NICA Advocates Credit For Made in Nigeria Goods, Says Move Will Drive Growth

• The National Institute for Credit Administration (NICA) has disclosed why locally-made goods will grow with credit
• The organisation stated that companies will sell more if access to credit is given to made-in-Nigeria goods
• The Chief Executive Officer of NICA, Chris Onalo, said the move will enhance products and services made in Nigeria

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The National Institute for Credit Administration (NICA) has canvassed for credit for locally-made products to promote Made in Nigeria goods.

The Registrar and Chief Executive Officer of NICA, Chris Onalo, said access to funds via credit will boost the production of qualification and quantity of locally produced goods that will compete better with foreign goods.

Credit will keep Nigeria's economy going

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Onalo said.

“Buy today, pay tomorrow, is the route for decent living as this pre-disposes citizens to good things in life, leading ultimately to the availability of quality and less priced Nigeria goods and services, culminating in healthy competition among product producers, as well as sustainable revenue generation to government, among others,” he said.

According to Onalo, using credit to produce and sell more products and services will keep Nigeria’s production machines running, creating jobs and wealth for Nigeria.

He said NICA will work for the credit management profession, which will work with its network and other organisations, ensuring positive change within the credit sector.

He noted that the credit economy is globally known for promoting a culture of integrity and honesty in business or any form of commercial dealings.

Onalo said NICA will maintain constructive advocacy for national rebirth regarding trust, integrity and honesty.

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He explains that the much desired and anticipated good living standards in any country, particularly Nigeria, call for respect for due process.

NICA moves to boost credit

He said NICA is at the forefront of improving competency within the credit industry and plays a proactive role in ensuring integrity in the credit business, influencing access to credit and finance, and providing accreditation to credit management training providers.

Onalo said the institute will further encourage and advance education, practical training, and research into the credit management profession, helping to foster effective credit administration in the country, among others.

As a chartered prestigious body of eminent credit management elites charged with the national task of controlling, supervising and regulating the credit management profession in Nigeria, he said the institute would preserve, promote, and protect the integrity, honesty and ethics in the credit management profession, locally and globally.

NICA asks professionals to establish credit awareness desks

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Legit.ng earlier reported that the National Institute of Credit Administration (NICA) has asked employers of credit professionals in Nigeria to establish credit awareness desks to enhance creditworthiness requirements for the existing and potential customers in their businesses

The institute stated this in a statement issued on Sunday, March 24, 2025, saying that such desks will bridge the gap between grantors/providers and their customers.

According to Chris Onalo, the Chief Executive of NICA, there should be a department where credit professionals can have some hours of discussion with credit customers or applicants.

Source: Legit.ng