The National Institute of Credit Administration (NICA), Nigeria’s statutory body for the control, supervision, and regulation of the credit management profession, has called for increased credit availability to promote locally made goods in the country.
In a statement issued by the Registrar/Chief Executive Officer of NICA, Prof Chris Onalo, it was emphasized that access to funds through credit would enhance the production of quality and quantity of locally made goods, enabling them to compete effectively with foreign products.
Prof Onalo stated, “Buy today, pay tomorrow, is the route for decent living as these pre-disposes citizens to good things of life, leading ultimately to the availability of quality and less-priced made in Nigeria goods and services, culminating in healthy competition among product producers, as well as sustainable revenue generation to government, among others.”
Highlighting the significance of utilizing credit to produce and sell more goods and services, Prof Onalo noted that it would keep the nation’s production machines operational around the clock, thereby creating jobs and wealth for the nation.
As a national statutory body for the credit management profession, NICA pledged to collaborate with its network and other relevant bodies to drive positive change within the credit industry. Prof Onalo emphasized that globally, the credit economy is recognized for promoting the culture of integrity and honesty in business.
The advocacy for increased credit availability to support local production aligns with Nigeria’s efforts to boost its economy, promote self-reliance, and reduce dependence on imported goods. NICA’s initiative aims to foster economic growth, job creation, and wealth distribution through enhanced access to credit for entrepreneurs and businesses engaged in producing made in Nigeria goods.
