ethical lending practices.