NICA Applauds FG On Creation Of National Credit Guarantee Company, Assures Support

The National Institute of Credit Administratio (NICA) has commended and congratulated the federal government for taking bold steps to establish the National Credit Guarantee Company (NCGC).

Although, the establishment of the institution should have taken place before now, the institute said, it has, nevertheless, come at the most auspicious time, adding that, “with the NCGC and Consumer Credit Corporation (Credicorp), both of which are established by the present government, Nigeria is set to soon lead a new economic development frontier in Africa.”

Speaking on behalf of the institute, the registrar/chief executive officer(CEO).
NICA, Prof. Chris Onalo, said: “As a professional statutory body for the control supervision and regulation of credit management profession in Nigeria.

NICA is ready to provide needed support that will enable NCGC deliver on its mandate through collaboration, cooperation, and partnership for professional competence building, ethical management of the mandate note, embracing innovative best practices, alignment with global standards, and proactive response to incompatible behaviors from participating stakeholders.”

The establishment of the National Credit Guarantee Company (NCGC) by the federal government, he pointed out, is a significant step towards boosting Nigeria’s economy and potentially kickstarting the journey of industrialisation, noting that, the purpose of any credit guarantee company, by way of awareness creation, is to: increase Access to Credit, promotes Economic Growth, Targeted Support, Collaboration, among others.

He listed some of the key benefits to include: Simplified Loan Process, Job Creation, Financial Inclusion: Lower Interest Rates, among others.

“While it’s too early to declare the journey of industrialization has fully started, the establishment of the NCGC is a promising step towards achieving that goal. The company is expected to commence operations before the end of the second quarter of 2025,” he pointed out.