Naira Scarcity Exposes Flaws Of Cash-based Economy – Credit Managers

The current cash scarcity and its attendant effects has only brought to the fore the flaws of a cash-based economy, hence, the need to, as a matter of urgency, embrace a credit-based economy, credit managers have said. 

The administrators, under the auspices of the National Institute of Credit Administration (NICA), added that, Nigeria’s cash economy is not only crushing but also flashing warning signs of meltdown, stressing that the cash economy has marred the desperate efforts to create and generate jobs for youth group, undermining national wealth creation in diverse forms, and totally exasperated the nation’s agenda for the industrial revolution. 

Standing as a strong opponent, the group, in a statement made available to LEADERSHIP, noted that, the credit economy is a people-oriented system that allows access to different innovative financing opportunities needed for the economic prosperity and development of every nation. 

“Nigeria can no longer wait to adopt a credit-based system of economy. The journey for this transition has commenced. The journey to a credit-based economy involves everyone; from the government at all levels, corporate organisations, and individuals in all professions and specialisations,” it pointed out.

Meanwhile, having gained its charter, the president, NICA, Mr. Andy Ojei has inaugurated seven committees to man the affairs of the institute going forward. 

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The committee include: Education, Training and Research Committee; Membership & Subscription Committee; Publication and Events Committee; Government and Corporate Relations Committee; Establishment Committee; Credit Management Accreditation Committee (CMAC) and Economic Innovation & Emerging Industries Committee.

Ojei said, these committees are very key to the successful operation of the National Institute of Credit Administration, noting that,  “as you are all aware, the Federal Government of Nigeria on Tuesday, 16th August 2022 signed into law the National Institute of Credit Administration (NICA) establishment Act No 1018 of 2022 of the National Assembly, making the institute a regulatory and supervisory authority for credit management profession, as well as serving as catalyst for the transition of the economy from cash-based to credit system in Nigeria.”