Abuja: The National Institute of Credit Administration (NICA) has highlighted inadequate funding as a major barrier to the Federal Government’s initiative aimed at training 10 million Nigerians in credit management and financial inclusion.
According to News Agency of Nigeria, the Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, shared in an interview that while the professional bodies involved in the project have developed and submitted their training curricula, the lack of financial resources is hindering implementation. The project, coordinated by the Office of the Vice President, involves six professional bodies, including the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.
Onalo emphasized the importance of the initiative, describing it as a significant national effort focused on educating Nigerians, particularly women and youths, about financial literacy. He stressed that the professional bodies involved lack the financial capacity to execute the programme at a national scale and urged state governments, banks, multinational companies, and development partners to contribute to its funding.
The Central Bank of Nigeria (CBN) was specifically called upon to mobilize banks to support the initiative, as the financial sector stands to benefit from a more financially literate and creditworthy population. Onalo explained that the programme aims to improve Nigerians’ creditworthiness by fostering responsible borrowing habits and financial discipline.
Despite limited publicity, registration for the programme has begun through NICA’s online portal, with over 1,000 Nigerians registering within weeks. The recruitment targets a broad spectrum of participants, including artisans, students, graduates, and small business owners, utilizing community associations and social media for outreach.
The training will be delivered through a hybrid model, combining virtual and physical sessions to ensure accessibility across the country, with plans to conduct sessions in local languages where necessary.