By Taiye Olayemi
National Institute of Credit Administration (NICA) Chartered, says access to responsible credit, financial inclusion, risk governance and institutional integrity will shape Nigeria’s economic future.
Dr Markie Idowu, the newly inaugurated President and Chairman of Council, NICA, said this during her investiture ceremony in Lagos.
Idowu noted that strengthening credit systems and promoting ethical lending practices would be critical to unlocking productivity, supporting small businesses and expanding economic opportunities across the country.
She emphasised that a well-structured credit ecosystem would enhance financial inclusion, improve risk management and drive sustainable national development.
According to her, NICA was born from a vision, the bold foresight of its founder, Prof. Chris Onalo, whose pioneering leadership established credit as a professional discipline.
“As I assume office, I do so at a defining time for our nation, a time when access to responsible credit, financial inclusion, risk governance and institutional integrity will shape Nigeria’s economic future.
“NICA must therefore rise beyond tradition into greater national relevance, not only as a professional body but as a strategic force in advancing sustainable economic progress.
“The future of credit in Nigeria will not be shaped by chance, but by discipline, vision and leadership, and NICA will lead that future,” she said.
Idowu explained that NICA recently signed a memorandum of understanding with the Office of the Vice President through the Presidential Committee on Economic and Financial Inclusion (PreCEFI).
“This partnership affirms the growing national recognition that structured, ethical and inclusive credit is central to empowering citizens, strengthening enterprises and advancing national development.
“NICA will continue to stand at the forefront of this transformation,” she said.
She pledged that her administration would focus on strengthening professional standards and repositioning credit practice in Nigeria.
“During my tenure, we will elevate professional standards, deepen credit education, embrace digital innovation in credit practice and reinforce ethical discipline across the industry.
“We will strengthen our institutional voice, expand our national impact, invest in the next generation and ensure that credit in Nigeria becomes a tool for productivity, opportunity and sustainable growth — never a pathway to distress,” she said.
Idowu also underscored the importance of leadership in driving institutional growth and public trust.
“Leadership is stewardship. It is the duty to build trust, inspire confidence and leave institutions stronger than we met them.
“I draw strength from the wisdom of Council, the commitment of our fellows and members and the partnership of stakeholders across government, industry and society.
“Together, we will write the next chapter of NICA — stronger, bolder and more impactful,” she added.
Also, Mr Andy Ojei, immediate past President of NICA, said the formal unveiling of the institute’s charter by President Bola Tinubu signalled a clear national commitment to professional credit management and economic development.
Ojei said the unveiling of the Act after the institute attained chartered status under Act No. 26 of 2022, went beyond presidential assent and clearly communicated the law’s purpose to Nigerians.
He noted that the Federal Government’s recognition of credit management as a national profession underscored its importance as a catalyst for economic growth.
The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, urged stakeholders to strengthen professionalism and credit literacy across the country.
Onalo described credit management as central to Nigeria’s economic transformation.
“Credit touches every stage of economic activity, enabling businesses to grow, improving purchasing power and driving entrepreneurship, job creation and national development.
“I urge stakeholders to collaborate with the institute in unlocking economic opportunities and promoting a responsible credit culture among individuals and organisations,” he said.
In a paper titled “The Role of Credit in Nigerian Economic Transformation”, an economist, Prof. Biodun Adedipe, said Nigeria’s economic transformation would remain unattainable without a deliberate reset of its credit ecosystem.
Adedipe, also founder and Chief Consultant, B. Adedipe Associates Ltd., said the structure and architecture of the credit system were critical, particularly at a time when the country was undergoing macroeconomic reforms and policy shifts.
According to him, Nigeria still has significant room to expand credit to stimulate growth.
He, also a Professor of Practice, James Hope University, said a well-developed credit system could help achieve inclusive and sustainable growth by creating jobs rather than merely increasing wealth concentration.
Adedipe explained that economic transformation goes beyond incremental changes and requires a comprehensive shift in how the economy functions.
“Transformation is about shifting the entire system to become more efficient, not just making isolated changes,” he said.
Gov. Babajide Sanwo-Olu of Lagos commended NICA for advancing credit culture and economic development in Nigeria.
Sanwo-Olu was represented by Dr Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources.
He said the institute had continued to set standards in promoting responsible credit practices and professional excellence.
He congratulated the newly inaugurated president, describing her emergence as timely and well deserved, and expressed confidence in her capacity to advance credit education as a catalyst for sustainable growth.
According to him, Lagos State continues to promote initiatives that deepen access to finance, particularly for Micro, Small and Medium Enterprises (MSMEs), through reforms, digital financial inclusion programmes and strategic public-private partnerships.
He added that the state government remains committed to working with professional bodies such as NICA to strengthen credit governance, enhance risk management and promote ethical lending practices.
The ceremony featured the swearing-in of the institute’s new governing council members and the conferment of honorary fellowship on distinguished stakeholders in the credit and financial services sector. (NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
