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Credit economy will boost entrepreneurship, says NICA

Better access to credit will lead to increased entrepreneurship and boost economic development, the National Institute of Credit Administration of Nigeria has said.

According to a statement, the Registrar/Chief Executive Officer of NICA, Prof. Chris Onalo, said Nigeria has huge potential, which could be unlocked when cash transactions are replaced with an economy that thrives on credit.

Onalo said, “A credit-based economy will give people an equal opportunity to advance their entrepreneurship and personal skill development. Business opportunities are everywhere and the only way you can harness the resources that we have in this country is when you throw the economy open, and encourage people who don’t have access to finance to get the funds. Encourage people to buy and invest, not necessarily waiting for when they collect their salary, especially for those who are on fixed income.

“The small and medium scale enterprises that are the resilient factors that hold the economic plank of sustainability should have access to credit, and get very strong support from the government, which can stand in place as collateral security.”

A 2023 savings report by PIggyVest showed that saving to start a business was a common goal across the different age groups of Nigerians.

Onalo further stated that NICA was open to addressing human needs and helping to implement the government’s economic policy agenda for the country.

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