President Maj. Gen. Muhammadu Buhari (Rted) urged credit institutions to support the National Credit Authority in its mission to develop the nation’s credit system.

Buhari, represented by Finance Minister Mrs. Zainab Ahmed, was speaking at an event in Lagos to unveil the NICA Bill.

She said, “In this regard, it is my pleasure, on behalf of the President of the Federal Republic of Nigeria, to unveil and present the National Credit Management Act 2022 to the professional community of National Credit Management across all sectors of the Nigerian economy.

“I therefore call on all key players to support this agency in its mission to develop a strong credit-based economy and to use this bill to strengthen professionalism and ethical conduct in credit management to foster growth and develop our nation’s .”

According to her, there is no economic growth without the use of credit, and there is no example of any advanced society that does not use credit.

The minister said credit at any level or sector had to be declared and could spell doom for the economy if not managed properly.

“That’s why the federal government is taking deliberate steps to ensure the durable credit system in our economy is managed by reputable professionals,” she said.

Mr. Andy Ojei, NICA President and Council Chair, said that by becoming a member of NICA, members have the opportunity to regularly participate in informational roundtable discussions on types of credit and share concerns about credit management procedures and technology.

“NICA has members in virtually every industry, from advertising to construction, from food supply to industrial supply, from agriculture to steel, from manufacturing to the distribution sector, from financial institutions to oil and gas, from exporters to importers, from multilateral Lenders for those who need to finance infrastructure development projects, to name a few,” he said.

Registrar/CEO Professor Chris Onalo thanked Buhari.

“I must say, Mr. President, that your love, trust and support will be the greatest strength for our Institute to fulfill its mission and responsibility to the national credit industry and professionalize credit management in Nigeria,” he said.



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