The National Institute of Credit Administration (NICA) said improved access to credit would increase entrepreneurship and foster economic development.
The Registrar and Chief Executive Officer of NICA, Professor Chris Onaro, spoke to newsmen over the weekend, saying Nigeria has potential that will be unlocked as an economy based on cash transactions is replaced by credit transactions. He said that there is a possibility that
“A credit-based economy will give people equal opportunities to foster entrepreneurship and personal skill development,” Onaro said.
“Business opportunities exist everywhere, but the only way we can leverage the resources we have in this country is by opening up the economy and encouraging people who don't have access to finance to get it, especially those on fixed incomes. Encourages purchases and investments without necessarily having to wait to receive a paycheck.
“Resilient SMEs, which underpin the economic foundations of sustainability, should have access to credit and very strong support from appropriate governments as collateral.”
He said NICA is proactive in responding to humanity's needs and supporting the implementation of the country's government's economic policy agenda.
He said the cash economy is influencing political values and fostering unimaginable corruption.
“We need to run our national government on a basis of complete honesty. The beauty of credit economics is that it establishes values and establishes honesty, truth and reliability.”